CFPB Exams Return $140 Million to Consumers Hit by Illegal Junk Fees in Banking, Auto Loans, and Remittances

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights focused on the agency’s efforts to protect consumers from illegal junk fees.

CFPB Issues Guidance to Halt Large Banks from Charging Illegal Junk Fees for Basic Customer Service

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion regarding a provision enacted by Congress which generally prohibits large banks and credit unions from imposing unreasonable obstacles on customers, such as charging excessive fees, for basic information about their own accounts.

FTC Proposes Rule to Ban Junk Fees

The Federal Trade Commission today announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses.

Prepared Remarks of CFPB Director Rohit Chopra on a Press Call on Junk Fees

Americans are willing to pay a competitive price for great products, because that’s how a fair economy works. And when companies focus on competing, rather than cheating, everyone wins.

SECU Launches Fourth Annual Kindness Campaign, Aims for Half a Million Acts of Kindness in October

BALTIMORE, Oct. 10, 2023 /PRNewswire/ -- SECU, Maryland's largest state-chartered credit union, is proud to unveil the fourth edition of its Kindness Campaign this October, building on the campaign's successful legacy of fostering compassion and community engagement among its members and beyond. With an aspiration to inspire 500,000 acts of kindness, SECU's Kindness Campaign continues to rally individuals, organizations, and partners throughout Maryland.

CFPB Sues Repeat Offender Freedom Mortgage Corporation for Providing False Information to Federal Regulators

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court today, alleging that Freedom Mortgage Corporation submitted legally-required mortgage loan data that was riddled with errors.

CFPB shares concerns and actions regarding medical debt collection

On October 4, Seth Froman, the CFPB’s General Counsel and senior advisor to Director Chopra, delivered remarks at the New Jersey Citizen Action Education Fund’s Financial Justice Summit. He heralded the work and mission of the CFPB, and focused on the impact of medical debt.

GoWest member credit unions raise $1.2M for CMN Hospitals

Credit union leaders collaborated to raise $1.2 million for 11 Children’s Miracle Network Hospitals during the “The Totally Awesome CU4Kids Auction & 80’s Prom Bash” held in Spokane Oct. 4, as part of the GoWest Credit Union Association's annual MAXX Convention.

Pennycuick Measure Providing Free Credit Monitoring for Data Breach Victims Approved by Senate

HARRISBURG – The state Senate today approved bipartisan legislation sponsored by Sen. Tracy Pennycuick (R-24) to strengthen notification requirements for data breaches and provide affected citizens with free credit monitoring and a credit report.

FTC and CFPB submit amicus brief in Second Circuit on FCRA requirement for furnisher to conduct reasonable investigation of disputed information

The Federal Trade Commission (“FTC”) and the Consumer Financial Protection Bureau (“CFPB”) have filed a joint amicus brief in which they urge the U.S. Court of Appeals for the Second Circuit to reverse the decision of a New York federal court in Suluki v. Credit One Bank, NA.

Small Business Loan Approvals Slid at Big Banks, Rose at Other Lenders in September: Biz2Credit Small Business Lending Index™

NEW YORK, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Small business loan approval percentages at big banks ($10 billion+ in assets) fell again, dropping from 13.2% in August to 13.1% in September, according to the latest Biz2Credit Small Business Lending Index™ released today. Big bank lending to small businesses has dipped every month since June 2022.

CFPB Initiates FCRA Rulemaking on Medical Debt and Data Brokers

On September 21, the CFPB announced that it has initiated a rulemaking process under the Fair Credit Reporting Act (“FCRA”) that would remove medical bills from consumer credit reports.

26% of Consumers Say Interest Rates Influence Credit Product Choices

Consumers are increasingly focused on finding the best deal — a preference driven by loss aversion and a desire to maximize the benefits of their financial products.

Transforming the member experience through technology

In today’s fast-paced digital world, financial institutions are constantly challenged to adapt and innovate to meet the evolving digital-first demands of consumers. 

NY proposes amendments of debt collector rules

On September 30, the New York City Department of Consumer and Worker Protection (Department) published proposed amendments to its rules relating to debt collectors. 

Rohit Chopra: ‘Financial markets are much better off with the CFPB’

Consumer Financial Protection Bureau Director Rohit Chopra said if an attempt to invalidate his agency's funding is successful before the Supreme Court, it would add more uncertainty for the mortgage industry and create "a lot of headaches" for consumers.

US consumer watchdog warns payment systems risk Chinese-style surveillance

(Reuters) -The top U.S. agency for consumer financial protection is considering regulatory moves to help protect the public from the kind of excessive surveillance of their financial data enabled by payment structures in China, its director said on Friday.

