Back in November, the Consumer Financial Protection Bureau filed a lawsuit against one of the nation’s largest providers of seller-financed homes after it failed to comply with a subpoena to turn over documents related to home foreclosures. This week, a judge upheld the Bureau’s authority to request the documents from Harbour Portfolio Advisors. [More]
Financial Institutions
Banks Turned Account Overdraft Fees Into $11.16B In Revenue Last Year
By 2.25.16
Banks with more than $1 billion in assets now need to report on how much revenue they bring in from overdraft fees and other charges. The first report on those numbers shows that banks made $11.6 billion last year from customers who overdrew their accounts.
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Target Agrees To Pay Banks $39.4M For Expenses Resulting From 2013 Data Breach
By 12.2.15
Target continues to put the disastrous 2013 holiday-season data breach behind it, agreeing today to pay $39.4 million to banks claiming they lost money during the hack. [More]
Payment Information From Zoo Gift Shops Breached, May Include Names And CVVs
By 7.9.15
Have you bought a cuddly stuffed animal or another souvenir recently during a visit to the zoo? If so, keep an eye on your credit card statements. According to reports from financial institutions and an announcement from one affected zoo, a company that manages zoo gift shops recently had its systems breached. [More]
CFPB Returned $19.4M To 92,000 Consumers In The Last Half Of 2014
By 3.11.15
Each year the Consumer Financial Protection Bureau supervisory examiners hold hundreds of companies accountable for violations of fair lending and debt collection rules. During the last half of 2014, those actions resulted in the return of $19.4 million to more than 92,000 consumers, according to a new report from the agency. [More]
Colleges May Be Violating CARD Act By Not Providing Copies Of Credit Card Agreements
By 2.19.15
Although the number of agreements between credit card issuers and higher education institutions are on the decline, many of the schools that do have such agreements may be in violation of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act by not making those contracts publicly and readily available to consumers, according to a new investigation by a consumer group finds. [More]
