The CFPB reached a settlement with New Day Financial, LLC (NewDay), to resolve allegations that the non-bank mortgage lender violated the Consumer Financial Protection Act by misleading active-duty servicemembers and veterans seeking cash-out refinance loans. According to the consent order, NewDay, which specializes in VA-guaranteed loans, targeted military members with misleading cost comparisons. The CFPB…

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The CFPB issued a report detailing certain retailers’ practice of charging consumers cash-back fees to access their own money when using a debit or prepaid card. The report’s key findings include that cash-back fees are costing consumers millions of dollars, certain large retail companies charge cash-back fees while other similarly sized companies do not, cash-back fees…

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The CFPB reached a settlement with mortgage servicer Fay Servicing, LLC, to resolve allegations that the company took prohibited foreclosure actions against borrowers and prevented borrowers from taking advantage of loss mitigation options in violation of the terms of a 2017 consent order, the Consumer Financial Protection Act of 2010, the Real Estate Settlement Procedures Act…

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The CFPB has entered into a proposed stipulated final judgment and order with Daniel A. Rosen Inc., d/b/a Credit Repair Cloud and its owner (collectively, “CRC”) to resolve allegations that CRC violated the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act by providing tools and services to credit repair businesses that enabled them…

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A group of 20 Republican AGs sent a letter to the U.S. Department of Treasury voicing concerns about the agency’s July 18, 2024 letter, which characterized a Florida law protecting individuals from de-banking as harmful to national security. In the letter, the AGs argue that state laws such as Florida’s HB 989 are necessary to protect consumers…

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