Appeals court rules CFPB funding structure unconstitutional

An appeals court has ruled that the Consumer Financial Protection Bureau is unconstitutionally funded. The Oct. 19 ruling, written by a three judge panel in the U.S. District Court for the Western District of Texas, invalidates the bureau’s 2017 payday lending rule limiting the collection options for payday lenders. 

Report: Student banking products more expensive, less transparent

Student banking products offered by financial institutions and colleges are often more expensive than comparable products and often don’t follow Department of Education requirements, according to a recent report from the Consumer Financial Protection Bureau.

CFPB: Financial companies must safeguard consumer data

The Consumer Financial Protection Bureau recently confirmed that companies without adequate safeguards to protect consumer data are at greater risk of being held liable under the Consumer Financial Protection Act. 

CFPB says ‘pay-to-pay’ fees often illegal

The Consumer Financial Protection Bureau issued an advisory opinion late last month affirming that federal law frequently prohibits debt collectors from charging “pay-to-pay” fees.

CFPB says companies must protect customer data privacy

The Consumer Financial Protection Bureau issued a legal interpretation on July 7 advising that credit reporting companies and users of credit reports “have specific obligations to protect the public’s data privacy,” and could be held criminally liable for not meeting those obligations. 

Trade groups ask bureau to rescind examination manual

Banking trade groups have jointly called for the Consumer Financial Protection Bureau to withdraw a revised examination manual which would allow it to scrutinize discriminatory conduct under its authority to enforce the Consumer Financial Protection Act’s prohibition on unfair, deceptive and abusive acts and practices.

More articles: