RSSCFPB says ‘pay-to-pay’ fees often illegal
The Consumer Financial Protection Bureau issued an advisory opinion late last month affirming that federal law frequently prohibits debt collectors from charging “pay-to-pay” fees.
Category Archives: News
CFPB says companies must protect customer data privacy
The Consumer Financial Protection Bureau issued a legal interpretation on July 7 advising that credit reporting companies and users of credit reports “have specific obligations to protect the public’s data privacy,” and could be held criminally liable for not meeting those obligations.
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.
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