U.S. Bancorp and Wells Fargo performed the worst for struggling U.S. mortgage borrowers at the height of the COVID-19 pandemic, according to a new analysis published Tuesday by an advocacy group for front-line bank employees.
Former students at ITT Technical Institute, a for-profit college that went bankrupt in 2016, will be forgiven of $330 million in private student loans that trusts set up by Deutsche Bank made, under a settlement with U.S. authorities.
Wells Fargo agreed to pay over $2 million to settle regulatory claims that it failed to supervise advisors who steered customers out of variable annuities into investment products and caused them to pay high fees.
Consumers have not experienced significant increases in delinquency or other negative credit outcomes because of COVID-19, with credit card balances declining since the start of the pandemic, according to the U.S. Consumer Financial Protection Bureau.
A PayPal product marketed as consumer financing engaged in “aggressive” nonbank lending to student borrowers at exorbitant rates, helping to prop up for-profit schools that frequent the platform, consumer groups said.
The U.S. division of Toronto-Dominion Bank has agreed to pay $97 million in restitution and a $25 million penalty to a U.S. regulator for improperly marketing and charging customers through its optional overdraft service.
Plaid has brought on board a general counsel who formerly worked at Capital One and at the Consumer Financial Protection Bureau, providing the U.S. fintech with more legal talent as it navigates an acquisition by Visa and a class-action lawsuit.
The U.S. Consumer Financial Protection Bureau is proposing a new category of high-quality loans, called seasoned qualified mortgages, that would protect lenders from legal liability for making risky loans, marking the regulator’s latest shake-up in the qualified mortgage space.
The share of U.S. mortgages that are 90 days or more past due recently saw its first year-over-year increase since the aftermath of the Great Recession, according to data supplied by CoreLogic on Tuesday.
A U.S. financial standards body is considering whether to extend loan accommodations across the country in response to the continued coronavirus pandemic, according to a set of new principles released Monday.
Three U.S. lawmakers accused fintechs including Upstart and SoFi of using credit assessment methods that could result in systemic racial discrimination, and called on the Consumer Financial Protection Bureau to curb those practices.
Fair lending groups asked a federal appeals court to uphold a ruling that struck down a U.S. banking regulator’s proposal to issue special purpose charters to fintech companies, asserting that the special purpose charters would open the door to predatory lenders.
The Consumer Financial Protection Bureau said it is taking steps toward proposing clearer standards on how third-party companies can access consumers’ financial records, while navigating privacy and security concerns.
The Consumer Financial Protection Bureau on Wednesday filed a lawsuit accusing Townstone Financial of engaging in discriminatory mortgage-lending practices by discouraging African-American applicants from applying for home loans.
A shareholder accused Fifth Third Bancorp executives in federal court Monday of operating a “toxic sales culture” that resulted in unauthorized transactions for customers, following the U.S. Consumer Financial Protection Bureau’s allegations that the Cincinnati-based bank spent years opening and managing accounts in unwitting consumers’ names.
Consumers could face added pressure to settle debts in a future economic downturn as higher volumes of debt are turned over to collectors and alternatives for handling delinquencies remain scarce, the Consumer Financial Protection Bureau said Friday.
The U.S. Consumer Financial Protection Bureau on Tuesday rescinded underwriting requirements established to prevent lenders from issuing small-dollar loans to customers without first assessing their ability to repay.
Banks, credit unions and debt collectors are throwing their weight behind a bill that would make it easier for customers to receive financial documents electronically after members of the U.S. Senate committee that oversees technology and consumer protection introduced the legislation Thursday.
Wells Fargo will no longer take on new student loan customers, instead issuing loans only to people who currently have an outstanding balance on a previously issued student loan with the bank or who submitted an application before July 1.
Banks could face greater risk of litigation and reputational damage if they do not implement better plans for replacing the world’s most-quoted interest rate, top U.S. financial regulators said Wednesday.