In an amicus curae brief filed in the U.S. Court of Appeals for the Fourth Circuit, the CFPB supported plaintiffs in their appeal of a dismissal of a class action against a major commercial bank for allegedly mismanaging the distribution of government benefit prepaid cards during the COVID-19 pandemic.
News & Insights
A commercial bank settled parallel CFPB and OCC charges for (i) deceptive practices in marketing prepaid debit card program and (ii) deficiencies in its operational and risk management controls.
The Consumer Financial Protection Bureau and the New York Attorney General filed a Complaint against a U.S.-based international money transfer company for alleged systemic and repeated violations of the Electronic Fund Transfer Act and the Remittance Transfer Rule.
Based on two new research reports, the CFPB will increase supervision of banks that are heavily reliant on overdraft fees and "will be taking action to restore meaningful competition to this market."
A bank settled CFPB charges for enrolling customers in an overdraft-protection service using improper sales practices.