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.
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.
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.
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.
Banking Industry Reacts to Biden ‘Junk Fees’ Jab
Following President Joe Biden’s reference in the State of the Union address to reducing bank overdraft and credit card late fees, industry trade groups said the president had provided “misleading” information about the fees.
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.
Biden, CFPB Target Junk Fees
The Biden administration’s push to crack down on so-called junk fees that banks and other companies charge their customers is being met with withering criticism from banking groups.
Trade Groups Say CFPB Not Authorized to Regulate Customer Service
The Consumer Financial Protection Bureau’s initiative to improve customer service at large banks and credit unions rests on a shaky legal foundation, banking trade groups say.
CFPB Head: Bad Actors Should Face More than Fines
Rohit Chopra said fines haven’t been enough of a deterrent and his agency could limit the ability of a bank or financial firm to conduct business if they violate the law.
OCC, CFPB Fine Bank of America for Unemployment Assistance Program
Federal regulators have assessed penalties totaling $225 million on Bank of America for its handling of state unemployment payments during the pandemic.
CFPB Not Helping Lending Disparity Fixes
What is the mortgage industry to make of a new analysis that shows more Black and Latino homebuyers received loans in 2020 than ever before, but racial disparities in who gets financed persist? Unfortunately, the CFPB isn’t helping.
CFPB Initiative Looks at Bank, Credit Union Customer Service
The Consumer Financial Protection Bureau said it wants to improve customer service at big banks and credit unions by launching an initiative that it said would help customers “assert their rights to better customer service.”
Banking Regulators Take Stances on Unfair Discrimination
In the wake of the COVID-19 pandemic, consumer protection issues have risen as a key priority for federal banking regulators. And they’ve taken recent steps signaling a growing emphasis on addressing discrimination and abusive or deceptive practices.
CFPB Fines BofA $10M for Garnishment Practices
The Consumer Financial Protection Bureau has fined Bank of America $10 million for processing what the agency said were illegal, out-of-state garnishment orders against its customers’ bank accounts.
Cape Cod 5 to Eliminate Overdraft, NSF Fees
Cape Cod 5 plans to eliminate all fees for consumer and business overdrafts, as well as nonsufficient funds, in a move that matches or goes beyond the steps several national banks have taken to address the effects these fees have on consumers.
CFPB Expands Anti-Discrimination Efforts
The Consumer Financial Protection Bureau plans to expand anti-discrimination efforts beyond fair lending laws and look at other lending practices as that could be considered abusive or deceptive.
