• Former Wells Fargo CEO John Stumpf

    Wells Fargo Management Turned a Blind Eye to the Creation of Fake Accounts

    With Sales Abuses Dating Back To 2002, Wells Fargo Board Claws Back $75 Million More From Executives Responsible Maggie McGrath In an attempt to atone for having created millions of bank and credit card accounts without customer permission or knowledge, Wells Fargo installed a new chief executive, reformed its sales incentives and clawed back more...
  • John Oliver "Last Week Tonight"

    John Oliver Takes Aim At Credit Reports In ‘Last Week Tonight’

    John Oliver Takes Aim At Credit Reports In ‘Last Week Tonight’ Lauren Gensler with Forbes Magazine recaps John Oliver’s roasting of Credit Reports and the companies responsible. On Sunday, John Oliver took aim at the credit industry on his show Last Week Tonight, lambasting the credit bureaus for allowing so many mistakes on...
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    Citibank Stops Collecting Credit Card Debt

    Citibank Will Stop Collecting $34 Million in Credit Card Debt By Jeanine Skowronski Published February 24, 2016 Certain credit card debtors are in for some relief. Citibank (NYSE:C) has agreed to provide nearly $16 million in consumer relief and forgo collecting on about $34 million in debt held by nearly...
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    GE CareCredit to Refund $34.1 Million

    CFPB Orders GE CareCredit to Refund $34.1 Million for Deceptive Health-Care Credit Card Enrollment More than 1 Million Consumers Were Potential Victims of Misleading Practices WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau is ordering GE Capital Retail Bank and its subsidiary, CareCredit, to refund up to $34.1...
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    Amerisave To Pay $19.3 Million

    CFPB Orders Amerisave To Pay $19.3 Million For Bait-And-Switch Mortgage Scheme Owner Patrick Markert to Pay Additional $1.5 Million for Deceiving Consumers WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against Amerisave Mortgage Corporation, its affiliate, Novo Appraisal Management Company, and the owner of both...
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    American Express to Pay $59.5 Million

    CFPB Orders American Express to Pay $59.5 Million for Illegal Credit Card Practices Federal Regulators Fine American Express an Additional $16.2 Million WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today ordered American Express to refund an estimated $59.5 million to more than 335,000 consumers for illegal credit...
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    CFPB Launches Inquiry into Overdraft Practices

    CFPB Launches Inquiry into Overdraft Practices Bureau Explores Ways to Help Consumers Avoid Overdraft Penalty Fees WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) launched an inquiry into checking account overdraft programs to determine how these practices are impacting consumers. As part of that inquiry, the CFPB...
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    GE Capital to Pay $225 Million

    CFPB Orders GE Capital to Pay $225 Million in Consumer Relief for Deceptive and Discriminatory Credit Card Practices Nearly 750,000 Consumers Harmed by Illegal Credit Card Practices WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) is ordering GE Capital Retail Bank (GE Capital), now known as Synchrony Bank,...
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    Discover to Pay $200 Million Consumer Refund for Deceptive Marketing

    Federal Deposit Insurance Corporation and Consumer Financial Protection Bureau Order Discover to Pay $200 Million Consumer Refund for Deceptive Marketing WASHINGTON, D.C. – Today, the Federal Deposit Insurance Corporation (FDIC) and the Consumer Financial Protection Bureau (CFPB) announced a joint public enforcement action with an order requiring Discover Bank...
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    What is risk-based pricing?

    Risk-based pricing occurs when lenders offer different consumers different interest rates or other loan terms, based on the estimated risk that the consumers will fail to pay back their loans. This means, for example, that lenders will generally offer a higher interest rate to you if they view you...
  • consumer-news-banner

    Bank Of America To Pay $727 Million In Consumer Relief

    CFPB Orders Bank Of America To Pay $727 Million In Consumer Relief For Illegal Credit Card Practices Millions of Consumers Harmed by Bank’s Deceptive Marketing and Unfair Credit Card Billing Practices WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has ordered Bank of America, N.A. and FIA Card...
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    Capital One Credit Card Marketing Pays $140 Million Refund

    CFPB Probe into Capital One Credit Card Marketing Results in $140 Million Consumer Refund WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced its first public enforcement action with an order requiring Capital One Bank (U.S.A.), N.A. to refund approximately $140 million to two million customers and...
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    American Express to Pay $85 Million Refund to Consumers

    CFPB Orders American Express to Pay $85 Million Refund to Consumers Harmed by Illegal Credit Card Practices Federal Regulators Fine American Express an Additional $27.5 Million WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today announced an enforcement action with orders requiring three American Express subsidiaries to refund...
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    Chase and JPMorgan Chase to Pay $309 Million Refund

    CFPB Orders Chase and JPMorgan Chase to Pay $309 Million Refund for Illegal Credit Card Practices Approximately 2.1 Million Consumers Receive Full Refund WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) ordered Chase Bank USA, N.A. and JPMorgan Chase Bank, N.A. to refund an estimated $309 million to...