CFPB Journal staff report – Page 5

CFPB: Paycheck advance products subject to Truth in Lending Act

Many paycheck advance products are consumer loans subject to the Truth in Lending Act, according to the Consumer Financial Protection Bureau.

CFPB: Lunch payment firms stifling competition

The Consumer Financial Protection Bureau is scrutinizing the companies school districts use to process student lunch payments for allegedly taking advantage of underserved families while limiting market competition.

CFPB proposes rule to reduce foreclosures

The Consumer Financial Protection Bureau proposed a rule last week that would make it harder for mortgage servicers to foreclose on borrowers.

CFPB fines Fifth Third Bank for unauthorized auto insurance accounts

The Consumer Financial Protection Bureau fined Cincinnati-based Fifth Third Bank $20 million for opening fake bank accounts and wrongfully triggering auto repossessions.

CFPB, FHFA report reveals positive mortgage sentiments

Seventy percent of respondents to a CFPB/FHFA survey were satisfied with their mortgage property appraisal process, according to a recent survey.

CFPB extends Section 1071 compliance deadlines

The Consumer Financial Protection Bureau extended Section 1071 compliance deadlines, after the rule was temporarily paused amid a lawsuit challenging the constitutionality of the bureau’s funding structure.

Lawsuit against CFPB’s late fee rule to remain in Texas

The New Orleans-based U.S. Court of Appeals for the Fifth District recently disallowed the relocation of a lawsuit challenging the Consumer Financial Protection Bureau’s late fee rule to Washington, D.C.

Bill would require CFPB funding to be allocated through Congress

Senate Banking Committee Republicans introduced a bill last week requiring the Consumer Financial Protection Bureau to be funded through an annual Congressional appropriations process.

CFPB finalizes standards-setting requirements for open banking rule

The Consumer Financial Protection Bureau last week finalized standards-setting qualifications that companies will use to comply with the bureau’s upcoming open banking rule. The standards included a detailed guide on how standard-setters can apply for recognition and how the bureau will evaluate applications.

CFPB: BNPL lenders are credit card providers

The Consumer Financial Protection Bureau recently confirmed it intends to treat ‘buy now, pay later’ lenders as credit card providers by issuing an interpretive rule under which they must provide similar legal provisions.