WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against Chime Financial for failing to give consumers timely refunds when their accounts were closed. Thousands of consumers waited for weeks or even months for balance refunds after closing their accounts - a failure that inflicted significant financial harm on consumers who did not have access to critical funds to help make ends meet.
The law requires that the Federal Reserve Board of Governors, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Federal Housing Finance Agency, and the Securities and Exchange Commission implement rules prohibiting compensation arrangements that encourage inappropriate risk-taking. The rules were supposed to be completed thirteen years ago.
Recent releases from the Consumer Financial Protection Bureau (CFPB) show that the mortgage industry is in the crosshairs of the CFPB's campaign against so-called junk fees.
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against the National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency (PHEAA) for multi-year servicing failures. The National Collegiate Student Loan Trusts purchase and securitize student loans, and PHEAA services the loans.
In March the Consumer Financial Protection Bureau (CFPB) announced a final rule intended to limit late payment fees on consumer credit cards distributed by the larger credit card issuers (the “Final Rule”). The Final Rule, which takes effect on May 14, 2024, marks a pivotal shift in the CFPB’s regulation of credit card fees.
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