Overdraft Fee Rule Finalized, But Future Uncertain
President Joe Biden had called the fees, which can be as high as $35, “exploitative,” while the banking industry has lobbied extensively to keep the existing fee structures in place.
Don’t Miss the Chance to Refi
If the past is prologue, millions of homeowners with high-rate mortgages won’t refinance their loans, even as mortgage rates tumble.
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.
Overdraft Fees Could Drop to as Low as $3 Under Biden Proposal
The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.
Megabank CEOs Warn New Regulations Could Harm the Economy
The heads of Wall Street’s biggest banks used an appearance on Capitol Hill on Wednesday to plead with senators to stop the Biden administration’s proposed changes to how banks are regulated.
CFPB Orders Bank of America to Pay $12M for False Reporting of Mortgage Data
The Consumer Financial Protection Bureau has ordered Bank of America to pay a $12 million penalty for falsely reporting mortgage applicants’ data from 2016 to 2020.
Citibank Fined $26M for Discrimination Against Armenian Immigrants
Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards, the Consumer Financial Protection Bureau said Wednesday.
FTC Proposes Ban on ‘Junk Fees,’ Coupled with CFPB Action
The proposal is being coupled with the CFPB announcing that it will block large banks from charging “junk fees” to provide basic customer services.
Supreme Court Seemed Likely to Side with CFPB During Hearing
A conservative group’s lawsuit against the agency is being closely watched in parts of the banking industry to see whether it undermines a controversial rule that would require lenders to collect and report anonymized data about the small businesses they lend to.
Apple, Google Restrict Bank Apps on Mobile Devices, CFPB Warns
The Consumer Financial Protection Bureau is warning that Apple and Google restrictions on banking and other payment apps on mobile devices could hurt the growth of digital banking and payments in the US.
As Margins Shrink, Mass. Banks Wait for Clarity on Section 1071 Rule
A proposed bank regulation intended to highlight any existing racial discrimination in small business lending is being met with resistance by local and national banks who say their finances are under pressure.
Shopping for Mortgages Can Save Your Buyers Money
According to a new report from the CFPB, all buyers, not just rookies, can save a significant amount of money if they shop for the best deal on their mortgage.
BofA Hit with $250M Fines for Fees, Opening Accounts Without Consent
Bank of America must pay around $150 million to customers for doubling up on some fees, withholding reward bonuses and opening accounts without customer consent.
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.
In Crisis, Payment Apps Like Venmo Could Be Vulnerable, CFPB Warns
Customers of Venmo, PayPal and CashApp should not store their money with those apps for the long term because the funds might not be safe during a crisis, the Consumer Financial Protection Bureau warned Thursday.
Citizens Settles CFPB Lawsuit with $9M Penalty
Citizens Bank has agreed to pay federal consumer regulators $9 million to settle claims it didn’t protect credit card-holders during charge disputes and fraud claims.
Gov’t to Start Looking for Bias in Small Business Lending
Banks will need to start reporting the demographics and income of small business loan applicants under new rules published by the Consumer Financial Protection Bureau last week.
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.
Wells Fargo to Pay $3.7B Over Consumer Law Violations
Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle a laundry list of charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.
