The consent orders related to Bank of America’s practice of charging repeat nonsufficient funds fees, denying rewards to credit card consumers and opening unauthorized credit card accounts.
Recent CFPB guidance on the prohibition of abusive practices could pose risks to real estate agents engaging in joint ventures with lenders and title companies, according to attorneys at McGuire Woods.
The Seventh Circuit held that lenders are not liable for how credit reporting agencies interpret information provided on an automated credit dispute verification form.
In recent amicus briefs, the bureau argued that statutes of limitations are subject to equitable tolling and a loan’s exposure to the Truth in Lending Act is not based solely on contractual language.
Consumer financial services trade groups offered their two cents to the CFPB on its April policy statement on abusive acts and practices, arguing the agency had failed to provide specific standards for abusive conduct. Further, they claimed, the current draft would create massive risks for financial institutions.
Complaints submitted to the CFPB regarding student loans declined in the first half of the year. Most complaints are focused on federal student loans, which were the subject of a recent Supreme Court ruling.
Attorney James Sandy of McGlinchey Stafford said that while there’s no legal definition of a junk fee, the CFPB has offered several examples, that can provide some lessons to financial institutions.
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