RSSCFPB: Student loan companies illegally collecting settled debts
Student loan companies are illegally collecting debts already discharged through bankruptcy, according to a March 17 Consumer Financial Protection Bureau bulletin.
Author Archives: CFPB Journal staff report
CFPB: Payment companies charging illegal fees across sectors
Financial institutions, mortgage servicers and some loan providers are illegally charging expenses to customers, according to a March 8 Consumer Financial Protection Bureau supervisory highlights report.
Report: BNPL borrowers more likely to be financially distressed
‘Buy now, pay later’ borrowers are more likely to be financially distressed than non-users, according to a Consumer Financial Protection Bureau report.
Supreme Court to review CFPB funding case
The Supreme Court has agreed to review a case challenging the constitutionality of the Consumer Financial Protection Bureau’s funding mechanism. The Feb. 27 decision came four months after a three-judge panel in the U.S. District Court for the Western District of Texas ruled that the CFPB’s funding mechanism violated the Constitution’s Appropriations Clause because it draws funding from the Federal Reserve instead of Congress.
CFPB: Credit card payment amounts withheld to limit competition
Credit card companies are not reporting the total credit payments from millions of consumers to limit competition, according to a recent Consumer Financial Protection Bureau report.
CFPB: ‘Double-dealing’ illegal on mortgage comparison platforms
Digital mortgage comparison-shopping platforms violate the law by “double dealing,” the Consumer Financial Protection Bureau said in a recent advisory.
CFPB proposes drastic revamp in credit card late fee requirements
The Consumer Financial Protection Bureau proposed dramatically revamping credit card late fee policies last week, including dropping the maximum credit card fee per missed payment from $41 to $8. The proposal, issued Feb. 1, would also end the automatic annual inflation adjustment issuers receive and ban late fee amounts above 25 percent of a required minimum payment.
CFPB to gather public feedback on credit market
The Consumer Financial Protection Bureau is seeking public feedback on the consumer credit market.
CFPB: Companies offering subscriptions must comply with federal laws
The Consumer Financial Protection Bureau issued a circular Jan. 19 affirming that companies offering “negative option” subscription services must comply with federal consumer financial protection law.
CFPB proposes nonbank contract database
The Consumer Financial Protection Bureau is looking to establish a public registry of the terms and conditions used by nonbanks in contracts that waive or limit consumer rights and protections.
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