February 2023 Articles – CFPB Journal

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: Credit card payment amounts withheld to limit competition

Credit card companies are not reporting the total credit payments from millions of consumers to limit competition, according to a recent Consumer Financial Protection Bureau report.

CFPB: ‘Double-dealing’ illegal on mortgage comparison platforms

Digital mortgage comparison-shopping platforms violate the law by “double dealing,” the Consumer Financial Protection Bureau said in a recent advisory.

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.