Page 10 - Into Practice News Today

On January 18, acting CFPB General Counsel Seth Frotman sent a letter to three representatives of consumer advocacy groups addressing the CFPB’s November 2020 advisory opinion on earned wage access products.

The advisory opinion concluded that this particular EWA program does not involve the offering or extension of "credit" within the scope of Regulation Z.

On January 24, the CFPB issued a notice and request for comment in the Federal Register regarding the Bureau's inquiry into "buy now, pay later" or BNPL providers.

The CFPB's concern with the experience of student borrowers is in line with a number of enforcement actions pursued by the Bureau against post-secondary schools.

CFPB will begin examining operations of post-secondary schools offering private loans to students and update procedures to include a section on institutional student loans. CFPB highlights its concern about the student borrower experience in light of past abuses at schools.

On January 13, the FTC announced that a leading business credit report provider agreed to settle allegations that it had engaged in deceptive and unfair business practices. The FTC...

On January 18, the CFPB filed a proposed final judgment against an Illinois-based third-party payment processor and its founder (collectively, “defendants”), which ceased operations...

The CFPB filed a proposed final judgment against an Illinois-based third-party payment processor and its founder, which ceased operations almost three years ago, settling claims that the defendants facilitated payments for telemarketing fraudsters targeting seniors.

The FTC announced that a leading business credit report provider agreed to settle allegations that it engaged in deceptive and unfair business practices. The FTC alleged that businesses complained of costly errors in the credit reports, which the company failed to remedy.

Section 1033 of the Dodd-Frank Act states that consumers have the right to access their own bank account and transaction data in a usable electronic format. This provision mandates that the CFPB adopt a rule relating to data access.