Home » Tag Archives: Consumer Financial Protection Bureau

Tag Archives: Consumer Financial Protection Bureau

UPDATED: Verizon, Sprint pay big in ‘cramming’ settlements

verizon

Inserting unauthorized third party charges into customer bills has cost wireless carriers Verizon and Sprint a combined $120 million in reimbursements to customers and federal and state fines of $38 million. Mississippi received $358,269 for its participation in the Sprint and Verizon settlements. The national mobile cramming settlements with Verizon and Sprint and last fall with AT&T and T-Mobile have ...

Read More »

Regions must pay $7.5 million in fines over illegal overdraft fees

bank-building-icon

By TED CARTER  The U.S. Consumer Financial Protection Bureau has hit Regions Bank, tops in market share among Mississippi banks, with a $7.5 million fine for “illegal actions” on over-draft fees. The CFPB has already forced the Alabama-based multi-state bank to refund customers $49 million in wrongfully collected overdraft charges. The enforcement action announced this week charges the $122-billion Regions ...

Read More »

Regions must pay $7.5 million in fines over illegal overdraft fees

The U.S. Consumer Financial Protection Bureau has hit Regions Bank, tops in market share among Mississippi banks, with a $7.5 million fine for “illegal actions” on over-draft fees. The CFPB has already forced the Alabama-based multi-state bank to refund customers $49 million in wrongfully collected overdraft charges. The enforcement action announced this week charges the $122-billion Regions assessed overdraft fees ...

Read More »

Lawmakers once again reject bill to repair payday lending glitch

Rep. Adrienne Wooten, a Hinds County Democrat, tried unsuccessfully again this year to fix a glitch in Mississippi’s payday lending law that was suppose to give borrowers 30 days to repay loans of more than $250. Instead of the 30 days, borrowers have been getting only two weeks to repay the loans before new fees kick in. A provision in ...

Read More »

Two BancorpSouth mergers delayed by federal inquiries

TUPELO — BancorpSouth Inc. has extended its merger agreements with Ouachita Bancshares Corp. and Central Community Corporation. BancorpSouth, Ouachita Bancshares Corp. and Central Community Corporation have determined additional time will be required to obtain regulatory approvals and to satisfy closing conditions necessary to complete their respective mergers.  They have extended their respective merger agreements to June 30, 2015. “We continue ...

Read More »

Revised home-mortgage rules seen as threat to home ownership in rural Mississippi

New home mortgage lending rules that threaten to end  balloon mortgage lending in Mississippi likely will top the list of concerns the Mississippi Bankers Association will note in a reply to federal regulators who have initiated a series of  comment periods on banking regulations. The replies by Mississippi bankers and their advocacy organization, the MBA, will come in response to ...

Read More »

State sues credit reporting firm Experian for alleged violations

JACKSON — The state of Mississippi has sued credit reporting giant Experian, alleging sweeping errors in the company’s data and routine violations of consumer protection laws. Mississippi’s action — and a previously unreported multi-state investigation of credit bureaus led by Ohio — represents a significant new legal challenge to the industry. Attorney General Jim Hood’s complaint against Experian Information Solutions ...

Read More »

State reaches $7M settlement with Ocwen

JACKSON — Ocwen Financial Corporation of Atlanta and its subsidiary, Ocwen Loan Servicing, have agreed to a $2.1-billion joint state-federal settlement with Attorney General Jim Hood, 48 additional state attorneys general and the District of Columbia as well as the Consumer Financial Protection Bureau (CFPB). The settlement terms address servicing misconduct by Ocwen, and two companies later acquired by Ocwen, ...

Read More »

Bursting balloons: New mortgage rules may deflate non-traditional lending

New federal mortgage lending rules soon to take effect will handcuff lenders in many rural Mississippi counties who make non-traditional mortgage loans and keep the loans on their books, bankers in the state say. The rules are yet another piece of fallout from the banking crisis of the late part of the last decade. In this instance, lawmakers and regulators ...

Read More »

Bynum picked by Bureau

The Consumer Financial Protection Bureau (CFPB) has named Bill Bynum, CEO of HOPE (Hope Enterprise Corporation/Hope Credit Union) as vice chairman of the federal agency’s inaugural Consumer Advisory Board. Bynum will bring nearly three decades of experience in community development finance to the task of advising the agency in its efforts to help consumer finance markets work. Bynum is the ...

Read More »