RSSBill 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.
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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.
Supreme Court: CFPB funding structure constitutional
The U.S. Supreme Court has ruled the Consumer Financial Protection Bureau is constitutionally funded.
Federal judge issues injunction against late fee rule
A federal judge last week issued a preliminary injunction against the Consumer Financial Protection Bureau’s proposal to cap most credit card late fees at $8. The May 10 ruling from Northern District of Texas Judge Mark Pittman came four days before the rule was to take effect.
CFPB: Student lending companies ignored payment relief requests
The Consumer Financial Protection Bureau recently filed a $5 million lawsuit against student loan servicers National Collegiate Student Loan Trusts and American Education Services for allegedly ignoring thousands of payment relief requests over six years.
CFPB: Complex pricing structures disadvantage consumers
Consumers often pay more for products with more complex pricing structures, according to an April 30 Consumer Financial Protection Bureau report.
Report: Mortgage servicers charged ‘illegal junk fees’
Mortgage servicers charged homeowners illegal “junk fees” and engaged in other illegal practices, according to a supervisory highlights report from the Consumer Financial Protection Bureau.
CFPB fines for-profit vocational school for lending violations
The CFPB fined San Francisco-based for-profit coding vocational school BloomTech and its CEO Austen Allred $164,000 for allegedly deceiving students about loan costs and making false claims about graduates’ hiring rates.
CFPB to hire technologists, research emerging technologies
The Consumer Financial Protection Bureau plans to hire more technologists to continue researching emerging technologies, said Director Rohit Chopra and Chief Technologist Erie Meyer in a March 26 report.
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