CFPB Journal staff report – Page 7

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.

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.