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The small businesses said in a lawsuit that the bank used "misleading marketing and business practices" to rake in processing fees from oversized Paycheck Protection Program loans. A bank spokesperson placed responsibility on PPP borrowers for the representations they made in loan applications.
March 1
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Credit card issuers say they need more time to respond to the substantial data request made by the Consumer Financial Protection Bureau in its proposal to slash late fees.
March 1
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The only way for Fincen to assure that banks have the tools to identify illicit shell companies is for the agency to verify the information in its new beneficial ownership database.
March 1
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Consumer Financial Protection Bureau Director Rohit Chopra says the bureau is continuing with its enforcement agenda and that financial firms face risks from the Supreme Court case.
February 28
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Banks reported record growth in net interest margins in 2022, but net income still fell, and the industry "continues to face significant downside risks" from inflation and other factors, Martin Gruenberg says.
February 28
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The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency have issued statements on crypto risks this year. Industry participants warn about a chilling effect.
February 28
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The closely watched case — which goes to the heart of how the Consumer Financial Protection Bureau operates — could have a huge impact on consumers, the agency and the many industries it oversees and those it seeks to regulate.
February 27
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Auto title lender TitleMax was ordered by the Consumer Financial Protection Bureau to pay a $10 million fine and $5 million in restitution for overcharging servicemembers and altering their personal information to avoid detection.
February 23
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The Consumer Financial Protection Bureau has taken an important step in saying that it would work to root out unfair practices in all banking services. This is will help ensure all customers are treated fairly.
February 23
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The Consumer Financial Protection Bureau is attempting to make broad changes to its authority and expand what counts as discrimination. This could lead to banks to cease offering important services.
February 23
