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☆ Apple and Goldman Sachs ordered to pay more than $89 million for Apple Card failures
▼ + stars: | 2024-10-23 | by ( Kristian Burt | In | ) www.cnbc.com time to read: +3 min

Apple CEO Tim Cook introduces the Apple Card during a launch event at the Apple headquarters in Cupertino, California, on March 25, 2019. The Consumer Financial Protection Bureau ordered Apple and Goldman Sachs on Wednesday to pay more than $89 million for mishandling consumer disputes related to Apple Card transactions. Goldman Sachs was ordered to pay a $45 million civil penalty and $19.8 million in redress, while Apple was fined $25 million. "Apple and Goldman Sachs illegally sidestepped their legal obligations for Apple Card borrowers. Apple Card was first launched in 2019 as a credit card alternative, hinged on Apple Pay, the company's mobile payment and digital wallet service.

Persons: Tim Cook, Goldman Sachs, Apple, Rohit Chopra, Nick Carcaterra, —, Hugh Son, Steve Kovach Organizations: Apple, Consumer Financial Protection, Apple Card, Big Tech, CNBC Locations: Cupertino , California

☆ Student-loan companies that don't do their jobs should be fired, Elizabeth Warren says. Her next target is one that manages 8 million borrowers.
▼ + stars: | 2024-09-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

For nearly a decade, Massachusetts Sen. Elizabeth Warren has been working to enforce oversight over Navient, a major student-loan company. Warren and some of her Democratic colleagues were concerned that the company was not properly managing student-loan borrowers' payment options, causing them to accumulate unaffordable student debt. However, it released an accountability framework in December that outlined enforcement actions it would take should servicers harm borrowers, including fining servicers and transferring borrowers to better-performing servicers. For example, MOHELA was the first servicer to be hit with a $7 million fine last October for failing to send on-time billing statements to over 2 million borrowers. Terminate MOHELA's contract and put loan services on notice: we will not tolerate your negligence and exploitation; we will not let you profiteer off vulnerable student borrowers."

Persons: Massachusetts Sen, Elizabeth Warren, Rohit Chopra, Warren, We've, Navient, Chopra, there's, Jim Clyburn, Miguel Cardona, MOHELA, fining, servicers, Ayanna Pressley, we've, who've Organizations: Service, Warren, Democratic, Consumer Financial Protection, Navient, Business, Education Department, BI, Sec, The Education Department Locations: Massachusetts, CFPB

☆ Here's which Navient student loan borrowers may qualify for relief under $120 million settlement
▼ + stars: | 2024-09-16 | by ( Annie Nova | ) www.cnbc.com time to read: 1 min

The Consumer Financial Protection Bureau last week said it had reached a $120 million settlement with student loan giant Navient that could lead to compensation for hundreds of thousands of borrowers. The CFPB accused Navient of steering student loan borrowers into expensive forbearances, miscalculating their bills and tarnishing their credit reports. Under the terms of the settlement, Navient is banned from servicing federal student loans ever again. A Navient spokesperson said the company disagreed with the consumer watchdog's charges. As part of the deal, $100 million will be used to make payments to impacted customers, as determined by the CFPB.

Organizations: Consumer Financial Locations: Navient

☆ Student-loan borrowers are getting $100 million in payments after being 'cheated' out of lower bills by a major lender, a federal consumer watchdog says
▼ + stars: | 2024-09-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Read previewA yearslong legal battle with a major student-loan company has finally come to an end, and borrowers are getting their money back. The settlement permanently bans Navient from servicing federal loans and prohibits the servicer from managing most loans within the Federal Family Education Loan program. It also requires Navient to pay a $20 million penalty to the CFPB, along with $100 million to impacted borrowers. Last year, for example, Navient agreed to a $198 million settlement with private student-loan borrowers who claimed the lender was collecting debts that should have been discharged in bankruptcy. Along with Navient, the CFPB recently filed a lawsuit against student-loan company PHEAA, accusing it of illegally collecting payments from borrowers who were discharged in bankruptcy.

