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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.
President Donald Trump nominated former FDIC Board Member Jonathan McKernan to direct the Consumer Financial Protection Bureau.
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.
The Consumer Financial Protection Bureau banned credit reporting companies from including medical bills on credit reports and credit scores used by lenders.
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.
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.
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.
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.
Rental and medical debt collectors are using illegal tactics to collect consumer debt they are not owed, according to a recent Consumer Financial Protection Bureau annual report on debt collection.
The Consumer Financial Protection Bureau fined Cincinnati-based Fifth Third Bank $20 million for opening fake bank accounts and wrongfully triggering auto repossessions.