The Consumer Financial Protection Bureau announced Tuesday (Sept. 12) that recent supervisory actions resulted in $14 million in relief to more than 104,000 consumers from January through June 2017.
In a press release detailing the CFPB’s Supervisory Highlights report, the government watchdog said that supervisory actions included banks that misled consumers about the fees associated with checking accounts and overdraft coverage, as well as credit card companies that deceived consumers about pay-by-phone charges. The CFPB also took action against auto lenders that had wrongly repossessed vehicles and debt collection agencies that didn’t communicate properly with the indebted consumers.
“The Bureau’s recent supervision work has returned $14 million to more than 100,000 consumers, and found companies deceiving consumers and violating the law,” said CFPB Director Richard Cordray in a press release. “Through supervision, the CFPB is putting an end to practices that harm consumers and taking proactive steps to prevent future violations.”continue reading »