The CFPB last week issued its July consumer complaint bulletin which highlights COVID-19 issues that have been described in various consumer complaints. Of note, the bulletin addresses federal student loan relief, economic impact payments (EIPs), and evictions protections.
On EIPs, the CFPB found consumers reported being charged overdraft fees on their checking accounts following an advance of funds from their financial institution. The advances were given by the financial institutions, the CFPB explained, so that consumers could have access to all of their EIP funds and were later reversed.
In addition, the bulletin outlines several consumer resources issued throughout the pandemic to ensure that consumers have timely and understandable information to help them protect and manage their finances.
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