On June 28, the CFPB released additional guidance to help financial institutions comply with the agency’s small-business lending data collection rule. The small business lending rule, which implements Section 1071 of the Dodd-Frank Act, requires financial institutions to collect and provide to the Bureau data on lending to small businesses with gross revenue under $5 million in their previous fiscal year.
The Federal Trade Commission has issued a new blog post warning consumers about scammers who are impersonating FTC staff members. The post highlights a number of key lies that scammers tell when they’re pretending to work for the FTC, including that consumers have won a contest and must pay to collect their prize or owe money to the agency. The post also notes that scammers have used the names of real FTC employees when they reach out to consumers.
On July 7, the CFPB, Department of Health and Human Services, and the Treasury Department announced they are looking into high-cost specialty financial products such as medical credit cards and installment loans used by patients to pay for health care.
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to pay more than $100 million to customers for systematically double-dipping on fees imposed on customers with insufficient funds in their account, withholding reward bonuses explicitly promised to credit card customers, and misappropriating sensitive personal information to open accounts without customer knowledge or authorization.
On June 16, Nevada Governor Joe Lombardo signed into law Senate Bill 276, which significantly amended Nevada Revised Statute 649, otherwise known as the Nevada Collection Agencies Licensing Act (the Act).
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