May 2023 Articles – CFPB Journal

ABA, TBA sue CFPB over Section 1071

The American Bankers Association and Texas Bankers Association are suing the Consumer Financial Protection Bureau to prevent the agency from implementing Section 1071 of the Dodd-Frank Act.

CFPB: Unauthorized account reopenings could violate federal law

Banks could violate the Consumer Financial Protection Act by unilaterally reopening consumer deposit accounts to process transactions, according to a May 10 Consumer Financial Protection Bureau circular.

CFPB warns customers on medical credit cards, installment loans

Financial institutions are issuing medical installment loans and credit cards to patients with exorbitant interest rates, according to a May 4 Consumer Financial Protection Bureau report.