Posts Tagged: CFPB

Bank of America fined and ordered to issue refunds

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to the Associated Press, Bank of America will reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards, and opening accounts without customer consent. Questions: Source: Sweet, K. and M. Chapman. (2023). BofA hit with $250 million in fines and customer… Read more »

Who will decide the fate of the CFPB?

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

Today, according to VOX, the Supreme Court announced that it will hear a lawsuit challenging the leadership structure of the Consumer Financial Protection Bureau (CFPB). Questions: According to the article, who championed the establishment of the CFPB? In general, who leads most federal agencies and who leads most independent agencies by contrast? How is the… Read more »

Protect what?

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

Under Mick Mulvaney, the CFPB, which once was the agency dedicated to preventing banks and credit-card companies from scamming ordinary Americans, now becomes an agency dedicated to protecting potential financial scammers from legal penalties. Questions: 1. Since Mulvaney took over, what has the Bureau done for payday lenders? 2. Since Mulvaney took over, what has… Read more »

Prepaid Card Scrutiny – No more “under the radar”?

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Financial Statement Analysis, Intermediate Accounting, Managerial Accounting.

When prepaid cards started out, they were basically simple gift cards from retail stores. Since that time they have become popular financial-management tools, rivaling bank checking accounts. Because of this, regulators have plans this fall to bring the sector under greater scrutiny. Questions: 1. How much is expected to be loaded on prepaid cards this… Read more »