The bureau is considering raising the bar for triggering oversight of nonbanks in consumer reporting, consumer debt collection, automobile lending and international money transfers.
The CFPB has accused USASF Servicing of illegally disabling consumers’ vehicles, failure to refund premiums, double-billing and incorrect repossessions.
In a special edition supervisory highlights report, the CFPB revealed old and new ways in which mortgage servicers are attempting to collect unlawful fees from borrowers.
The bureau seeks to weed out one-sided terms and conditions included in contracts that consumers sign when purchasing a product or signing up for a service from a nonbank. House Financial Services Committee Chair Patrick McHenry, R-NC, slammed the proposal.
The bureau and the New York Office of the Attorney General are suing Michigan-based auto lender Credit Acceptance Corp. over violations of federal and state consumer protection laws.
Wells Fargo and the CFPB are reportedly negotiating over violations in several lines of business at the megabank. Separately, Sen. Elizabeth Warren (D-MA) is continuing her effort to draw attention to fraudulent instant payments.
CFPB Director Rohit Chopra explains how the bureau’s recent big moves are tied to his views on the functioning and regulation of consumer financial markets and products.
Discover Bank has agreed to pay $35 million to settle student loan violations while Santander Consumer USA was fined $4.75 million for credit reporting miscues tied to auto loans.
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