The Consumer Financial Protection Bureau and the New York Attorney General filed a lawsuit Wednesday against two New York debt collectors for deceiving and harassing millions of consumers to pay inflated debts.
The piling on at Wells Fargo has reached an unprecedented level, even for a bank. Fifteen investigations are underway into Wells' phony account openings. Experts are quantifying the damage to Wells' reputation and what the bank can do going forward to repair it.
Two San Francisco supervisors on Tuesday introduced a resolution that would "end all business with Wells Fargo," in response to the fake account scandal and other practices that have harmed consumers.
The Consumer Financial Protection Bureau on Monday fined a large auto title lender $9 million for failing to disclose the terms and costs of its title loans in three states and for illegally exposing consumers' information to their employers.
The Consumer Financial Protection Bureau filed a lawsuit this week against a Van Nuys, Calif., credit repair company for deceptively marketing its services and charging consumers illegal fees.
Blue Hills Bancorp in Norwood, Mass., expects to record a third-quarter chargeoff tied to a commercial borrower that may have committed fraud.
A single paragraph in a lawsuit filed by the Consumer Financial Protection Bureau is sparking fears by third-party payment processors that the agency is quietly and significantly expanding its authority over the industry.
The Consumer Financial Protection Bureau added its voice Tuesday to a chorus of other regulators in calling for sustainable foreclosure relief when the Home Affordable Modification Program expires at yearend.
Banks should assess a customer's full financial picture before deciding to sell a debt to a third-party collection agent.
The Consumer Financial Protection Bureau's debt collection plan is likely to put pressure on banks and first-party creditors to provide better documentation on consumer debts that get transferred to debt buyers and collectors. While the proposal does not cover banks and first-party creditors, some experts said banks will be on the hook for providing better information.
The Consumer Financial Protection Bureau released a plan Thursday to overhaul the debt collection industry that would limit collection attempts to six per week and require confirmation of a debt before contacting consumers. The plan, however, is not yet directed at banks and credit card companies.
More than 40% of consumers with complaints about debt collections say they were asked to pay debts they didn't owe. There are a host of reasons for the problem, including inscrutable legal disclosures.
The Consumer Financial Protection Bureau is set to unveil a sweeping proposal on debt collection practices this week that would force banks and credit card companies for the first time to comply with federal restrictions. It said the plan would put an end to some of the most egregious practices in the $13.7 billion debt collection industry.
Bankers are taking the unusual step of asking the government for additional regulations ones that can be used to block the Consumer Financial Protection Bureau from seeking more data from financial institutions.
The Consumer Financial Protection Bureau's fifth anniversary marks an important shift for the agency in which it pivots from rules required by the Dodd-Frank Act to pursuing other areas.