- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2024-09-13T13:09:00
TD Bank has been ordered to pay $27.7 million and implement compliance measures, for providing inaccurate, negative credit information to credit agencies about tens of thousands of its customers and taking too long to fix the errors, the Consumer Financial Protection Bureau (CFPB) said.
Banks report on customers’ loan and credit card history to credit reporting agencies, which use the information to produce credit reports about individuals. Consumers use the credit reports to apply for loans and mortgages, landlords tap the reports before agreeing to rent apartments, and some employers review credit reports as part of the hiring process. A tarnished report can result in being turned down for a loan or having to pay higher rates.
The bank’s errors wrecked the credit of “tens of thousands” of its customers, the CFPB said.
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2024-11-08T19:40:00Z By Aaron Nicodemus
Navy Federal Credit Union will pay a $15 million fine and return $80 million in “surprise” overdraft fees to its members to resolve an enforcement action from the Consumer Financial Protection Bureau.
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Businesses need to follow the consumer protection rules of the Fair Credit Reporting Act when engaging in employee surveillance, which includes background reports about employees produced by third parties using artificial intelligence, the Consumer Financial Protection Bureau said in new guidance.
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Banks, credit card companies and other financial mainstays will be required to comply with new data privacy and retail account portability regulations under a sweeping rule issued Tuesday by the Consumer Financial Protection Bureau.
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The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
2025-04-15T07:30:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
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