Persons: —, servicer, Rohit Chopra, Eric Halperin, Navient Organizations: Service, Consumer Financial, Bureau, Business, Family Education, Democratic, PHEAA

☆ Navient reaches $120 million settlement with CFPB for misleading student loan borrowers
▼ + stars: | 2024-09-12 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

Student loan giant Navient has reached a $120 million settlement with the Consumer Financial Protection Bureau over its practices with student loan borrowers, the company tells CNBC. The consumer watchdog agency also accused Navient of steering student loan borrowers into expensive forbearances, causing many to pay steep interest charges. Additionally, CFPB alleged that Navient miscalculated borrowers' payments and tarnished the credit reports of disabled borrowers, including severely injured veterans. At the time, the lender was the largest student loan servicer in the U.S., managing the accounts of more than 12 million people. As part of the settlement, $100 million will be used to make payments to impacted customers, as determined by the CFPB, Navient said.

Persons: Navient, CFPB, servicer Organizations: Consumer Financial, CNBC Locations: U.S

☆ White House launches broad new regulatory effort, as Harris prepares to unveil economic plan
▼ + stars: | 2024-08-12 | by ( Josephine Rozzelle | ) www.cnbc.com time to read: +3 min

U.S. President Joe Biden attends a press conference during NATO's 75th anniversary summit, in Washington, U.S., July 11, 2024. "I think we can all relate to this," White House domestic policy advisor Neera Tanden told reporters Friday. Democratic presidential nominee and Vice President Kamala Harris is preparing to unveil her presidential campaign's first economic policy plans this week. "The CFPB will identify when the use of automated chatbots or automated artificial intelligence voice recordings is unlawful, including in situations in which customers believe they are speaking with a human being," according to a White House fact sheet. The initiative also calls on health insurance companies to allow policyholders to submit claims online.

Persons: Joe Biden, Leah Millis, Neera Tanden, Biden, Kamala Harris, Broad, Harris, Craig Hudson, Tanden, policyholders, Xavier Becerra, Julie Su Organizations: NATO's, Biden, House, Democratic, U.S, Las Vegas Aces, White, Reuters, Consumer Financial Protection Bureau, Federal Communications Commission, Federal Trade, FTC, of Health, Human Services, of Labor Locations: Washington , U.S

☆ Consumers reported losing $210 million to scams across payment apps last year. A new bill wants to help future victims get their money back.
▼ + stars: | 2024-08-07 | by ( John Towfighi | ) www.businessinsider.com time to read: +6 min

Consumers and small businesses sent $806 billion across 2.9 billion Zelle transactions in 2023, both up 28% from 2022. Consumers reported losing $210 million to scams across all payment apps in 2023, according to data from the Federal Trade Commission. The new bill aims to amend the law to make banks more liable for all financial transactions, whether they're authorized or unauthorized. AdvertisementOver 99.95% of all Zelle transactions in 2023 were completed without instances of fraud, according to Zelle. In the meantime, the Protecting Consumers from Payment Scams Act will go to the Committee on Banking, Housing, and Urban Affairs for review.

Persons: —, JPMorgan Chase, PayPal —, Maxine Waters, Sen, Richard Blumenthal, Elizabeth Warren, Waters, Zelle, Blumenthal, Wells Fargo, Wells, Cameron Fowler Organizations: Service, Bank of America, JPMorgan, Business, PayPal, Consumers, Federal Trade Commission, Rep, Homeland Security, Governmental Affairs, Investigations, Blumenthal, Services, Warning Services, SEC, Consumer Financial, Banking, Housing, Urban Affairs Locations: Zelle, Wells Fargo, jtowfighi@businessinsider.com

☆ CFPB cracks down on popular paycheck advance programs. Here's what that means for workers
▼ + stars: | 2024-07-19 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Tierney L. Cross/Bloomberg via Getty ImagesThe Consumer Financial Protection Bureau is cracking down on so-called paycheck advance programs, which have grown popular with workers in recent years. Such programs, also known as earned wage access, allow workers to tap their paychecks before payday, often for a fee, according to the CFPB. More than 7 million workers accessed about $22 billion in wages before payday in 2022, according to a CFPB analysis of employer-sponsored programs also published Thursday. Consumers may encounter earned wage access under various names, like daily pay, instant pay, accrued wage access, same-day pay and on-demand pay. However, most users do pay fees, CFPB found in its analysis of employer-sponsored programs.

