CFPB: CFPB Joins Federal and State Agencies in Coordinated Statements on Tech & Enforcement
Today, federal and state agencies, including the Consumer Financial Protection Bureau (CFPB), released agency-specific action statements on tech capacity. These statements reflect concrete actions to increase tech capacity, including actively hiring technologists – which will help enforce the laws on the book and design remedies that work for consumers, workers, small businesses, and others in…
CFPB: 2023 HMDA Loan-Level Data on Mortgage Lending Now Available
The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2023 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for approximately 5,089 HMDA filers. The published data contain loan-level information filed by financial institutions and modified to protect consumer privacy. To increase public accessibility, the annual loan-level…
ABA: ABA Sues CFPB Over New Regulation Restricting Credit Card Late Fees
The American Bankers Association today joined the U.S. Chamber of Commerce, Fort Worth Chamber of Commerce, Longview Chamber of Commerce, Consumer Bankers Association, and Texas Association of Business in filing a lawsuit in the U.S. District Court for the Northern District of Texas against the Consumer Financial Protection Bureau (CFPB) that challenges the CFPB’s new rule limiting…
CFPB: New Final Rule Bans Excessive Credit Card Late Fees, Lowers Typical Fee from $32 to $8
Final rule closes 2010 loophole exploited by credit card giants The Consumer Financial Protection Bureau (CFPB) finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers. The rule will curb fees that cost American families more than $14 billion a year. The CFPB estimates that…
CFPB: Guidance Issued to Rein in Rigged Comparison-Shopping Results for Credit Cards and Other Financial Products
Manipulative advertisements and kickbacks undermine competition and can violate federal law The Consumer Financial Protection Bureau (CFPB) today issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks. Consumers use comparison-shopping tools to evaluate the costs,…
CFPB: Rule Proposed to Prohibit NSF Fees on Declined Right at Swipe, Tap, or Click Transactions
Proposed rule would prohibit non-sufficient funds fees on transactions declined right at the swipe, tap, or click The Consumer Financial Protection Bureau (CFPB) proposed today to block banks and other financial institutions from one potential source of new junk fee revenue – fees on transactions declined right at the swipe, tap, or click. The proposed rule…
CFPB: Rule Proposed to Limit Bank Overdraft Fees by Applying Truth in Lending Requirements
Rule would require nation’s largest banks to apply longstanding consumer protections, including interest rate disclosures, to overdraft loans The Consumer Financial Protection Bureau (CFPB) today proposed a rule to rein in excessive overdraft fees charged by the nation’s biggest financial institutions. The proposal would close an outdated loophole that exempts overdraft lending services from longstanding provisions of…
CFPB: New Guidance Addresses Inaccurate Background Check Reports and Sloppy Credit File Sharing Practices
False, incomplete, and old information must not appear in background check reports, and a person’s complete consumer file must be provided to them upon request Today, the Consumer Financial Protection Bureau (CFPB) issued guidance to consumer reporting companies to address inaccurate background check reports, as well as sloppy credit file sharing practices. The two advisory…
CFPB: Report Identifies Challenges Faced by Borrowers in Resumption of Student Loan Payments
CFPB oversight identifies long hold times, inaccurate billing statements, and processing delays The Consumer Financial Protection Bureau (CFPB) published an issue spotlight today on the CFPB’s oversight of student loan servicing practices in the early months of the resumption of federal student loan repayments after over three years of a payment pause due to the…
CFPB: New Report Shows Many Americans Are Surprised by Overdraft Fees
New report finds many of these customers have cheaper credit options available The Consumer Financial Protection Bureau (CFPB) today issued a new report finding that many consumers are still being hit with unexpected overdraft and nonsufficient fund (NSF) fees, despite recent changes implemented by banks and credit unions that have eliminated billions of dollars in…