CFPB

CFPB Takes Action: JPMorgan and Bank of America Face Lawsuit Over Zelle Fraud Allegations

3 days ago

In a significant move that could have far-reaching implications for the banking sector, the Consumer Financial Protection Bureau (CFPB) has launched a lawsuit against two of America's largest financial institutions, JPMorgan Chase and Bank of America. This legal action comes in response to accusations surrounding the handling of fraudulent transactions processed through Zelle, a popular payment platform. The CFPB alleges that both banks mismanaged complaints and failed to adequately safeguard consumers against fraud, creating a vulnerable environment for their customers.

CFPB Launches Overdraft Fee Cap: A Game-Changer for Consumers but Sparks Industry Outcry

11 days ago

In a significant move towards consumer protection, the Consumer Financial Protection Bureau (CFPB) has finalized its new regulation capping bank overdraft fees. This decision has garnered both praise from consumer advocacy groups and resistance from Republican lawmakers as well as financial industry representatives.

Apple Pay and Other Tech Giants Face New Regulatory Scrutiny from CFPB

1 month ago

The Consumer Financial Protection Bureau (CFPB) is intensifying its oversight of major tech companies, including Apple Pay, as it seeks to implement stricter regulations concerning digital payment systems. This development comes at a time when these technologies have gained significant traction among consumers, changing the landscape of financial transactions.

Navy Federal Credit Union Ordered to Pay $95 Million for Illegal Overdraft Fees

2 months ago

In a recent ruling, the Navy Federal Credit Union has been mandated to pay a staggering $95 million in restitution and penalties due to its practices concerning overdraft fees that were found to be unlawful. This significant financial penalty stems from allegations that the credit union improperly charged members excessive fees for overdrafts on their accounts, which violated the terms of their agreements.

Goldman Sachs and Apple Face $89 Million Settlement Over Credit Card Practices

2 months ago

In a significant move sparked by a federal investigation, Goldman Sachs and Apple have agreed to pay a staggering $89 million following scrutiny from the Consumer Financial Protection Bureau (CFPB). This settlement is a direct result of practices surrounding their co-branded Apple Card, which raised numerous concerns about the fairness of its lending processes.