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Consumer Financial Protection Bureau

Equifax Fined $15M For Inaccurate Credit Scores Days After NY Settlement: CFPB Equifax Fined $15M For Inaccurate Credit Scores Days After NY Settlement: CFPB
Equifax Fined $15M For Inaccurate Credit Scores Days After NY Settlement: Cfpb One of the nation’s largest credit reporting agencies has been fined $15 million for issuing inaccurate credit scores and failing to properly investigate consumer disputes, officials said. Equifax will pay the fine into the Consumer Financial Protection Bureau's victims relief fund, the federal agency said in a news release on Friday, Jan. 17. The CFPB's investigation found Equifax ignored critical evidence submitted by consumers disputing inaccuracies in their credit reports. According to the CFPB, Equifax also allowed deleted errors to resurface and relied on flaw…
Cash App Users To Get Refunds In $175M Order As Feds Target Fraud Cash App Users To Get Refunds In $175M Order As Feds Target Fraud
Cash App Users To Get Refunds In $175M Order As Feds Target Fraud Cash App's parent company will have to pay $175 million for poorly protecting its users from fraud and financial crimes on the payment platform, officials said. The Consumer Financial Protection Bureau ordered Block to refund up to $120 million to users harmed by fraud, the federal agency said in a news release on Thursday, Jan. 16. The parent company of Cash App, which has more than 56 million accounts, must also pay a $55 million fine into the CFPB’s victims relief fund. The CFPB found that Block failed to properly investigate unauthorized transactions and deprived users of…
Capital One Kept $2B In Savings Account Interest From Banking Customers, CFPB Suit Says Capital One Kept $2B In Savings Account Interest From Banking Customers, CFPB Suit Says
Capital One Kept $2B In Savings Account Interest From Banking Customers, Cfpb Suit Says The federal government is suing Captial One, accusing the banking giant of deceiving consumers and withholding more than $2 billion in interest payments on savings accounts. The Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Capital One and its parent company, the agency said in a news release on Tuesday, Jan. 14. The CFPB accused Capital One of marketing its "360 Savings" accounts as offering some of the nation's highest interest rates but froze those rates while competitors' rates climbed. Simultaneously, the bank introduced a nearly identical product, "360 …
Feds Finalize Rule Erasing $49 Billion In Medical Debt From Credit Scores, CFPB Says Feds Finalize Rule Erasing $49 Billion In Medical Debt From Credit Scores, CFPB Says
Feds Finalize Rule Erasing $49 Billion In Medical Debt From Credit Scores, Cfpb Says About 15 million Americans will see their credit reports cleared of medical debt under a new rule approved by the Consumer Financial Protection Bureau. The CFPB has finalized a landmark rule that removes $49 billion in medical debt from credit reports, the bureau said in a news release on Tuesday, Jan. 7. The regulation also prohibits lenders from using medical information in lending decisions when evaluating loan applications. The rule is expected to raise credit scores by an average of 20 points and enable the approval of 22,000 additional mortgages annually. "People …
Here's How Many Robocalls New Yorkers Were Bombarded With In April Here's How Many Robocalls New Yorkers Were Bombarded With In April
Here's How Many Robocalls New Yorkers Were Bombarded With In April Robocalls continue to be a scourge for New Yorkers, with millions of callers being flooded by calls “at all hours of the day and night.” In April, New Yorkers received 290.3 million robocalls, which is an average of 112 calls per second and 11 calls per New Yorker. In April, there were 176 million robocalls made to numbers in New York City and Long Island, and there have been more than 720 million robocalls reported since the year started, according to Sen. Chuck Schumer. In response, Schumer is backing legislation that would give federal investigators the tools to trace, prosecute and fi…
$86 Billion: That's What Three Million New Yorkers Owe In Educational Loans $86 Billion: That's What Three Million New Yorkers Owe In Educational Loans
$86 Billion: That's What Three Million New Yorkers Owe In Educational Loans Student debt numbers are astronomically high in New York, with about three million residents owing a total of approximately $86 billion, News 10 reports. The New York Assembly conducted a hearing Tuesday, Nov. 27 to determine whether or not legislative action may be necessary to alleviate the growing problem. "New Yorkers are hurting. The student loan borrowers in this state are teachers, nurses, service members and veterans, young and old, urban and rural and black and white,” said Seth Frotman, the former Student Loan Ombudsman at the Consumer Financial Protection Bureau. As a whole, Ame…