CFPB Journal staff report – Page 14

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.

CFPB seeking info on customer service at large banks

The Consumer Financial Protection Bureau is seeking public input on how the shift to digital banking is impacting large bank customers.

CFPB releases annual report on top financial challenges to veterans

Credit reporting companies often fail to appropriately respond to requests for investigation from servicemembers, according to an annual Consumer Financial Protection Bureau report on the top financial challenges facing servicemembers, military families and veterans.

CFPB terminates no-action letter on AI lending platform

The Consumer Financial Protection Bureau issued an order removing the AI lending platform Upstart Network from its list of approved no-action letters.

CFPB launches inquiry into ‘employer-driven debt’

The Consumer Financial Protection Bureau launched an inquiry into practices and financial products it believes could lead employees indebted to their employers. The agency wants to know if consumers have a “meaningful choice” in accepting employer-driven debt products.

CFPB adds competition focus to innovation office

The Consumer Financial Protection Bureau is opening an Office of Innovation and Competition, replacing its previous Office of Innovation as well as Project Catalyst.

CFPB: Black-box modeling no cover for credit denials

Even if their credit models rely on complex algorithms, anti-discrimination law requires companies to explain the specific reasons for denying an application for credit or taking other adverse actions, the Consumer Financial Bureau said in a circular.

CFPB issues rule facilitating state-level enforcement

The Consumer Financial Protection Bureau has issued an interpretive rule outlining the role of state-level authorities in enforcing federal consumer financial protection laws.