Page 34 - Cfpb News Today

The White House Domestic Policy Council and National Economic Council published a Blueprint for a Renter Bill of Rights on behalf of the Biden Harris Administration. The Renter Bill of Rights is a nonbinding statement of principles, not an actual statement of government policy.

The Advisory Notice CFPB outlined as a RESPA Section 8 violation was a shock in the digital marketing ecosystem. The Rule outlines digital marketing providers that target advertisements using algorithms do not meet the time or space exception thus violate CFPA UDAAP prohibition.

RESPA prohibits kickbacks: trading anything of value for referrals of business related to mortgage loan. CFPB ruling focuses on digital marketplace steering practices, says using non-neutral algorithm to rank options in favor of higher-paying clients is forbidden referral.

The Biden administration recently proposed a new rule that would slash credit card late fees "by 75 percent," but critics argue this would harm consumers.

The Consumer Financial Protection Bureau's two new proposed rules make sense for most non-banks but applying them to independent mortgage banks is redundant, writes the head of the Community Home Lenders of America.

The CFPB announced a newly proposed rule aimed at ensuring that late fees charged on consumer credit card accounts are reasonable and proportional to late payments. If finalized, the proposed rule would amend Regulation Z, which implements the Truth in Lending Act, TILA.

The CFPB proposed new rules to reduce the late fees credit card issuers may charge to consumers. The CFPB refers to current late fees as exorbitant. The CFPB indicates it believes it has the authority to limit late fees under the CARD Act which amended the Truth in Lending Act.

Card issuers are sounding the alarm about the Consumer Financial Protection Bureau's final prepaid rule, claiming that without fixes the agency has opened the door to potential fraud on unregistered cards.

RESPA section 8, used to only apply to mortgages and settlement service providers but it may also now apply to digital marketing or Digital Mortgage Comparison-Shopping Platforms. The CFPB released an Advisory Opinion yesterday and I am not sure how to feel about it.

President Joe Biden urged Congress to pass a law that would reduce credit card late fees to $8.