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 […]
The post US Bank Regulator Terminates ‘Legal Loophole’ That’s Draining $5,000,000,000 From Customer Accounts Per Year appeared first on The Daily Hodl.
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 […]
The post Billion-Dollar Bank To Pay $20,000,000 Fine After Hitting Customers With ‘Illegal, Worthless Fees’ and Illegally Triggering Asset Seizures: CFPB appeared first on The Daily Hodl.
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 […]
The post $384,000,000 To Be Handed To 191,000 Victims of Banking Giant’s Illegal Practices: Consumer Financial Protection Bureau appeared first on The Daily Hodl.
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 […]
The post Billion-Dollar Bank Sending $5,000,000 to Customers After Illegally Harvesting Millions in Fees: CFPB appeared first on The Daily Hodl.
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 […]
The post Financial Giant Fined $15,000,000 for Withdrawing Funds From Bank Accounts Without Consent, Deceiving Customers With False Statements appeared first on The Daily Hodl.