Persons: Rohit Chopra, Tierney L, Biden, CFPB's, they've, Phil Goldfeder, Goldfeder, It's, hasn't, EarnIn, CFPB, Mitria Spotser, EWA Organizations: Consumer Financial Protection, Financial, Bloomberg, Getty, California Department of Financial Protection, Innovation, Federal Reserve, Finance, American Fintech Council, Biden, Workers, Center for Responsible

Sign up for a credit monitoring service such as Credit Karma to keep tabs on your credit report. If you want the best interest rates on a credit card, mortgage, or personal line of credit, you'll want to ensure your credit report accurately reflects your credit history. You can dispute information on your credit report with any of the three major credit bureaus: Equifax, Experian, and TransUnion. Dispute credit reports with Credit KarmaIn addition to your own vigilance in keeping tabs on your credit report throughout the year, it helps to sign up for credit monitoring services to keep you updated between credit reports. If your credit dispute is rejected, you can provide additional evidence to the credit bureau or contact the creditor directly.

Persons: Karma, you'll, Margaret Poe, Poe, you've, Allen Organizations: Equifax, Consumer Financial, Credit Karma, Experian, Consumer Locations: Atlanta , Georgia, Allen , Texas, Chester , Pennsylvania, unresponsiveness

☆ Student-loan companies put up 'excessive barriers' and gave borrowers inaccurate information about debt relief, a federal consumer watchdog says
▼ + stars: | 2024-07-03 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +1 min

The CFPB found student-loan servicers put up "excessive barriers" when it came to helping borrowers. Long hold times and inaccurate information about debt relief harmed borrowers, the report said. AdvertisementMany student-loan borrowers aren't getting the help they need from their servicers, according to a new report. Over the past few years, borrowers with both federal and private student loans have reported challenges with their servicers, from an inability to get the information they need to make their payments to inaccurate information. The CFPB's latest report detailed its findings that many of those companies did not operate in borrowers' best interests.

Persons: servicers, Long, — Organizations: Education Department, Service, aren't, Consumer Financial, Business

☆ These student-loan borrowers qualify for debt cancellation through the government, but they're struggling to get the same relief on their private balances: 'I feel so defeated. I feel trapped.'
▼ + stars: | 2024-06-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +13 min

Every paycheck I get goes to Navient," Pucci, 59, told BI. I feel trapped, and this has been so traumatic, especially the last couple of months, it's been really, really difficult." The lender, instead, can decide how it wants to craft a relief process, if at all. AdvertisementBut Linssen's efforts paid off — she got $70,000 in private loans discharged in May. While Nave also eventually got her private loans relieved after filing complaints with the CFPB, she doesn't understand why it has to be this way.

Persons: —, Leandro Pucci, Joe Biden's, hasn't, Pucci, it's, " Pucci, Sen, Elizabeth Warren, Holder, Warren, Navient, he's, Julia Barnard, Barnard, Theresa, Christman, Theresa Christman Theresa Christman, Eileen Connor, PPSL, haven't, Connor, I've, Victoria Linssen, Jennifer Nave, Linssen, aren't, Brooks, Victoria, Victoria Linssen Victoria Linssen, Nave, they're, — Navient, Nick Eucker, Eucker Organizations: Service, Art Institute, Business, Joe Biden's Education Department, Navient, Education Department, Consumer Financial, Bureau, Education, BI, International Academy of Design, Technology, Brooks Institute, DeVry University, Victoria Linssen Victoria Locations: Venezuela, California, Navient, Cardona

☆ Harvard fellow: CFPB's 'buy now, pay later' regulation isn't enough — nothing 'substantively changes'
▼ + stars: | 2024-06-03 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Last month, the Consumer Financial Protection Bureau declared that buy now, pay later customers should have the same federal protections as users of credit cards. However, Marshall Lux, a fellow at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School who studies BNPL, says the government's latest guidance is already a few steps behind. In fact, major buy now, pay later providers already provide such safeguards for users. "We've got an industry that's moving at light speed and a regulatory process that takes time," Lux said. More from Personal Finance:25% of consumers recently used a buy now, pay later loanCould buy now, pay later loans affect your credit score?

