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 The proposal would close an outdated loophole that exempts overdraft lending services from longstanding provisions of…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…
CFPB: New Report Finds Many College-Sponsored Financial Products Charge High and Unusual Fees
Annual student banking report highlights the steep costs and unfavorable terms of college-sponsored credit cards, deposit accounts, and other financial products The Consumer Financial Protection Bureau (CFPB) issued a reporttoday highlighting that many college-sponsored financial products have higher fees and worse terms and conditions compared to typical market products. The CFPB report identifies college-sponsored deposit accounts…
CFPB: Report Issued Highlighting Consumer Protection Issues in Medical Debt Collection
Annual report on the Fair Debt Collection Practices Act also describes the CFPB’s and states’ efforts to end the collection of inaccurate medical bills that consumers may not even owe Today, the Consumer Financial Protection Bureau (CFPB) issued a report highlighting the challenges American families face when debt collectors pursue allegedly unpaid medical bills. Discussing the 8,500…
Agencies Announce Dollar Thresholds for Applicability of Truth in Lending and Consumer Leasing Rules for Consumer Credit and Lease Transactions
The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are subject to certain Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) requirements. By law, the agencies are required to adjust the thresholds annually based on…
Agencies Announce Dollar Thresholds for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2024 threshold for whether higher-priced mortgage loans are subject to special appraisal requirements will increase from $31,000 to $32,400. The threshold amount will be effective January 1, 2024, and is based on the…