CFPB Journal staff report – Page 12

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.

CFPB: Credit reporting agencies must be more accurate

The Consumer Financial Protection Bureau is calling on the three largest consumer reporting agencies to improve the accuracy of their reports after nearly a half-million complaints were submitted to the agency from October 2021 to September 2022.

CFPB’s Section 1071 rule tops list of banker concerns for 2023

U.S. financial services firms are most concerned about keeping up “with the volume, scope and breadth of regulatory changes” heading into the new year, according to Wolters Kluwer’s annual Regulatory & Risk Management Indicator survey.

Wells Fargo fined $3.7 billion for lending violations

The Consumer Financial Protection Bureau fined Wells Fargo $3.7 billion for consumer auto and mortgage lending violations.

CFPB spotlights crypto fraud in bulletin

The Consumer Financial Protection Bureau called attention to the prevalence of crypto-related criminal activity in a recent complaint bulletin.

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.