Persons: Marshall Lux, BNPL, —, PayPal —, We've, Lux, Penny Lee Organizations: Consumer Financial, Bureau, Rahmani Center for Business, Government, Harvard Kennedy School, PayPal, Finance, Financial Technology Association, Zip

The Consumer Financial Protection Bureau headquarters in Washington, D.C., on May 14, 2021. The Supreme Court ruled Thursday that the funding structure of the Consumer Financial Protection Bureau is legal. The court in a 7-2 decision rejected an argument that the CFPB's funding method violated the U.S. Constitution's Appropriations Clause because Congress had not annually authorized money for the agency. Instead, Congress authorized the CFPB to draw funding from the Federal Reserve system that the agency's director deems necessary for its work. The majority's ruling reversed a decision by the 5th Circuit U.S. Court of Appeals, which found the CFPB's funding mechanism was unconstitutional.

Persons: Clarence Thomas, Thomas, John Roberts, Brett Kavanaugh, Amy Coney Barrett, Sonia Sotomayor, Elena Kagan, Ketanji Brown Jackson, Samuel Alito, Neil Gorsuch, Thursday's, Alito groused Organizations: Consumer Financial, Washington , D.C, Federal Reserve, Federal, System, 5th Circuit U.S, of Appeals, Community Financial Services Association of America, Consumer Service Alliance of Texas Locations: Washington ,

☆ The rule capping credit card late fees at $8 is on hold — here’s what it means for you
▼ + stars: | 2024-05-10 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

The U.S. banking industry won a key victory in its effort to block the implementation of a Consumer Financial Protection Bureau rule that would've drastically limited the fees that credit card companies can charge for late payment. The CFPB estimates that the rule would've saved American families $10 billion a year in fees paid by those who fall behind on their bills. It would've capped late fees that are typically $32 per incident to $8 each and limited the industry's ability to hike the fees. "Consumers will shoulder $800 million in late fees every month that the rule is delayed — money that pads the profit margins of the largest credit card issuers," a CFPB spokesman told CNBC on Friday. The CBA said it will continue to press its case in the courts on why the CFPB rule should be "thrown out entirely."

Persons: Rohit Chopra, Mark Pittman, would've Organizations: Consumer Financial Protection Bureau, Banking, Housing, Urban Affairs Committee, Washington , D.C, Financial, Bureau, Northern, Northern District of Texas, U.S . Chamber of Commerce, U.S, CNBC, Consumer Bankers Association, District, CBA Locations: Washington ,, U.S, Northern District

☆ Credit Card Companies Are About to Invent New Fees for Consumers
▼ + stars: | 2024-04-07 | by ( Emily Stewart | ) www.businessinsider.com time to read: +8 min

Some of those annoying fees on your credit card may soon be getting smaller. Banks and credit-card companies are almost certainly trying to figure out where else they squeeze money out of you. The response to the interchange-fee settlement has been a bit more muted: The Electronic Payments Coalition, which represents Visa, Mastercard, and other credit-card companies, said it was OK with the swipe-fees cap. Taken together, it's clear that many companies in the credit-card business would rather not be dealing with this situation. According to the Merchants Payments Coalition, Mastercard is now planning to increase different credit card fees soon, it's "network assessment" fee.

Persons: Banks, Matt Schulz, JPMorgan Chase, Mark Elliot, Doug Kantor, Mark Mason, Rich Fairbank, We've, it's, Ira Rheingold, Amanda Jackson, Emily Stewart Organizations: Consumer Financial, Mastercard, Visa, Bank Policy Institute, Electronic Payments Coalition, UBS, JPMorgan, American Express, National Association of Convenience Stores, Merchants Payments Coalition, Capital, JPMorgan Chase, National Association of Consumer, Companies, Financial Reform, Business

☆ Credit card late fees will soon be capped at $8—why you should aim to pay on time anyway
▼ + stars: | 2024-03-05 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

The days of double digit late fees for late credit card payments may be coming to an end. On Tuesday, the Consumer Financial Protection Bureau finalized a rule that will cap credit card late fees at $8. For the past decade, consumers have faced increasing credit card late fees with the average cost of a late payment rising from $23 at the end 2010 to $32 in 2022, according to the CFPB. However, the agency says many larger credit card issuers hiked those late fees each year without proving why the increase was necessary. I don't think $8 is enough of a deterrent [against making late payments]," he tells CNBC Make It.

