RSSCFPB 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.
Author Archives: CFPB Journal staff report
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.
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: BNPL firms should be regulated like credit card companies
The Consumer Financial Protection Bureau signaled it plans to issue new regulations for ‘buy now, pay later’ firms to ensure they adhere to similar rules as credit cards.
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.
Trade groups request CFPB include large data aggregators in rule
Eight U.S. trade groups are urging the Consumer Financial Protection Bureau to define data aggregators as “larger participants” subject to regulatory supervision.
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