News – Page 10 – CFPB Journal

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.

Report: Student banking products more expensive, less transparent

Student banking products offered by financial institutions and colleges are often more expensive than comparable products and often don’t follow Department of Education requirements, according to a recent report from the Consumer Financial Protection Bureau.

CFPB: BNPL firms should be regulated like credit card companies

The Consumer Financial Protection Bureau signaled it plans to issue new regulations for ‘buy now, pay later’ firms to ensure they adhere to similar rules as credit cards.

CFPB: Financial companies must safeguard consumer data

The Consumer Financial Protection Bureau recently confirmed that companies without adequate safeguards to protect consumer data are at greater risk of being held liable under the Consumer Financial Protection Act.