Persons: Rohit Chopra, Ted Rossman Organizations: Consumer Financial, Federal, CNBC, American Bankers Association

☆ Credit card interest rates are at record highs. Cards have 'never been this expensive,’ CFPB says
▼ + stars: | 2024-02-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

The share of consumers with "subprime" credit scores who hold a credit card has been "relatively stable," they said. Major credit card issuers got $25 billion in extra interest by raising their average APR margin over the last 10 years, the CFPB estimated. "Higher APR margins have allowed credit card companies to generate returns that are significantly higher than other bank activities." They're among the nation's biggest credit card issuers. How to manage credit card interest

Persons: Martinez, Seikel, Lindsey Johnson, Greg McBride, McBride, That's Organizations: Bank, Getty, Consumer Bankers Association, CBA, Federal Reserve Bank of New, Financial, Discover Financial Locations: Federal Reserve Bank of New York

Payment apps have come under scrutiny by lawmakers and regulators as their usage skyrockets. That ease of use has 80% of Americans using mobile payment apps, according to a recent survey by NerdWallet. Transaction volume across all payment app service providers in 2022 was estimated at about $893 billion, according to the Consumer Financial Protection Bureau. Lawmakers are also calling on payment app companies to clarify their reimbursement policy if consumers get scammed and to make it easier for users to report fraud. In the meantime, experts say that consumers need to understand how these apps work, the fees that may be charged and the risks involved in storing money in a mobile payment app.

Persons: Amy Zirkle, Sen, Sherrod Brown Organizations: Consumer Financial, Finance, Democratic, Capitol, Banking Locations: Ohio

☆ Deutsche Bank's Mark Devries breaks down CFPB's new late fee rule
▼ + stars: | 2024-02-22 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDeutsche Bank's Mark Devries breaks down CFPB's new late fee ruleMark Devries, Deutsche Bank research analyst, joins 'The Exchange' to discuss regulattion for credit card late fees and its impact to issuers.

Persons: Mark Devries Organizations: Deutsche, Deutsche Bank

☆ Credit card users can save over $400 a year by switching issuers, CFPB says
▼ + stars: | 2024-02-16 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Olga Rolenko | Moment | Getty ImagesCard balances and total debt at are all-time highsThe agency's findings come as average credit card balances and total credit card debt hit all-time highs at the end of 2023. The average credit card interest rate for all accountholders was more than 21% in November, also a record, according to Federal Reserve data. The federal agency's analysis defines large lenders as the nation's 25 biggest, and small lenders as all others in its sample. Credit scores didn't impact findingsThe CFPB's new interest-rate findings are consistent regardless of a consumer's credit score, it said. Why interest rates may not matter for some usersThe CFPB report doesn't necessarily offer a complete picture of the credit card market, Rossman said.

Persons: Olga Rolenko, spokespeople, Lindsey Johnson, CFPB, Ted Rossman, Rossman, cardholders, Bankrate, Rohit Chopra Organizations: Federal Reserve, Consumer Bankers Association, American Bankers Association, —

NEW YORK (AP) — The Biden administration proposed banning another type of bank “junk fee” on Wednesday, targeting fees that are typically charged by banks when a transaction is declined in real time. It's the second major proposal by the Consumer Financial Protection Bureau over fees that Americans sometimes run into when they bank, following the bureau's announcement that it plans to reduce overdraft fees to as little as $3. The CFPB used the example of a customer trying to buy $100 in groceries with $90 in their bank account, and the transaction is declined at checkout. When this happens, banks can charge a fee when a customer attempts to withdraw or debit their account more than their available funds. Biden has made the elimination of “junk fees” one of the cornerstones of his administration’s economic agenda heading into the 2024 election.

