WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today sued Acima and its former chief executive officer Aaron Allred for illegal lending activities in connection with as many as five million consumer financing agreements. The CFPB alleges Acima used deceptive dark patterns and other tricks to trap consumers in high-cost credit agreements to finance
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a report on payment processing companies that help school districts process children’s school lunch payments. These private companies process payments made by parents who may have limited or zero payment alternatives. With a captive customer base, these companies can have broad control over fees
WASHINGTON, D.C. - The Consumer Financial Protection Bureau (CFPB) today issued a circular to law enforcement agencies and regulators explaining how companies may be breaking the law by requiring employees to sign broad nondisclosure agreements that could deter whistleblowing. The circular explains how imposing sweeping nondisclosure agreements that do not clearly permit communication with law
WASHINGTON, D.C. - The Consumer Financial Protection Bureau (CFPB) today proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. The guidance will ensure that lenders understand their legal obligations to disclose the costs and fees of these credit
WASHINGTON, D.C. - Five federal regulatory agencies today issued final guidance addressing reconsiderations of value (ROVs) for residential real estate transactions. The guidance advises on policies and procedures that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are
