tldrdaily.news logo
Tag

Illegal Fees

All articles tagged with #illegal fees

legalfinancial-regulation2 years ago

"CFPB and Seven State Attorneys General Sue Strategic Financial Solutions for Illegally Swindling $100 Million from Financially Struggling Families"

The Consumer Financial Protection Bureau (CFPB) and seven state attorneys general have filed a lawsuit against Strategic Financial Solutions (SFS) and its executives for allegedly running an illegal debt-relief enterprise that swindled over $100 million from financially struggling consumers. The lawsuit alleges that SFS charged illegal advance fees and falsely claimed that lawyers would provide debt relief, while providing little to no actual debt-relief services. The CFPB seeks to stop SFS's alleged unlawful conduct, require restitution for harmed consumers, and impose a civil money penalty.

via Consumer Financial Protection Bureau|
#cfpb#consumer-protection#debt-relief
consumer-protection2 years ago

CFPB Report: $140 Million in Illegal Junk Fees Returned to Consumers by Financial Institutions

The Consumer Financial Protection Bureau (CFPB) has released a special edition of its Supervisory Highlights, revealing its efforts to protect consumers from illegal junk fees in banking, auto loans, and remittances. As a result of the CFPB's supervisory work, companies are refunding $140 million to consumers, with $120 million for surprise overdraft fees and double-dipping on non-sufficient funds fees. The report also highlights the elimination of non-sufficient funds fees by most financial institutions, saving consumers an estimated $2 billion annually. The CFPB continues to combat illegal fees and urges consumers to submit complaints about financial products or services.

via Consumer Financial Protection Bureau|
#cfpb#consumer-finance#consumer-protection
finance2 years ago

Bank of America Slapped with $250 Million Fine for Fake Accounts and Illegal Fees

Bank of America has been ordered to pay over $100 million to customers and $150 million in fines for illegally charging customers for junk fees, fake accounts, and withholding rewards. The Consumer Financial Protection Bureau found that the bank harmed hundreds of thousands of customers through illegal practices such as double charging insufficient fund fees and opening accounts without customer consent. Bank of America is also facing separate fines for violating laws around overdraft fees. This is not the first time the bank has been penalized for illegal practices, as it has previously been fined for deceptive marketing and other violations.

via NPR|
#bank-of-america#consumer-financial-protection-bureau#fake-accounts
consumer-protection2 years ago

CFPB orders debt collector to pay $24 million in relief for illegal practices.

Debt relief company GST Factoring and four attorneys were accused by the Consumer Financial Protection Bureau (CFPB) of illegally charging fees and encouraging borrowers to stop paying their student loans. The CFPB filed a complaint in 2020 and has now ordered the company to pay $30 million in penalties and $11 million in payments to 2,600 impacted borrowers. The court order also bans the defendants from engaging in any debt relief services going forward. This is not the first time the CFPB has cracked down on potential predatory behavior by debt relief companies.

via Business Insider|
#cfpb#consumer-protection#debt-relief