The groups include the Consumer Bankers Association, the American Bankers Association, the Credit Union National Association, the Housing Policy Council, the Independent Community Bankers of America, the National Association of Federally-Insured Credit Unions, the National Bankers Association and The Clearing House Association.
Read on to learn more.
The Department of Justice and the Consumer Financial Protection Bureau issued a joint letter reminding auto finance companies of legal protections for military families under the Servicemembers Civil Relief Act (SCRA).
In addition to the same rights as non-military borrowers, the SCRA provides extra rights to protect servicemembers and their families against unique financial challenges.
The Consumer Financial Protection Bureau recently penalized U.S. Bank $37.5 million for illegally accessing its customers’ credit reports and opening checking and savings accounts, credit cards and lines of credit without customers’ permission.
The bureau said U.S. Bank pressured and incentivized its employees to sell multiple products and services to its customers, including imposing sales goals as part of their employees’ job requirements.
A mortgage company has agreed to pay more than $20 million to settle claims it engaged in redlining in Philadelphia, neighboring Camden, N.J., and Wilmington, Del.
Trident Mortgage Co., owned by Berkshire Hathaway Inc., reached the settlement with the Department of Justice, the Consumer Financial Protection Bureau and the Pennsylvania, New Jersey and Delaware attorney generals.
The Consumer Financial Protection Bureau (CFPB) penalized Hyundai Capital America for repeatedly providing inaccurate information to nationwide credit reporting companies and failing to take proper measures to address inaccurate information once it was identified.
According to the CFPB, between 2016 and 2020, Hyundai used manual and outdated systems, processes and procedures to furnish credit reporting information.
The Consumer Financial Protection Bureau (CFPB) fined Bank of America $100 million for “botching” the disbursement of state unemployment benefits at the height of the pandemic.
According to the CFPB, Bank of America automatically and unlawfully froze people’s accounts with a faulty fraud detection program and then gave them little recourse when there was no fraud.
The Consumer Financial Protection Bureau is accusing payday lender ACE Cash Express of concealing free repayment plans from struggling borrowers to generate millions in fees.
The bureau said ACE’s alleged illegal practices caused individual borrowers to pay hundreds or thousands of dollars in reborrowing fees when they were eligible for free repayment plans.
The company formerly known as Facebook has agreed to a settlement with the U.S. Department of Justice resolving a lawsuit in which the government alleged the company’s housing-advertising system discriminated based on race, color, religion, sex, disability, familial status and national origin.
The lawsuit alleged Meta uses algorithms to determine which Facebook users receive housing ads, and those algorithms rely, in part, on characteristics protected under the Fair Housing Act.
The Consumer Financial Protection Bureau (CFPB) acted against the owner of a student-loan debt relief company who allegedly withdrew money from student borrowers’ bank accounts without authorization.
Under this scheme, the owner of a student-loan debt relief company unlawfully debited more than $240,000 from hundreds of student borrowers’ accounts, the CFPB alleges.
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