CFPB

CFPB: Process Launches to Recognize Open Banking Standards

New rule establishes process for recognizing data sharing standards and prevents dominant incumbents from squelching startups Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial…

CFPB: Agency Warns Against Deception in Contract Fine Print

Companies using illegal or unenforceable terms and conditions risk breaking the law The Consumer Financial Protection Bureau (CFPB) today issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. Companies use this fine print tactic to try to trick consumers into believing they have given…

CFPB: New Registry Created to Detect Corporate Repeat Offenders

Registry will help law enforcement identify recidivist companies and the individuals responsible for repeat offenses The Consumer Financial Protection Bureau (CFPB) today finalized a rule to establish a registry to detect and deter corporate offenders that have broken consumer laws and are subject to federal, state, or local government or court orders. The registry will also help…

CFPB: Inquiry Launched into Junk Fees in Mortgage Closing Costs

Rising fees are draining down payments, pushing homeownership out of reach The Consumer Financial Protection Bureau (CFPB) today launched a public inquiry into junk fees that are increasing mortgage closing costs. The CFPB wants to understand why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered. According to a CFPB…

CFPB: Interpretive Rule Issued to Ensure Consumers Can Dispute Charges and Obtain Refunds on Buy Now, Pay Later Loans

Agency’s interpretive rule addresses Buy Now, Pay Later lender obligations to investigate disputes and refund charges The Consumer Financial Protection Bureau (CFPB) today issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. Accordingly, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to…

CFPB: New Report Highlights Consumer Frustrations with Credit Card Rewards Programs

Consumers report losing benefits to devaluation, limited redemption opportunities, and vague or hidden terms and conditions The Consumer Financial Protection Bureau (CFPB) issued a new report finding consumers encounter numerous problems with credit card rewards programs. Consumers tell the CFPB that rewards are often devalued or denied even after program terms are met. Credit card companies focus…

CFPB: New Report Higlights the Hidden Costs of Health Savings Accounts

Many HSAs suffer from low interest rate yields and junk fees to switch The Consumer Financial Protection Bureau (CFPB) today released a report detailing the complex costs and fees that many consumers with health savings accounts are forced to pay. There were approximately 36 million health savings accounts in 2023 – holding more than $116 billion. These…

CFPB: New Published Research Finds Higher Price Complexity Leads Consumers to Pay More

As part of junk fee initiative, study suggests that consumers pay more when prices are separated into multiple fees Today, the Consumer Financial Protection Bureau (CFPB) issued a new report that suggests consumers tend to pay more for products that have more complex pricing structures. The report is based on experiments with multiple rounds of…

CFPB: New Analysis Finds 15 Million Americans Have Medical Bills on Their Credit Reports

People living in the South continue to be most likely to have medical bills on their reports The Consumer Financial Protection Bureau (CFPB) today released research showing that 15 million Americans still have medical bills on their credit reports despite changes by Equifax, Experian, and TransUnion. The 15 million Americans disproportionately live in the South and low-income…

CFPB: Guidance Issued to Combat Junk Fees by Mortgage Servicers

Homeowners forced to pay for “services” that were prohibited or unauthorized The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights describing the agency’s actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. CFPB examinations found servicers charging illegal junk fees, such as prohibited property inspection fees; sending…