BAC to pay $250 million for 'double-dipping' and fake accounts
Regulators concluded Bank of America repeatedly charged overdraft fees and opened accounts for customers without their consent.
Source: yahoo.com
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Bank of America to pay $250M in fines, customer refunds over junk fees, fake accounts
The Consumer Financial Protection Bureau said Bank of America withheld credit card rewards, double-dipped on fees and opened accounts without consent.
United States Wells Fargo Office Of The Comptroller Consumer Financial Protection Bureau Consumer Financial Protection Bank Of America
Source: yahoo.com
BofA to pay $250M in fake account, fees scam
Bank of America will reimburse customers more than $100 million and pay $150 million in fines for "double-dipping" on overdraft fees, withholding reward bonuses on credit cards and opening accounts without customer consent.
Source: bostonherald.com
7,100 Student-Loan Borrowers to Get $3.5M in Refund Checks: CFPB
The CFPB is cracking down on Timemark, a student-debt relief company, for charging fees for loan forgiveness services that are normally free.
Source: businessinsider.com
Proposed Guidance on ROVs of Residential Real Estate Transactions
This is a step by federal regulators to establish clear and robust Reconsiderations of Value processes and address perceived appraisal bias concerns. Those regulators maintain such processes are necessary to ensure real estate valuations are free of bias.
Consumer Financial Protection Bureau Appraisal Foundation Interagency Task Force On Property Appraisal Deposit Insurance Corporation National Credit Union Administration Office Of The Comptroller
Source: natlawreview.com
Over 7,100 student-loan borrowers will get $3.5 million in refunds after a debt relief company was accused of illegally charging them up to $699 in fees to reduce their federal balances, a consumer watchdog says
The CFPB is cracking down on Timemark, a student-debt relief company, for charging fees for loan forgiveness services that are normally free.
Joe Biden Supreme Court Education Department Consumer Financial Protection Bureau Timemark Solutions Inc Timemark Solutions
Source: yahoo.com
This Week In Credit Card News: New AI Tool Tackles Payment Scams
What took place this week in the credit card and payment industries
Source: forbes.com
Banking and Credit Hurdles for Minority & Rural Borrowers in South: CFPB
CFPB released a Data Spotlight report focusing on Southern states entitled Banking and Credit Access in Southern Region of the US. The extensive report seeks to identify gaps in banking and credit access in the south, including AL, AK, GA, LA, MS, NC, SC, and TN
Source: natlawreview.com
Economic Climate and Disclosure Laws Discussed in Factoring Conference
The CFPB recently issued Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. It was evident that this rule, which seeks to amend the ECOA to require strict reporting requirements for small business lenders.
Rich Karlgaard International Factoring Association Annual Factoring Conference Uncertain Economic Financial Institution Law International Factoring Association
Source: natlawreview.com
Storing Money in PayPal, Venmo or Cash App Carries Hidden Risks, CFPB Says
A Consumer Financial Protection Bureau issue says PayPal and other popular payment apps often sidestep key government protections for your funds. Mobile payment apps like PayPal, Venmo and Cash App have exploded in popularity in the last several years. Convenience, transaction speed, and flexibility across multiple smartphone types offer consumers an easier way to pay for services and split bills with friends and family. The pandemic further accelerated this ongoing shift toward a cashless futur
Consumer Financial Protection Bureau A Consumer Financial Protection Bureau Cash App Silicon Valley First Republic Banks Consumer Financial Protection Bureau
Source: yahoo.com