{"id":403,"date":"2022-05-12T13:28:48","date_gmt":"2022-05-12T17:28:48","guid":{"rendered":"https:\/\/blogs.duanemorris.com\/bankinglaw\/?p=403"},"modified":"2022-05-12T13:28:48","modified_gmt":"2022-05-12T17:28:48","slug":"cfpb-consent-order-could-upend-bank-garnishment-practices","status":"publish","type":"post","link":"https:\/\/blogs.duanemorris.com\/bankinglaw\/2022\/05\/12\/cfpb-consent-order-could-upend-bank-garnishment-practices\/","title":{"rendered":"CFPB Consent Order Could Upend Bank Garnishment Practices"},"content":{"rendered":"<p>On May 4, 2022, the Consumer Financial Protection Bureau published a consent order concerning Bank of America\u2019s garnishment practices whereby Bank of America agreed to:<\/p>\n<ul>\n<li>Refund at least\u00a0<b>$592,000<\/b>\u00a0to its customers for garnishment fees that were improperly assessed;<\/li>\n<li>Pay a civil penalty of\u00a0<b>$10 million<\/b>; and<\/li>\n<li>Submit a compliance plan for redressing unfair and deceptive acts in its garnishment processing.<\/li>\n<\/ul>\n<p>The order has significant implications for the banking industry and the processing of garnishments. Accordingly, it would be prudent for all banks to undertake an immediate review of the following.<\/p>\n<p>To read the full text of this Duane Morris <em>Alert<\/em>, please <a href=\"https:\/\/www.duanemorris.com\/alerts\/consumer_bureaus_consent_order_cause_concern_over_bank_garnishment_practices_0522.html\">visit the firm website<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On May 4, 2022, the Consumer Financial Protection Bureau published a consent order concerning Bank of America\u2019s garnishment practices whereby Bank of America agreed to: Refund at least\u00a0$592,000\u00a0to its customers for garnishment fees that were improperly assessed; Pay a civil penalty of\u00a0$10 million; and Submit a compliance plan for redressing unfair and deceptive acts in &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/blogs.duanemorris.com\/bankinglaw\/2022\/05\/12\/cfpb-consent-order-could-upend-bank-garnishment-practices\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;CFPB Consent Order Could Upend Bank Garnishment Practices&#8221;<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[35,373,450,451,89],"ppma_author":[333],"class_list":["post-403","post","type-post","status-publish","format-standard","hentry","category-general","tag-banks","tag-consumer-financial-protection-bureau","tag-garnishment","tag-leo-doyle","tag-michael-zullo"],"authors":[{"term_id":333,"user_id":6,"is_guest":0,"slug":"duanemorris3","display_name":"Duane Morris","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/843ff6e7a8fe5fc92109b47a45f34b6cf0ea499e6e788db23456c838b0ae6747?s=96&d=blank&r=g","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""}],"_links":{"self":[{"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/posts\/403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/comments?post=403"}],"version-history":[{"count":0,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/posts\/403\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/media?parent=403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/categories?post=403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/tags?post=403"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/ppma_author?post=403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}