RSSCFPB outlines revised nonbank supervision plan
The Consumer Financial Protection Bureau is proposing a new standard for supervising nonbanks.
Category Archives: Spotlight
CFPB to scrap Section 1033
The Consumer Financial Protection Bureau plans to scrap the Section 1033 rule on open banking, the bureau announced on May 23.
House votes to overturn CFPB overdraft, payments oversight rules
The House of Representatives on April 9 voted to overturn the Consumer Financial Protection Bureau’s proposal to limit the overdraft fees banks with more than $10 billion in assets can charge and the bureau’s oversight of the largest payment firms.
McKernan nominated to lead CFPB
President Donald Trump nominated former FDIC Board Member Jonathan McKernan to direct the Consumer Financial Protection Bureau.
Trump removes Chopra as CFPB director, appoints Bessent to role
President Donald Trump dismissed Rohit Chopra as director of the Consumer Financial Protection Bureau on Jan. 31. Four days later, Trump designated Secretary of the Treasury Scott Bessent as CFPB acting director.
CFPB strikes medical bills from credit reports
The Consumer Financial Protection Bureau banned credit reporting companies from including medical bills on credit reports and credit scores used by lenders.
CFPB announces rule limiting overdrafts
The Consumer Financial Protection Bureau released a final rule Dec. 12 limiting the overdraft fees banks with more than $10 billion in assets can charge.
CFPB proposes stricter standards on data brokers
Data brokers selling sensitive consumer information are covered under the Fair Credit Reporting Act, according to a Dec. 3 proposed rule from the Consumer Financial Protection Bureau.
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.
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.
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