Page 52 - Cfpb News Today

On June 29, the CFPB issued an advisory opinion affirming that the Fair Debt Collection Practices Act (FDCPA) and Regulation F prohibit debt collectors from collecting pay-to-pay...

On June 28, the CFPB issued an interpretive rule affirming states' abilities to police credit reporting markets through the issuance of their own fair credit report laws.

In an internal memo to staff, Deputy CFPB Director Zixta Q. Martinez announced a realignment of the bureau’s legal and student loan offices with an expanded strategy team.  

CFPB filed a complaint against a credit reporting agency CRA, two of its subsidiaries, and a former senior executive for violating a 2017 consent order issued to the company related to alleged deceptive marketing regarding its credit scores and other credit-related products.

CFPB issued an order terminating an EWA provider’s Sandbox Approval Order relating to its earned wage access products. In December 2020, the CFPB provided the company special regulatory treatment, including a temporary safe harbor from liability under TILA/Reg.

The Federal Deposit Insurance Corp., which protects customers in the event of certain types of bank failures, is looking into how the bankrupt digital-asset firm Voyager Digital marketed itself to customers, a spokesperson for the agency said.

Why is CFPB hiring engineers? Under director Rohit Chopra, the CFPB has investigated “buy now, pay later” apps, as well as big tech firms including Facebook, Google, Amazon, Paypal and Square. CFPB is hiring 25 engineers to help with investigations.

CFPB initiated Notice of Proposed Rulemaking seeking information on Fed’s 2010 immunity provision for excessive late fees allowing credit card companies to escape scrutiny. CFPB is assessing if these late fees are reasonable; they have cost consumers $12 billion each year.

The agency issued an advisory opinion warning that credit reporting bureaus and other entities using credit checks can no longer use disclaimers to bypass privacy protections.

Consumer Financial Protection Bureau CFPB released spring rulemaking agenda setting forth five rules CFPB expects to complete before May 31, 2023. CFPB did not issue press release, post agenda on website. CFPB submitted agenda to Office of Budget and Management to publish.