Spotlight – Page 3 – CFPB Journal

Biden includes CFPB in digital asset order

President Joe Biden has included the Consumer Financial Protection Bureau in his executive order establishing a federal digital assets strategy.

CFPB increases focus on PSLF program

The Consumer Financial Protection Bureau issued a bulletin recommending actions servicers should consider taking to ensure they do not misrepresent borrower eligibility or make deceptive statements to borrowers about the Public Service Loan Forgiveness program and an expanded forgiveness waiver issued in October 2021.

CFPB signals scrutiny of credit card fees

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.

CFPB director pledges tougher stand on bank overdraft, NSF fees

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.”

CFPB names deputy director, other staff

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.

CFPB issues small business data collection rule

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 rebound to pre-pandemic numbers

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.

CFPB issues temporary foreclosure rules as moratorium ends

The Consumer Financial Protection Bureau is issuing rules to ease the move from the foreclosure moratorium to resumption of normal business.

CFPB proposes foreclosure ban

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.

CFPB rescinds abusiveness policy statement

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.