RSSCFPB issues rule to oversee nonbanks issuing payment wallets
The Consumer Financial Protection Bureau recently finalized a rule to oversee the largest nonbanks offering payment wallet applications and digital funds transfers.
Category Archives: News
CFPB: Student loan relief positive for majority of borrowers
Sixty-one percent of borrowers impacted by the federal government pause on student loan payments during the pandemic made positive changes in their lives, according to a Nov. 13 report from the Consumer Financial Protection Bureau.
CFPB warns companies against unchecked digital tracking
The Consumer Financial Protection Bureau recently warned companies against unlimited digital surveillance of employees. Issued Oct. 24, the guidance called on companies to follow the Fair Credit Reporting Act when using third-party consumer reports, including background dossiers and surveillance-based algorithmic or “black box” AI scores.
CFPB finalizes open banking rule
Section 1033 requires financial institutions, credit card issuers and other financial institutions to transfer consumers’ personal financial data to another provider for free at the consumer’s request. The rule also requires personal financial information to only be used for reasons authorized by the consumer. Section 1033 bans “screen scraping,” when consumers provide their account passwords to third parties which then use the information to access data through online banking portals.
Wisconsin mortgage company fined for redlining
The Consumer Financial Protection Bureau and Justice Department fined Madison, Wis.-based mortgage firm Fairway Independent Mortgage $1.9 million for redlining black neighborhoods in Birmingham, Ala.
CFPB outlines auto lending violations
Consumers sometimes face inaccurate loan disclosures and are being charged for additional products without their consent, according to an Oct. 7 supervisory highlights report from the Consumer Financial Protection Bureau.
CFPB: Collecting invalid medical debt violates federal law
Debt collectors violate federal law by collecting legally invalid or inaccurate medical debt, according to Oct. 1 guidance from the Consumer Financial Protection Bureau.
CFPB: Military veterans face student loan hurdles
Active duty and veteran college students face challenges in receiving assistance from student loan servicers, according to a Consumer Financial Protection Bureau report.
CFPB: Banks charging overdraft fees without consumer opt-in
Banks must prove they have secured consumer buy-in before charging overdraft fees, according to recently published guidance from the Consumer Financial Protection Bureau.
CFPB fines TD Bank $27 million for consumer reporting errors
The Consumer Financial Protection Bureau fined TD Bank $27.7 million for sharing inaccurate customer information with consumer reporting companies.
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