New circular addresses illegal “reopening” of deposit accounts that can hit consumers with junk fees The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that a bank may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it. […]
Financial companies work with healthcare providers to sign patients up for specialty credit cards and other targeted financing products Today, the Consumer Financial Protection Bureau (CFPB) published a report on high-cost specialty financial products, such as medical credit cards, that are sold to patients as a way to alleviate the […]
Proposed rule would guard against unscrupulous practices and prevent unnecessary mortgage foreclosures The Consumer Financial Protection Bureau (CFPB) proposed a rule to implement a Congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans. PACE loans, secured by a property tax lien on the borrower’s home, […]
Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule amending the agency’s 2021 LIBOR transition rule. The interim final rule contains updates to reflect the subsequent enactment of the Adjustable Interest Rate (LIBOR) Act and issuance of an implementing regulation by the Board of Governors of the […]
It is illegal for debt collectors to sue or threaten to sue to collect debts past the statute of limitations Today, the Consumer Financial Protection Bureau (CFPB) issued guidance on debt collectors, covered by the Fair Debt Collection Practices Act, threatening to foreclose on homes with mortgages past the statute […]
Sunset of LIBOR as reference rate for many financial products may pose risks to borrowers Today, the Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies, along with state bank and state credit union regulators, in issuing a statement that the use of United States Dollar LIBOR […]
CFPB and Federal Partners Confirm Automated Systems and Advanced Technology Not an Excuse for Lawbreaking Behavior Four federal agencies jointly pledged today to uphold America’s commitment to the core principles of fairness, equality, and justice as emerging automated systems, including those sometimes marketed as “artificial intelligence” or “AI,” have become […]
Policy statement details post-financial crisis prohibition on illegal abusive conduct Today, the Consumer Financial Protection Bureau (CFPB) issued a policy statement that explains the legal prohibition on abusive conduct in consumer financial markets and summarizes over a decade of precedent. The CFPB leads enforcement and supervision efforts to identify and […]
Rule will fulfill congressional mandate and shine light on key engine of American economy The Consumer Financial Protection Bureau (CFPB) has finalized a rule required by Congress to increase transparency in small business lending, promote economic development, and combat unlawful discrimination. Lenders will collect and report information about the small […]
Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s 33 million small businesses, issued the following statement on the Consumer Financial Protection Bureau (CFPB)finalizing Section 1071, a rule that aims to increase transparency in small business lending, promote economic development, and combat unlawful discrimination: “The CFPB’s important work to advance transparency […]