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The Consumer Financial Protection Bureau Wednesday issued a circular to law enforcement agencies and regulators explaining how companies may be breaking the law by requiring employees to sign broad nondisclosure agreements that could deter whistleblowing. The circular explains how imposing sweeping nondisclosure agreements that do not clearly permit communication with law enforcement may intimidate employees …

CFPB issues circular on whistleblower protections under Dodd-Frank Read More »

The CFPB’s proposal to remove medical debt information from most credit reports would upend credit unions’ member-centric approach and prevent lenders from getting the full financial picture, America’s Credit Unions Head of Regulatory Advocacy Ann Petros wrote in CUInsight Tuesday. Petros said policies that directly contribute to incomplete credit reports will ultimately result in less …

Medical debt proposal would impact safe lending Read More »

The CFPB proposed new rules Wednesday that would establish new requirements for mortgage servicers to help borrowers in need of assistance avoid foreclosure. The proposed changes would also make it simpler for servicers to offer assistance by reducing paperwork requirements, improve communication with borrowers, and ensure critical information is provided in languages borrowers understand. America’s …

CFPB proposes new mortgage servicing rules Read More »

Credit unions are encouraged to submit feedback to America’s Credit Unions on usage of digital user accounts to access buy now, pay later (BNPL) loans in response to the bureau’s interpretive rule to address applicability of subpart B of Regulation Z to lenders that issue digital user accounts used to access credit.  America’s Credit Unions …

Credit unions: Submit feedback on the CFPB’s interpretive rule on BNPL Read More »

The CFPB Tuesday issued an interim final rule to extend compliance deadlines for its small business lending rule. Implementation of the rule had been stayed by a federal court in Texas pending the U.S. Supreme Court’s decision in CFPB v. CFSA, which required the CFPB to extend the rule’s compliance deadlines to compensate for the …

CFPB extends compliance dates for small biz lending rule Read More »

Lawmakers questioned CFPB Director Chopra on several of the bureau’s regulatory actions on financial services fees, medical debt, mortgage closing costs, and more during Wednesday’s Senate Banking Committee hearing.   On fees, Ranking Member Tim Scott, R-S.C., criticized the bureau’s efforts on “junk fees” in his opening remarks, stating the credit card late fee rule will …

CFPB’s regulatory actions questioned by lawmakers during Senate, House hearings Read More »

The CFPB’s authority should be used in a manner that is consistent with the spirit of the Dodd-Frank Act, America’s Credit Unions President/CEO Jim Nussle wrote to the Senate Banking Committee Tuesday. Nussle outlined several of the industry’s top concerns and recommendations for the bureau ahead of today’s hearing where CFPB Director Rohit Chopra is …

Nussle outlines key principles that should guide all CFPB action for Congress Read More »

The CFPB finalized a rule Wednesday outlining the process by which a standard setting organization (SSO) gains recognition from the bureau. The rule supplements an October 2023 Personal Financial Data Rights proposal by describing in greater detail how an SSO will apply to the CFPB for recognition and issue consensus standards when the full section …

CFPB outlines process for standard setter recognition under section 1033 Read More »

The CFPB Tuesday issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services.   The CFPB stated many consumer contracts include terms and conditions that claim to limit consumer rights and protections and this fine print may just be an attempt to “confuse people …

CFPB warns against contract fine print deception in new circular  Read More »