adminIn its latest Supervisory Highlights, the CFPB discussed findings that one or more of the institutions it examined deceptively represented that payments made through an institution’s online bill-pay service would be debited on the date selected by the consumer or a few days after the selected date, while failing to disclose or failing to disclose adequately that, in instances where a payee accepts only a paper check, the debit may occur earlier than the selected date.
Several other findings are also included in the Supervisory Highlights that may be of interest. Read the full InfoSight newsletter here.
