Search Results for: CFPB
CFPB fines credit reporting agency for deceiving consumers
March 24th, 2017
CFPB Fines Experian $3 Million for Deceiving Consumers in Marketing Credit Scores Credit Reporting Company Misstated How Credit Scores It Sold Were Used The Consumer Financial Protection Bureau (CFPB) took action against Experian and its subsidiaries for deceiving consumers ...
CFPB Orders Citi Subsidiaries to Pay $28.8 Million
January 24th, 2017
CFPB Orders Citi Subsidiaries to Pay $28.8 Million for Giving the Runaround to Borrowers Trying to Save Their Homes Mortgage Servicers Kept Borrowers in the Dark About Options, Demanded Excessive Paperwork The Consumer Financial Protection Bureau (CFPB) today took ...
Fintech Upstart LendUp Fined by CFPB, California Regulator
September 29th, 2016
Fintech upstart LendUp was fined by the Consumer Financial Protection Bureau and a California state regulator over widespread violations of payday- and installment-lending laws. The San Francisco-based lender, which specializes in small-dollar loans to risky borrowers, agreed to pay ...
CFPB rules U.S. banks on $30 Billion in excess fees
August 1st, 2014
The $30 billion banks collect in overdraft fees each year may shrink as the U.S. Consumer Financial Protection Bureau imposes rules aimed at shielding customers from harm. The agency, which issued a study on the fees yesterday, is also ...
Wells Fargo announced a $110 million settlement of a lawsuit
March 29th, 2017
Wells Fargo announces agreement in principle to settle class action lawsuit regarding retail sales practices Wells Fargo announced today that it has reached an agreement in principle to settle a class action lawsuit concerning retail sales practices, which was ...
Western Union agreed to pay $586m for Anti-Money Laundering Violations
January 20th, 2017
Western Union Admits Anti-Money Laundering and Consumer Fraud Violations, Forfeits $586 Million in Settlement with Justice Department and Federal Trade Commission Company also Agrees to Implement Anti-Fraud Program and Enhanced Compliance Obligations in Agreements with Federal Authorities The Western ...
Wells Fargo Fined $185 Million on Phony Accounts, Fires 5,300 Staff
September 9th, 2016
California and federal regulators fined Wells Fargo a combined $185 million on Thursday, alleging the bank’s employees illegally opened millions of unauthorized accounts for their customers in order to meet aggressive sales goals. A staggering 5,300 employees at Wells ...
Google announced it would ban payday-loan ads from its site
May 23rd, 2016
Google announced this month it would ban payday-loan ads. One wrinkle: It is an investor in a payday lender. GV, the venture-capital investment arm of Google’s parent company, Alphabet Inc., has been investing in online lender LendUp since before the startup launched ...
Citibank to refund $700 million to credit card customers for unfair and deceptive practices
July 22nd, 2015
Citibank, N.A. and some of its subsidiaries is ordered to refund approximately $700 million to customers for unfair and deceptive credit card practices. This includes unfairly billing consumers for credit card add-on products, deceptively marketing those products, and deceptive collection ...
JPMorgan to pay over $125 million to settle U.S. credit card debt probes
July 8th, 2015
JPMorgan Chase & Co has agreed to pay at least $125 million to settle probes by U.S. state and federal authorities that the bank sought to improperly collect and sell consumer credit card debt, according to people familiar with ...
