Tag Archives: CFPB

CFPB Cracks Down on Convenience Fees Charged By Collectors

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Any debt collectors still charging convenience fees or other fees to consumers that are not covered in the contract between the consumer and the original creditor are breaking the law and may be subject to lawsuits from consumers and regulatory scrutiny from the Consumer Financial Protection Bureau, the agency announced …

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CFPB Supervisory Highlights Report Spotlights Issues Found in Debt Collection Exams

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The Consumer Financial Protection Bureau issued its latest Supervisory Highlights report yesterday, which offers violations uncovered by the regulator during supervisory exams that were conducted during the second half of 2021. The report spotlighted problem areas, including wrongful auto repossessions and failures to conduct reasonable investigations when consumers dispute debts, …

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CFPB Revives ‘Dormant’ Rule to Regulate ‘Risky’ Nonbanks

The Consumer Financial Protection Bureau has issued a procedural rule to expand its supervision over nonbank entities that the regulator “has reasonable cause to determine pose risks to consumers” and is seeking comment on reviving the rule, which has been “dormant” and unused for a number of years. Initially invoked …

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CFPB, NY AG Sue ‘Repeat Offender’ MoneyGram as Company Vows Not to be ‘Strong-Armed’

Continuing to fulfill its commitment to going after repeat offenders, the Consumer Financial Protection Bureau — in partnership with the Attorney General of New York — yesterday announced a lawsuit against MoneyGram Payment Systems for “systematically and repeatedly violating” consumer protection laws by failing to deliver funds promptly and failing …

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Chopra in Center of Dispute Brewing at Federal Bank Regulator

An interesting battle is brewing between the Consumer Financial Protection Bureau and the Federal Deposit Insurance Corp. that spewed out into the public last week, indicating that the regulators might not be on the same page and is being labeled as a “remarkable breakdown in trust.” Like many regulators, the …

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CFPB Releases Guidance For Dealing with Former Employees

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One of the new shows I have watched and enjoyed recently is “Dopesick,” a limited series about the opioid crisis and how the drug was sold by its manufacturer. The series details a number of situations where individuals working for branches of the federal government end up working for the …

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