The bank is upgrading all 13,000 of its ATMs to process withdrawals using smartphones rather than debit cards. Chase and Bank of America plan to roll out their own version of cardless ATMs, too. Read More
Category Archives: Consumer Financial Protection Bureau (CFPB)
The Consumer Financial Protection Bureau (CFPB) today took action against Experian and its subsidiaries for deceiving consumers about the use of credit scores it sold to consumers. Experian claimed the credit scores it marketed and provided to consumers were used by lenders to make credit decisions. In fact, lenders did not use Experian’s scores to […]
The entire ecosystem of the mortgage markets is fragile, says Burns, which has a chilling effect on the economy. “The lack of access to credit not only hurts consumers, but it hurts builders and therefore contributes to the lack of affordable housing,” Burns says. “That, in turn, has an impact on the broader economy, […]
In matters pertaining to credit, do you feel like it’s you against the world? Sometimes we all feel that way, but in reality, there are rules and regulations to help protect you against credit discrimination, abuse, or improper handling of your information. Consider these four important laws that help protect your credit rights. http://www.ksdk.com/money/4-laws-that-protect-your-credit-rights/387019151 […]
Federal regulators have sued Navient, accusing the biggest U.S. student loan company of making it harder for borrowers to repay loans by giving them bad information, processing payments incorrectly and failing to act on complaints. The Consumer Financial Protection Bureau filed the federal lawsuit against Navient Corp. and two subsidiaries on Wednesday, seeking restitution […]
In its five years as an agency, the CFPB has recovered more than $11 billion for 27 million consumers harmed by illegal practices of financial institutions. The bureau has secured relief in more than 100 cases, directly putting money back in the pockets of American consumers who have been victimized by companies that refuse […]
Consumers should know there is no completely free place to get your literal FICO credit score. Zero. But you are entitled to get one free credit report each year from each of the three bureaus at annualcreditreport.com. Online sites CreditKarma and CreditSesame will give free credit scores based on one of the three bureaus reports […]
In congressional hearing rooms and on national television, Wells Fargo has vowed to make things right for the thousands of customers who were given sham accounts. The bank’s new chief executive, Timothy J. Sloan, in his first week on the job, said his “immediate and highest priority is to restore trust in Wells Fargo.” But in […]
The people who would like to see large banks unleashed, without any meaningful regulation, want Donald Trump to fire Rich Cordray, the terrific director of the Consumer Financial Protection Bureau, or CFPB. Under the law, Trump could only remove Cordray for “inefficiency, neglect of duty, or malfeasance in office.” Banking lobbyists, who are leading the […]
A U.S. regulator on Tuesday ordered credit reporting agencies TransUnion and Equifax to pay more than $23.2 million in fines and restitution for deceiving consumers about the usefulness and cost of credit scores they bought. The U.S. Consumer Financial Protection Bureau said the payments also resolve charges that TransUnion and Equifax lured consumers into enrolling in credit services […]