Bureau Monthly Complaint Report (11/24/15)
The Consumer Financial Protection Bureau (Bureau) found that prepaid complaints have increased 193% compared to last year, according to the Bureau's Monthly Complaint Report. Complaints in payday loans and student loans have declined this year, with payday loans having a 20% decline and student loans with a 2% decline in complaints. Debt collection, credit reporting, and mortgage complaints continue to be the top three most-complained-about.
Bureau Issues Compliance Bulletin on Recurring Auto Debits (11/23/15)
The Consumer Financial Protection Bureau (Bureau) issued Compliance Bulletin 2015-06 to remind financial institutions of their obligation to fully comply under the Electronic Fund Transfer Act (EFTA) and Regulation E when using preauthorized electronic fund transfers (EFTs). The Bureau reminds companies that they are required by law to provide notifications to consumers that clearly describe the terms of preauthorized automatic debits.