News – CFPB Journal

CFPB seeking info on customer service at large banks

The Consumer Financial Protection Bureau is seeking public input on how the shift to digital banking is impacting large bank customers.

CFPB releases annual report on top financial challenges to veterans

Credit reporting companies often fail to appropriately respond to requests for investigation from servicemembers, according to an annual Consumer Financial Protection Bureau report on the top financial challenges facing servicemembers, military families and veterans.

CFPB terminates no-action letter on AI lending platform

The Consumer Financial Protection Bureau issued an order removing the AI lending platform Upstart Network from its list of approved no-action letters.

CFPB adds competition focus to innovation office

The Consumer Financial Protection Bureau is opening an Office of Innovation and Competition, replacing its previous Office of Innovation as well as Project Catalyst.

CFPB: Black-box modeling no cover for credit denials

Even if their credit models rely on complex algorithms, anti-discrimination law requires companies to explain the specific reasons for denying an application for credit or taking other adverse actions, the Consumer Financial Bureau said in a circular.

CFPB issues rule facilitating state-level enforcement

The Consumer Financial Protection Bureau has issued an interpretive rule outlining the role of state-level authorities in enforcing federal consumer financial protection laws.

CFPB fines debt-settlement companies, co-owners

The Consumer Financial Protection Bureau issued an enforcement action against debt-relief payment-processors RAM Payment and Account Management Systems for issuing illegal advance fees and failing to return funds to consumers when required to.

CFPB seeks ban against debt settlement CEO

The Consumer Financial Protection Bureau is seeking a ban against a California debt company CEO over accusations of wrongful fee-charging practices and deceptive telemarketing.

CFPB highlights banking challenges of rural America

The Consumer Financial Protection Bureau wants to focus on banking issues facing rural Americans, it said after releasing a report on the topic.

CFPB files suit against TransUnion, executive

The Consumer Financial Protection Bureau is filing a lawsuit against TransUnion, two of its subsidiaries, and recently departed executive John Danaher for violating a 2017 bureau order over deceptive marketing regarding its credit scores and other credit-related products.