RSS
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.
The Consumer Financial Protection Bureau last week finalized standards-setting qualifications that companies will use to comply with the bureau’s upcoming open banking rule. The standards included a detailed guide on how standard-setters can apply for recognition and how the bureau will evaluate applications.
The U.S. Supreme Court has ruled the Consumer Financial Protection Bureau is constitutionally funded.
A federal judge last week issued a preliminary injunction against the Consumer Financial Protection Bureau’s proposal to cap most credit card late fees at $8. The May 10 ruling from Northern District of Texas Judge Mark Pittman came four days before the rule was to take effect.
The Consumer Financial Protection Bureau will propose rules this year to ensure data brokers follow the Fair Credit Reporting Act, Director Rohit Chopra said April 2.
The Consumer Financial Protection Bureau released a finalized rule on March 5 that caps consumer credit card fees at $8 per incident. In response, some trade groups filed a federal lawsuit two days later seeking a preliminary injunction against the rule.
The Consumer Financial Protection Bureau is looking to overhaul how banks and credit unions with more than $10 billion in assets determine overdraft expenses. The proposal, announced Jan. 17, includes two ways for banks and credit unions to determine costs. The CFPB also proposed banning the mandatory use of preauthorized electronic fund transfers to repay transactions paid into overdrafts by institutions that charge overdraft fees higher than a designated threshold.
Artificial intelligence poses risks to the financial system, according to Consumer Financial Protection Bureau Director Rohit Chopra.
The Consumer Financial Protection Bureau wants to supervise large nonbanks that offer digital wallets and payment applications.