|
|
Results 1 - 10 of 2204 |
Posted Date: Friday, April 19, 2024
The Consumer Financial Protection Bureau (CFPB) has been no stranger to criticism since its inception. Lawmakers and industry insiders have noted the agency’s often unorthodox and, some would argue, unlawful approach to rulemaking, supervision and enforcement, as well as questions about the constitutionality of the bureau’s structure and financial reporting practices.
Persistent concerns over the CFPB’s transparency and accountability expressed by congressional Republicans recently spurred the House Financial Services Committee's (FSC) S ubcommittee on Financial Institutions and Monetary Policy to hold a hearing entitled, “Agency Audit: Reviewing CFPB Financial Reporting & Transparency.” Read on »
Posted Date: Friday, April 19, 2024
The Consumer Financial Protection Bureau is aiming to streamline its nonbank designation protocols with a new procedural rule that builds on its previous actions toward implementing a long “dormant” statutory authority. The procedural updates include the reallocation of certain duties to the director that previously fell to specific assistant and associate director roles. Read on »
Posted Date: Friday, April 19, 2024
The Consumer Financial Protection Bureau’s final rule restricting credit card late fees faces a resolution of disapproval which has substantial industry support. The House Financial Services Committee voted 28-22 along party lines to advance the measure to the full House for consideration.
See what various financial trade associations have to say about the resolution, as well as other recent regulatory and legislative developments. Read on »
Posted Date: Friday, April 12, 2024
Shortly after divulging its plans to undertake new rulemaking under the Fair Credit Reporting Act, the Consumer Financial Protection Bureau cited instances in which credit reporting agencies failed to exclude inaccurate data affecting victims of human trafficking and identity theft in its Spring 2024 Supervisory Highlights. Read on »
Posted Date: Friday, April 12, 2024
After three meetings between staff at the Consumer Financial Protection Bureau (CFPB) and the European Commission (EC), the two agencies’ top regulators issued a joint statement describing their discussions on priority topics, including artificial intelligence, digital payments access and fraud, and “Buy Now, Pay Later” products and services. Read on »
Posted Date: Friday, April 12, 2024
The Consumer Financial Protection Bureau’s final rule to cap credit card late fees has met with significant pushback from the financial industry. Learn about these views and more in this roundup of takeaways from industry trade groups. Read on »
Posted Date: Tuesday, April 9, 2024
High mortgage rates are causing borrowers to pay more upfront for discount points, according to the Consumer Financial Protection Bureau’s findings in a new report. Using quarterly Home Mortgage Disclosure Act data dating back to 2019, the bureau found the percentage of homebuyers paying for discount points in 2023 was nearly double that of 2021 and was most pronounced among borrowers with lower credit scores. Read on »
Posted Date: Friday, April 5, 2024
The Consumer Financial Protection Bureau is cautioning remittance providers to refrain from deceptive marketing tactics regarding the cost or speed at which consumers can expect such transactions to be executed.
The bureau released a new circular on remittance transfers to explain how some companies charge fees on international money transfers and make misleading claims about processing times in an apparent attempt to justify the charges. Read on »
Posted Date: Friday, April 5, 2024
The Consumer Financial Protection Bureau (CFPB) released its Consumer Response Annual Report, analyzing complaints submitted by consumers to the CFPB between January and December 2023. These reflect consumers’ experiences across various categories, including mortgages, debt collection, debt or credit management and payday loans. Read on »
Posted Date: Tuesday, April 2, 2024
Consumer Financial Protection Bureau Director Rohit Chopra explained to a room full of retail banking professionals how the bureau’s latest rules align with the agency’s statutory mandate to promote fairness, transparency and competition in the financial market during the Consumer Bankers Association’s2024 conference in Washington, D.C.
The banking industry has been vocal about its views on the agency’s rules on data privacy and “junk fees,” with the latter being a significant source of controversy. Read on »
|
Monthly Newsletter |
Cover Story:
|
|