The bureau had accused Bank of America of submitting false information related to collection and reporting of mortgage applicants’ race, ethnicity and gender under the Home Mortgage Disclosure Act.
The Richmond, VA-based bank has agreed to pay $6.2 million to settle charges that its employees failed to acquire consumers’ affirmative consent before enrolling them in an overdraft protection service.
AFSA asks CFPB to withdraw guidance on powerbooking; White House issues executive order on artificial intelligence; CFPB takes action against Citi for discriminating against Armenian Americans.
The bureau alleges Freedom Mortgage submitted 2020 Home Mortgage Disclosure Act data that was riddled with errors, demonstrating insufficient improvements after a 2019 consent order.
The bureau and the Federal Trade Commission sued TransUnion’s rental reporting subsidiary for failing to ensure background checks were accurate. Separately, the CFPB ordered TransUnion to pay $8 million to resolve changes involving security freeze and lock failures.
The DOJ sees its latest redlining settlement as sending a strong message to banks. Washington Trust downplayed the matter, noting no civil monetary penalty was required.
A federal court sided with trade groups and vacated the CFPB’s March 2022 supervision and examination manual update that directed examiners to apply the Consumer Financial Protection Act’s unfairness authority to discriminatory practices.
A panel of judges in the Fourth Circuit Court of Appeals has held that the federal Bankruptcy Code doesn’t preempt state law claims arising from alleged improper collection attempts of a discharged debt.
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