cfpb

CFPB Building

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

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 »

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

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 »

CFPB Building

CFPB outlines process for standard setter recognition under section 1033

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 »

CFPB Building

CFPB warns against contract fine print deception in new circular 

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 »

CFPB Building

CFPB finalizes rule for nonbank companies subject to court orders

The CFPB finalized a rule Monday to establish a registry requiring certain nonbank entities that have broken consumer laws and are subject to federal, state, or local government or court orders to report them to the bureau. According to the CFPB, it will help the bureau “identify repeat offenders and recidivism trends.” The rule does …

CFPB finalizes rule for nonbank companies subject to court orders Read More »

Are Your Wire Transfers Also EFTs? Some Regulators Say Yes

Credit unions that offer online wire transfers may want to pay attention to a lawsuit that is currently playing out in federal court in New York. Back in January, the New York Attorney General’s Office (NYAG) filed a federal lawsuit against Citibank. The lawsuit alleges violations of law relating to Citibank’s offering of online and …

Are Your Wire Transfers Also EFTs? Some Regulators Say Yes Read More »

CFPB Building

CFPB issues request for information on mortgage closing costs

The CFPB issued a request for information Thursday regarding fees charged by mortgage providers and related settlement services. According to the bureau, it “wants to understand why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered,” noting such fees may limit the ability of lenders to offer …

CFPB issues request for information on mortgage closing costs Read More »

CFPB Building

CFPB issues rule to classify BNPL as credit cards 

The CFPB Wednesday announced an interpretive rule to apply some, but not all, of the consumer protections in place for credit cards under Regulation Z to Buy Now, Pay Later (BNPL) loans. The rule allows consumers to dispute charges and obtain refunds from the lender after returning a product purchased with a BNPL loan. The rule …

CFPB issues rule to classify BNPL as credit cards  Read More »

Columns

Notice and comment rulemaking is the “backbone of responsible regulation” 

“Notice and comment rulemaking is the backbone of responsible regulation,” wrote America’s Credit Unions’ Amanda Smith in a letter to the Office of Management and Budget Friday. “As industry grew more complex in the early 20th century, so did its oversight. The government’s answer to this burgeoning complexity was to defer regulation to the federal …

Notice and comment rulemaking is the “backbone of responsible regulation”  Read More »

Scroll to Top