Bank of America, the second-largest bank in the United States, has been ordered to pay more than $100 million to customers and an additional $150 million in penalties for engaging in illegal practices. The Consumer Financial Protection Bureau (CFPB) conducted an investigation and found that the bank had harmed hundreds …
Read More »Proposed Federal Rule Would Lower Credit Card Late Fees
Casey Quinlan, Nevada Current As Americans continue to struggle with high credit card rates, the Consumer Financial Protection Bureau has proposed a rule to help lessen some of their financial burden — in the form of lower late fees. The new rule would limit late fees to $8. Currently credit …
Read More »Consumer Watchdog Launches Initiative To Crackdown On Hidden Fees For Banks, Credit Cards
The Consumer Financial Protection Bureau (CFPB) last week launched an initiative to save households billions of dollars a year by reducing exploitative junk fees charged by banks and financial companies. The federal agency, created in the wake of the 2008 financial crisis, is seeking consumers’ input on so-called junk fees …
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