A custodial bank settled CFPB charges for (i) applying for lines of credit and opening deposit accounts on behalf of customers without their consent, (ii) obtaining consumer reports with personal information without justification, and (iii) pressuring employees into selling products to customers to meet predetermined sales goals.
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The FDIC adopted a rule establishing a process to identify and investigate potential misrepresentations of FDIC deposit insurance or misuse of the agency's name or logo. The CFPB issued related guidance.
In PayPal, Inc. v. Consumer Financial Protection Bureau, et al., the U.S. District Court for the District of Columbia vacated the CFPB's short-form disclosure requirement and thirty-day credit linking restriction.
The Consumer Financial Protection Bureau published in the Federal Register an amended version of the rule on prepaid card accounts. The effective date of the rule was delayed by one year to April 1, 2019.
The Consumer Financial Protection Bureau finalized an amended version of its rule on prepaid card accounts. The effective date of the rule was delayed by one year to April 1, 2019.