CFPB extends Section 1071 compliance deadlines

The Consumer Financial Protection Bureau extended Section 1071 compliance deadlines, after the rule was temporarily paused amid a lawsuit challenging the constitutionality of the bureau’s funding structure. 

CFPB finalizes standards-setting requirements for open banking rule

The Consumer Financial Protection Bureau last week finalized standards-setting qualifications that companies will use to comply with the bureau’s upcoming open banking rule. The standards included a detailed guide on how standard-setters can apply for recognition and how the bureau will evaluate applications. 

CFPB: BNPL lenders are credit card providers

The Consumer Financial Protection Bureau recently confirmed it intends to treat ‘buy now, pay later’ lenders as credit card providers by issuing an interpretive rule under which they must provide similar legal provisions.

Federal judge issues injunction against late fee rule

A federal judge last week issued a preliminary injunction against the Consumer Financial Protection Bureau’s proposal to cap most credit card late fees at $8. The May 10 ruling from Northern District of Texas Judge Mark Pittman came four days before the rule was to take effect.

CFPB: Student lending companies ignored payment relief requests

The Consumer Financial Protection Bureau recently filed a $5 million lawsuit against student loan servicers National Collegiate Student Loan Trusts and American Education Services for allegedly ignoring thousands of payment relief requests over six years. 

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