LoanCare agrees to pay $4.5 million to settle a class-action suit centered on whether “convenience” fees for paying by phone or online are allowed in West Virginia. Meanwhile, the bureau is making servicers refund fees for paying by phone.
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.
Some of the traits of companies that score well in examiners’ reviews of compliance management systems: top executives that are actively involved in compliance, dynamic policies and procedures, and quick, thorough investigations into consumer gripes.