The Consumer Financial Protection Bureau said that digital marketers involved in the development of content strategy can be liable for "unfair, deceptive or abusive acts or practices."

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

The Biden administration is poised to put its stamp on the banking regulatory landscape, but there are few slam-dunk solutions that will satisfy both the industry and a vocal Democratic base.

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 Consumer Financial Protection Bureau claimed that Hyundai Capital America hurt borrowers by incorrectly reporting they were late on payments.

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 Texas company concealed no-cost repayment plans from borrowers and collected “hundreds of millions of dollars” in reborrowing fees, the agency said.

The agency’s mission is popular with the public, which has a long memory when it comes to the past misdeeds of the banking industry.

The Federal Deposit Insurance Corp., which protects customers in the event of certain types of bank failures, is looking into how the bankrupt digital-asset firm Voyager Digital marketed itself to customers, a spokesperson for the agency said.

The agency issued an advisory opinion warning that credit reporting bureaus and other entities using credit checks can no longer use disclaimers to bypass privacy protections.