CFPB Seeks $8 Credit Card Late Fee Cap

The Biden administration announced a rule Tuesday to cap all credit card late fees, the latest effort in the White House push to end what it has called “junk fees” and a move that regulators say will save Americans up to $10 billion a year.

CFPB Warns Banks About Chatbots

Chatbots have become vital tools for banks and credit unions trying to offer customers relatively frictionless ways to answer simple questions. But, according to a new CFPB report, those same tools could be putting them at risk of violating federal consumer protection laws.

CFPB Touts NSF Fee Wins vs. Banks

Some banks that charged multiple nonsufficient funds fees on a single item plan to refund the fees to consumers, and most of these institutions supervised by the Consumer Financial Protection Bureau have decided to eliminate nonsufficient funds fees altogether, the CFPB said in a statement yesterday.

Loan Comparison Sites Not All Fair

Uncle Sam’s chief financial watchdog agency has fired a warning shot across the bow of consumer-facing comparison sites and mobile apps that steer consumers to the lenders that pay the sites the most.