News – Page 10 – CFPB Journal

Report: BNPL borrowers more likely to be financially distressed

‘Buy now, pay later’ borrowers are more likely to be financially distressed than non-users, according to a Consumer Financial Protection Bureau report.

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 to gather public feedback on credit market

The Consumer Financial Protection Bureau is seeking public feedback on the consumer credit market.

CFPB: Companies offering subscriptions must comply with federal laws

The Consumer Financial Protection Bureau issued a circular Jan. 19 affirming that companies offering “negative option” subscription services must comply with federal consumer financial protection law.

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.

CFPB: Credit reporting agencies must be more accurate

The Consumer Financial Protection Bureau is calling on the three largest consumer reporting agencies to improve the accuracy of their reports after nearly a half-million complaints were submitted to the agency from October 2021 to September 2022.

CFPB’s Section 1071 rule tops list of banker concerns for 2023

U.S. financial services firms are most concerned about keeping up “with the volume, scope and breadth of regulatory changes” heading into the new year, according to Wolters Kluwer’s annual Regulatory & Risk Management Indicator survey.

Wells Fargo fined $3.7 billion for lending violations

The Consumer Financial Protection Bureau fined Wells Fargo $3.7 billion for consumer auto and mortgage lending violations.

CFPB spotlights crypto fraud in bulletin

The Consumer Financial Protection Bureau called attention to the prevalence of crypto-related criminal activity in a recent complaint bulletin.