ConsumerFinancialProtectionBureau
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32 senators want to know if US regulators halted Equifax probe
Earlier this week, a Reuters report suggested that the Consumer Financial Protection Bureau (CFPB) had halted its investigation into last year's massive Equifax data breach. Reuters sources said that even basic steps expected in such a probe hadn't been taken and efforts had stalled since Mick Mulvaney (pictured above) took over as head of the CFPB late last year. Now, 31 Democratic senators and one Independent have written a letter to Mulvaney asking if that is indeed the case and if so, why.
PayPal will refund $15 million to customers if the CFPB has its way
The Consumer Financial Protection Bureau alleges that PayPal engaged in unfair, abusive and deceptive practices in the marketing and management of its PayPal Credit service, formerly known as Bill Me Later. To rectify the (many) outlined abuses, the CFPB filed a complaint and proposed consent order that directs PayPal to refund $15 million to affected consumers, plus pay a $10 million fine to the CFPB's Civil Penalty Fund. The proposed consent order isn't an official ruling just yet -- a judge with the US District Court for the District of Maryland must approve the order for it to be enforced.
Sprint could face $105 million fine over unauthorized customer billing
Sprint can't catch a break. As if its financial woes weren't enough, the outfit was recently accused of letting consumers get billed for "tens of millions" of dollars in unauthorized charges for premium text messages between 2004 and 2013. The Consumer Financial Protection Bureau's official charges, according to The New York Times, are that Sprint's billing system allowed third-parties to "cram" unauthorized fees onto your monthly statement. That's not all: The Federal Communications Commission is getting in on the action too, with the NYT's sources claiming that Sprint will face $105 million in refunds and restitution as a result of those unauthorized bill additions -- a bit more than it charged AT&T. We're going to imagine the government won't let the Now Network pay its fines $9.99 per month. [Image credit: JeepersMedia/Flickr]
