Welcome to the CFPB Journal, your online publication for information about the Consumer Financial Protection Bureau.
If you work in financial services, you need CFPB Journal. Our team of seasoned reporters and editors brings you original coverage of the Bureau you won’t find anywhere else. Created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Federal Reserve-housed Bureau has unprecedented authority, jurisdiction and power. Follow CFPB developments, learn how others are complying with CFPB rules, and monitor general public reaction to the Bureau by checking in often with the CFPB Journal.
Sign up for a FREE weekly update by entering your email address in the box at the upper right corner of this page. Each update contains our latest posts and a list of links to “best of the web” articles.
Spotlight
Section 1033 requires financial institutions, credit card issuers and other financial institutions to transfer consumers’ personal financial data to another provider for free at the consumer’s request. The rule also requires personal financial information to only be used for reasons authorized by the consumer. Section 1033 bans “screen scraping,” when consumers provide their account passwords to third parties which then use the information to access data through online banking portals.
News
The Consumer Financial Protection Bureau recently warned companies against unlimited digital surveillance of employees. Issued Oct. 24, the guidance called on companies to follow the Fair Credit Reporting Act when using third-party consumer reports, including background dossiers and surveillance-based algorithmic or “black box” AI scores.
The Consumer Financial Protection Bureau and Justice Department fined Madison, Wis.-based mortgage firm Fairway Independent Mortgage $1.9 million for redlining black neighborhoods in Birmingham, Ala.
Debt collectors violate federal law by collecting legally invalid or inaccurate medical debt, according to Oct. 1 guidance from the Consumer Financial Protection Bureau.
Active duty and veteran college students face challenges in receiving assistance from student loan servicers, according to a Consumer Financial Protection Bureau report.
Banks must prove they have secured consumer buy-in before charging overdraft fees, according to recently published guidance from the Consumer Financial Protection Bureau.