Kate Berry

Digit engaged in deceptive acts or practices by routinely causing checking accounts to overdraft, the Consumer Financial Protection Bureau said.

The Consumer Financial Protection Bureau's review of credit card late fees has ignited pushback from industry that supports an expected 9% jump in fees next year pegged to inflation. 

Bank trade groups are asking the Consumer Financial Protection Bureau to issue a rule to supervise data aggregators before issuing a separate rule on consumer access to financial data.

The allegations by Rep. Patrick McHenry and others were a response to a CFPB interpretive rule, even though states use their own laws prohibiting unfair and deceptive acts and practices.

The allegations against the $559 billion-asset bank are similar to those brought against Wells Fargo related to its 2016 fake-accounts scandal.

The Justice Department, Consumer Financial Protection Bureau and three state attorneys general alleged that Trident Mortgage, a lender owned by Berkshire Hathaway, engaged in redlining and discrimination in the Philadelphia area.

American Banker interviewed the Consumer Financial Protection Bureau chief about his views on Big Tech, the qualified mortgage rule, real-time payments apps and more.

In a wide-ranging interview with American Banker, Consumer Financial Protection Bureau Director Rohit Chopra talked about litigating against large firms, fighting overdraft fees and reining in Big Tech.

The credit reporting agency is trying to get a CFPB lawsuit dismissed by claiming the consumer bureau didn’t sign off on a 2017 consent order for the same violations.

The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, which levied the penalties, say Bank of America unfairly froze customer accounts in its effort to stop rampant fraud in a program that distributed pandemic aid through prepaid debit cards.

In an internal memo to staff, Deputy CFPB Director Zixta Q. Martinez announced a realignment of the bureau’s legal and student loan offices with an expanded strategy team.  

The bureau has dragged its feet for years in moving forward with the rule primarily because of the potential impact on credit availability for millions of small businesses.

Former Federal Reserve Gov. Daniel Tarullo and two Fed economists argue that the Federal Home Loan banks have expanded into activities that pose risks to financial stability.

The U.S. Chamber of Commerce and three bank trade groups said the Consumer Financial Protection Bureau’s anti-discrimination policy exceeds its legal authority. 

Rohit Chopra, the director of the Consumer Financial Protection Bureau, is laying the groundwork to potentially declare that Facebook and another Big Tech firms pose risks to consumers.

Karl K. Klessig provided a fraudulent loan document and forged a signature in an application last year to acquire control of Golden Pacific Bancorp, according to the Federal Reserve.

The Consumer Financial Protection Bureau’s unified agenda was quietly released this week, and it shows that rules on consumer access to financial records and small-business data collection are top priorities. 

The Consumer Financial Protection Bureau issued a proposal that could ultimately lead to tougher limits on what banks and other issuers charge cardholders for late payments.

The director of the Consumer Financial Protection Bureau said he plans to take a fresh look at the Qualified Mortgage rule, the CARD Act and other long-standing rules.

The Consumer Financial Protection Bureau sent a mass email to thousands of the bank's customers and former employees to gather information about the possible creation of phony accounts. Critics — including a federal judge — say the CFPB asked leading questions and may have overstepped its bounds.