BankNews April 2015

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Company links rise in income to growth in St. Louis

Inflation’s links to globalization examined in new Dallas Fed Publication

New report links high credit card debt to medical expenses

CFPB Report Details ‘Runarounds and Illegal Dual-tracking’ by Mortgage Servicers

June 24 – The Consumer Financial Protection Bureau released its latest supervision report outlining the illegal practices uncovered by the bureau’s examiners in the first four months of 2015. The bureau found problems with dual-tracking at mortgage servicers that could mislead consumers to believe their trial modifications were canceled. The bureau also found a lack of quality control measures in place at consumer reporting agencies.

Continue reading “CFPB Report Details ‘Runarounds and Illegal Dual-tracking’ by Mortgage Servicers” »

Mitek to Acquire IDchecker

May 28 – Mitek announced that it has entered into a definitive agreement to acquire IDchecker, a global provider of cloud-based identity document verification and facial recognition solutions, for an aggregate purchase price of up to $10.6 million.  Continue reading “Mitek to Acquire IDchecker” »

CFPB Takes Action Against PayPal Credit

May 19 – The Consumer Financial Protection Bureau has filed a complaint and proposed consent order in federal court against PayPal Inc. for illegally signing up consumers for its online credit product, PayPal Credit, formerly known as Bill Me Later. Continue reading “CFPB Takes Action Against PayPal Credit” »

CFPB Launches Inquiry Into Student Loan Servicing

May 14 – The Consumer Financial Protection Bureau  is launching a public inquiry into student loan servicing practices that can make paying back loans a stressful or harmful process for borrowers. The issues that the Bureau is seeking information on include: industry practices that create repayment challenges, hurdles for distressed borrowers, and the economic incentives that may affect the quality of service. The CFPB is also re-launching an enhanced version of its Repay Student Debt online tool to help borrowers figure out their options for affordable repayment.  Continue reading “CFPB Launches Inquiry Into Student Loan Servicing” »

CFPB: 26 Million Americans ‘Credit Invisible’

May 5 – Twenty-six million Americans are “credit invisible,” according to a report by the Consumer Financial Protection Bureau. This figure indicates that one in every 10 adults do not have any credit history with a nationwide consumer reporting agency. The report also found that black consumers, Hispanic consumers, and consumers in low-income neighborhoods are more likely to have no credit history with a nationwide consumer reporting agency or not enough current credit history to produce a credit score.  Continue reading “CFPB: 26 Million Americans ‘Credit Invisible’” »

Everlink Introduces Mobile Card Block Service

May 1 – Everlink Payment Services Inc. is pleased to introduce its latest fraud management solution – Lock’N’Block™ – a mobile card block service!

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CFPB Fines Regions Bank for Overdraft Practices

April 28 – The Consumer Financial Protection Bureau announced it has taken action against Regions Bank for charging overdraft fees to consumers who had not opted-in for overdraft coverage. The bank also charged overdraft and non-sufficient funds fees on its deposit advance product despite claims that it would not. Regions has already refunded hundreds of thousands of consumers approximately $49 million in fees, and the consent order requires the bank to fully refund all remaining consumers. The bureau also fined the company $7.5 million for its illegal actions.  Continue reading “CFPB Fines Regions Bank for Overdraft Practices” »

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