Search Results: Add-On Products

CFPB Reaches $20 Million Consent Order with Lender Over Optional Add-On Products

On May 31, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an Indiana-based non-bank installment lender. ​​The consent order alleges that the lender engaged in unfair, deceptive, and abusive acts or practices concerning the “marketing, sales, and financing of optional ancillary products” that it offered. ​Specifically, the…

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CFPB Releases Prototypes of “Know Before You Owe” Overdraft Disclosure Forms

On August 4, 2017, the Consumer Financial Protection Bureau (CFPB) published four prototypes of model overdraft disclosure forms the Bureau is testing as part of its broader “Know Before You Owe” efforts.  The prototypes are an important indicator that the CFPB is still actively paying attention to issues concerning overdraft…

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Add-On Products Continue To Present Litigation Risks For Lenders

The Consumer Financial Protection Bureau’s recent action against two credit card vendors regarding credit monitoring and identity theft protection services is a reminder of the legal risks associated with certain add-on products. The July 1 settlement, in which the CFPB found that the vendors misled customers about the benefits of…

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