CFPB Journal staff report – Page 7

CFPB: Open banking standards must prevent market domination

The Consumer Financial Protection Bureau will reportedly systematize requirements for open banking standards-setting organizations to ensure the requirements are fair.

Trade groups sue CFPB for reducing late fee charges

The Consumer Financial Protection Bureau released a finalized rule on March 5 that caps consumer credit card fees at $8 per incident. In response, some trade groups filed a federal lawsuit two days later seeking a preliminary injunction against the rule.

CFPB: Comparison-shopping tools must be objective

Companies operating comparison-shopping tools can violate the law by sending consumers to certain products or lenders because of kickbacks, according to a Feb. 29 Consumer Financial Protection Bureau circular to law enforcement agencies and regulators.

CFPB establishes supervisory authority over installment lender

The Consumer Financial Protection Bureau has established supervisory authority over installment lender World Acceptance.

Survey: Large banks offer worse credit card interest rates, terms

Large banks are offering consumers inferior credit card terms and interest rates compared to their small bank and credit union peers, according to a Feb. 16 Consumer Financial Protection Bureau report.

CFPB ends foreclosure scam case with $12 million settlement

The Consumer Financial Protection Bureau recently settled a foreclosure scam case by reaching a $12 million settlement with Consumer First Legal Group LLC.

CFPB proposes banning NSF fees for instantly rejected transactions

The Consumer Financial Protection Bureau is proposing banning financial institutions from charging non-sufficient funds fees for transactions declined in real-time.

CFPB, state AGs sue debt relief company

The Consumer Financial Protection Bureau and seven state attorneys general sued New York-based debt relief services company Strategic Financial Solutions for allegedly running an illegal debt-relief enterprise

CFPB proposes changes to bank overdraft fees

The Consumer Financial Protection Bureau is looking to overhaul how banks and credit unions with more than $10 billion in assets determine overdraft expenses. The proposal, announced Jan. 17, includes two ways for banks and credit unions to determine costs. The CFPB also proposed banning the mandatory use of preauthorized electronic fund transfers to repay transactions paid into overdrafts by institutions that charge overdraft fees higher than a designated threshold.

CFPB cautions against faulty background check reports

The Consumer Financial Protection Bureau is cautioning credit reporting companies against sloppy credit file sharing practices and providing erroneous background check reports.