Capital One Sued by US Government, Accused of Cheating Millions of Customers out of $2,000,000,000 in Interest

January 25, 2025 The Daily Hodl

Capital One Sued by US Government, Accused of Cheating Millions of Customers out of ,000,000,000 in Interest

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The Consumer Financial Protection Bureau (CFPB) is filing a lawsuit against the ninth-largest bank in the US for allegedly misleading and cheating customers out of billions of dollars in interest. The CFPB alleges Capital One misled consumers into believing that its product known as “360 Savings” was offering the best and the highest interest rates […]

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Consumer Financial Protection Bureau Proposes Refund Requirements Following Crypto Hacks: Report

January 10, 2025 The Daily Hodl

CFPB

The U.S. Consumer Financial Protection Bureau (CFPB) is reportedly proposing a refund requirement for digital assets following a slew of crypto hacks. According to a new report by The Financial Times, the CFPB – which aims to protect consumers from unfair financial practices by institutions – is proposing a new rule that would mandate crypto […]

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CFPB proposes crypto firms refund users for funds lost to hacks

January 10, 2025 Coin Telegraph

Banking

A proposed CFPB rule could allow crypto users to have protections similar to those of US bank account holders by considering the definition of “funds.”

The US Consumer Financial Protection Bureau (CFPB) has proposed a rule that could require crypto asset service providers to reimburse users for funds stolen through illicit activities, including hacks.

In a Jan. 10 notice, the CFPB proposed a rule that could allow accounts or wallets using “emerging payment mechanisms” set up for personal use to be subject to similar protections as fiat bank accounts.

The US regulator suggested that the same rights that “guard against error and fraud” under the Electronic Fund Transfer Act (EFTA) could protect consumers transacting in stablecoins or “any other similarly-situated fungible assets that either operate as a medium of exchange or as a means of paying for goods or services.”

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JPMorgan Chase, Wells Fargo and Bank of America Customers Lose $870,000,000 To Scammers on Zelle, Forcing Victims To ‘Fend for Themselves’: CFPB Lawsuit

December 20, 2024 The Daily Hodl

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Customers at JPMorgan Chase, Wells Fargo and Bank of America have collectively lost $870 million to scammers on Zelle in the last seven years, according to a powerful US bank regulator. The Consumer Financial Protection Bureau (CFPB) says it’s suing the three banking giants and Zelle’s parent firm for allegedly failing to protect people from […]

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US Bank Regulator Terminates ‘Legal Loophole’ That’s Draining $5,000,000,000 From Customer Accounts Per Year

December 12, 2024 The Daily Hodl

bank

A US bank regulator says it’s shutting down a “legal loophole” that’s costing customers $5 billion in fees per year. The Consumer Financial Protection Bureau (CFPB) says a new rule will force large banks to either limit overdraft fees to $5, align them to actual costs and losses, or treat overdraft loans like other credit […]

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Billion-Dollar Bank To Pay $20,000,000 Fine After Hitting Customers With ‘Illegal, Worthless Fees’ and Illegally Triggering Asset Seizures: CFPB

July 14, 2024 The Daily Hodl

bank

The Consumer Financial Protection Bureau (CFPB) is penalizing a US bank for predatory loan practices and illegal repossession of people’s assets. The CFPB says that Fifth Third Bank harmed 35,000 customers, including roughly 1,000 people who had their cars repossessed. According to the agency, the bank forced customers who already had car insurance to pay […]

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$384,000,000 To Be Handed To 191,000 Victims of Banking Giant’s Illegal Practices: Consumer Financial Protection Bureau

May 19, 2024 The Daily Hodl

bank

A US banking regulator says $384 million will soon be handed to victims of an online bank’s illegal practices. The Consumer Financial Protection Bureau says 191,000 people will receive the windfall of cash, which will be given to former customers of Texas-based Think Finance. The agency filed a lawsuit against the lender in 2017, accusing […]

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Billion-Dollar Bank Sending $5,000,000 to Customers After Illegally Harvesting Millions in Fees: CFPB

December 16, 2023 The Daily Hodl

bank

A US bank with $20.5 billion in assets, loans, and deposits will send at least $5 million to thousands of customers after allegedly harvesting millions of dollars in illegal overdraft fees. The Consumer Financial Protection Bureau (CFPB) says Atlantic Union Bank enrolled thousands of people in checking account overdraft programs without proper consent. The agency […]

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Bank of America To Pay $12,000,000 Fine for Repeatedly Breaking the Law, Sending False Information to Regulators

December 4, 2023 The Daily Hodl

Bank of America

One of the largest banks in the country is getting slapped with a multi-million dollar fine from the Consumer Financial Protection Bureau (CFPB). The agency says Bank of America will pay $12 million for repeatedly sending false information to federal regulators. The CFPB says BofA has routinely violated the Home Mortgage Disclosure Act, which was […]

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Financial Giant Fined $15,000,000 for Withdrawing Funds From Bank Accounts Without Consent, Deceiving Customers With False Statements

November 18, 2023 The Daily Hodl

bank

One of the largest licensed lenders in the US will pay a $15 million fine for “widespread illegal conduct” including withdrawing funds from customers’ bank accounts without their consent. The Consumer Financial Protection Bureau (CFPB) says it’s banning the Chicago-based lender Enova from offering certain consumer loans after the firm violated orders to change its […]

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