Student Loan Debt Relief Scammers Permanently Banned from Industry, Ordered to Turn Over Assets under Proposed Order

Two groups of student loan debt relief scammers will be permanently banned from the debt relief industry and are required to turn over their assets as part of a settlement with the Federal Trade Commission.

FTC Data Shows Consumers Report Losing $2.7 Billion to Social Media Scams Since 2021

New data from the Federal Trade Commission shows that scams originating on social media have accounted for $2.7 billion in reported losses since 2021, more than any other contact method.

Stable and spending: An update on the state of the US consumer

After glimmers of optimism in the spring, US consumers’ feelings about the economy remained somewhat upbeat through the summer, as indicated by our ConsumerWise sentiment survey. With this tempered optimism came an increase in consumer spending year-over-year, with a positive change seen across most categories.

NY federal court denies motion to dismiss CFPB lawsuit against debt buyer companies and their owners/officers for unlawful debt collection practices based on third-party conduct

A New York federal district court has denied a motion to dismiss the lawsuit filed in January 2022 by the CFPB against three companies that purchase portfolios of defaulted debts (Corporate Defendants) and three individuals who are owners and/or officers of the Corporate Defendants (Individual Defendants). 

Unseen Costs of Ignoring Cyber Security for Small Business

Cyber attacks pose a significant threat to all businesses, with small businesses being especially valuable. Financially unprepared small firms may suffer significant losses and harm to their reputation, pricing strategy, productivity, staff morale, and other factors in the case of an unforeseen cyberattack. Understanding the potential severity of a cyber attack is crucial for entrepreneurs and small company owners to properly plan their operations. According to the report by the cyber security firm eSentire, the cost of cyber attacks is predicted to reach $10.5 trillion by 2025.

U.S. Consumers Received Just Under 4.3 Billion Robocalls in September, According to YouMail Robocall Index

IRVINE, Calif., Oct. 6, 2023 /PRNewswire/ -- U.S. consumers received just under 4.3 billion robocalls in September, representing a 15.7% decrease from August's volume and the lowest monthly volume since December 2022.

Attorney General James and Multistate Coalition Secure $49.5 Million from Cloud Company for Data Breach

NEW YORK – New York Attorney General Letitia James and a multistate coalition of 50 attorneys general reached a $49.5 million agreement with cloud company Blackbaud over a massive data breach that impacted thousands of nonprofit institutions, including charities, colleges and universities, and health care organizations in New York and across the country. Blackbaud provides donor data management software and, in 2020, experienced a data breach that exposed the personal information of its customers and millions of their donors and constituents.

CFPB Announces Advisory Committee Appointments

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council.

New York Department of Financial Services Reminds Auto Finance Companies to Credit Consumers for Ancillary Product Refunds

If you cancel a service before your contract is up and you paid ahead of time, you probably expect a refund. For example, if you paid $600 for a year’s worth of a service and cancelled nine months into the contract, you should get about $150 back, assuming that the contract provides for pro rata refunds upon early cancellation.

Consumers Are Voicing Concerns About AI

Over the last several years, artificial intelligence (AI)—a term which can refer to a broad variety of technologies, as a previous FTC blog notes—has attracted an enormous amount of market and media attention. That’s in part because the potential of AI is exciting: there are opportunities for public progress by enhancing human capacity to integrate, analyze, and leverage information.

NY federal court denies motion to dismiss CFPB lawsuit against debt buyer companies and their owners/officers for unlawful debt collection practices based on third-party conduct

A New York federal district court has denied a motion to dismiss the lawsuit filed in January 2022 by the CFPB against three companies that purchase portfolios of defaulted debts (Corporate Defendants) and three individuals who are owners and/or officers of the Corporate Defendants (Individual Defendants). 

Affinity Federal Credit Union’s Pledge to ‘People Helping People’ Takes Center Stage on Impact Day

BASKING RIDGE, N.J., October 05, 2023--(BUSINESS WIRE)--Affinity Federal Credit Union ("Affinity") and its non-profit arm, The Affinity Foundation, are proud to announce its upcoming Impact Day on October 9, 2023.

Prepared Remarks of Seth Frotman, General Counsel and Senior Advisor to the Director, at New Jersey Citizen Action Education Fund’s 14th Annual Financial Justice Summit

New Jersey has made great progress on a range of crucial consumer protection issues, from last year’s legislation providing important protections against predatory lending by for-profit schools to building momentum on basic debt collection standards to fighting off efforts to allow problematic earned wage access products. 

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CA Credit Union Collectors Council – 36th Annual Conference

CCUCC - California Credit Union Collectors Councils 36th Annual Collections and Lending Conference is the place to be. We are seeing consumer debt especially credit card debt at an all time high. There is no other place to help you prepare for what’s to come. Join the growing number of credit union professionals attending this event!

Used Car Week 2023

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RMAI 2024 Annual Conference

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