Persons: —, Biden, “, Banks, ”, Rohit Chopra, Joe Biden, Chopra Organizations: Consumer Financial

☆ The Biden administration wants to save Americans $3.5 billion a year by making sure banks aren't profiting too much off of overdraft fees
▼ + stars: | 2024-01-17 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Trying to buy something without enough money in your checking account can lead to a hefty surprise overdraft fee . If the Biden administration gets its way, those fees, which produce major profits for banks, could soon shrink substantially. Consumers are hit with overdraft fees when they withdraw more money from their accounts than what they have in it. Overdraft fees often come as a surprise for consumers, and many may have had credit available to cover a purchase without going into the red on their checking accounts. "These overdraft loans will simply have to play by the rules."

Persons: Biden, Rohit Chopra, Chopra, Louis Organizations: Service, Consumer Financial, Bureau, Federal Reserve Bank of St, Federal Trade Commission

☆ Billions are on the line for lenders as White House finalizes credit card late fee cap
▼ + stars: | 2023-12-20 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Signage is seen at the Consumer Financial Protection Bureau headquarters in Washington, D.C., on Aug. 29, 2020. WASHINGTON — The Consumer Financial Protection Bureau's ambitious rule proposal to crack down on credit card late fees, a $14.5 billion income stream for credit card companies, will potentially roll out in January, nearly a year after it was released. Global corporations and small banks alike are pushing back against the impending rule finalization with some help from business-friendly lawmakers. Late fees, which can reach $41 under a legislative loophole allowing banks to charge unimpeded under a certain threshold, disproportionately affect poor Americans and those with low credit scores, the American Economic Liberties Project reported. "In contrast to the CFPB's unfounded statements, late fees are not impermissible, so-called 'junk fees' that fail to serve any purpose," the Chamber wrote, referencing the Biden administration's overall initiative to shrink excessive surcharges.

Persons: Andy Barr, Biden Organizations: Consumer Financial, Washington , D.C, WASHINGTON, Consumer, Global, Rep, Office, American Economic Liberties, U.S . Chamber, Commerce, Federal Reserve Locations: Washington ,, Ky

☆ How 3 big Supreme Court cases could derail the government
▼ + stars: | 2023-11-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

On Wednesday, the Supreme Court is hearing a case challenging the authority of federal agencies. AdvertisementThree major Supreme Court cases could upend the way the government works — and put Americans' federal benefits and consumer protections at risk. These are the other big cases to follow on the Supreme Court's docket. AdvertisementChanging how the federal government is allowed to make regulationsAnother Supreme Court challenge has big implications for the way all federal agencies function. AdvertisementThe Supreme Court will likely issue final decisions on these cases by June.

Persons: —, George Jarkesy, Jarkesy, Sheila Bair, Loper, Raimondo Organizations: Service, SEC, Securities and Exchange Commission, Center, American Progress, Social Security, Social Security Administration, Financial, Community Financial Services Association of America Ltd, Federal, Fifth Circuit, Federal Deposit Insurance, Loper Bright Enterprises, National Marine Fisheries Locations: Chevron

☆ Bank of America fined $12 million for mortgage disclosure violations by federal watchdog
▼ + stars: | 2023-11-28 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

A man walks past an ATM outside Bank of America Corp. headquarters in Charlotte, North Carolina, May 2, 2016. WASHINGTON — The Consumer Financial Protection Bureau on Tuesday fined Bank of America $12 million for reporting false mortgage lending data to the federal government. "Bank of America violated a federal law that thousands of mortgage lenders have routinely followed for decades," CFPB director Rohit Chopra said in a statement. According to a CFPB consent order, Bank of America violated part of the 1975 Home Mortgage Disclosure Act (HMDA) that requires lenders to accurately report demographic data about mortgage applications to financial regulators. The firm also employed over 4,500 loan officers, and averaged over 300,000 mortgage loan applications per year between January 2016 and the present day, the CFPB said.

Persons: Rohit Chopra, —, Biden, Bill Halldin, Halldin Organizations: Bank of America Corp, WASHINGTON, Consumer Financial, Bank of America, of America, Justice Department Locations: Charlotte , North Carolina

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