The Consumer Financial Protection Bureau wants to take a closer look at credit card fees, according to a blog post on the agency’s website. “Given the outsize role that credit card debt plays for many households, the CFPB is looking to ensure that there is robust and fair competition in the credit card market,” the bureau said.
Consumer Financial Protection Bureau Director Rohit Chopra is pledging to take a stronger stand against bank overdraft and non-sufficient fund fees by enhancing supervisory and enforcement scrutiny of financial institutions “that are heavily dependent on overdraft fees.”
Zixta Q. Martinez has been named deputy director at the Consumer Financial Protection Bureau, overseeing its operations division. The agency also named a chief of staff, chief technologist and associate director for consumer education and external affairs.
The Consumer Financial Protection Bureau proposed a rule governing the collection of small business lending data. Under the proposal, which would implement Section 1071 of the Dodd-Frank Act, lenders would be required to report the amount and type of small business credit applied for and extended, demographic information about small business credit applicants, and key elements of the price of the credit offered.
Consumer credit applications, including mortgages, car loans and credit cards, have largely returned to pre-pandemic levels, according to a report from the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau is issuing rules to ease the move from the foreclosure moratorium to resumption of normal business.
The Consumer Financial Protection Bureau wants to ban foreclosures until 2022, according to a recent proposal. The agency’s notice of proposed rulemaking would amend Regulation X to institute a pre-foreclosure review period that would generally prohibit servicers from starting foreclosure until after December 31, 2021.
In another Biden era change, the Consumer Financial Protection Bureau has retracted a policy statement it issued last year on the ‘abusive’ standard of the Dodd-Frank Act. “Going forward, the CFPB intends to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under the Dodd-Frank Act,” the bureau said.
Dave Uejio, acting director of the Consumer Financial Protection Bureau, plans to prioritize COVID-19 relief for consumers and racial justice issues during his time at the helm of the agency.
The Consumer Financial Protection Bureau taskforce on federal consumer financial law released a report last week with recommendations on how to improve consumer protection in the financial marketplace.