Supreme Court to review CFPB funding case

The Supreme Court has agreed to review a case challenging the constitutionality of the Consumer Financial Protection Bureau’s funding mechanism. The Feb. 27 decision came four months after a three-judge panel in the U.S. District Court for the Western District of Texas ruled that the CFPB’s funding mechanism violated the Constitution’s Appropriations Clause because it draws funding from the Federal Reserve instead of Congress. 

CFPB proposes drastic revamp in credit card late fee requirements

The Consumer Financial Protection Bureau proposed dramatically revamping credit card late fee policies last week, including dropping the maximum credit card fee per missed payment from $41 to $8. The proposal, issued Feb. 1, would also end the automatic annual inflation adjustment issuers receive and ban late fee amounts above 25 percent of a required minimum payment.

CFPB 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. 

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