CFPB sues Utah bank under new compensation rules

The Consumer Financial Protection Bureau filed a complaint Tuesday in U.S. District Court in Utah against Castle & Cooke Mortgage, alleging that the bank gave bonuses of $6,100 to $8,700 to 150 loan officers for upselling. The complaint says that the Salt Lake City mortgage bank awarded the bonuses after the employees pushed customers into higher-interest loans. The company denied the allegations. It's the first time a company is being targeted under the Federal Reserve's loan-officer compensation rule.

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