
CFPB proposes to overturn longstanding credit card late fee safe harbor
The Consumer Financial Protection Bureau this week announced it would seek to curb what it called “excessive credit card late fees” through new rulemaking.
The Consumer Financial Protection Bureau this week announced it would seek to curb what it called “excessive credit card late fees” through new rulemaking.
ABA this week urged the CFPB to “tread carefully” as it drafts proposed data-sharing rules for businesses, warning that the agency could stifle innovation and risk consumers’ personal financial data if it introduces impractical requirements.
Consumer Financial Protection Bureau Director Rohit Chopra this week questioned the appropriateness of having an independent nonprofit set home appraisal standards across the country, suggesting regulators may want to take a closer look at the arrangement in the future.
The Consumer Financial Protection Bureau is required by law to seek input from community banks and credit unions before moving forward with rulemaking on credit card penalty fees, ABA and four industry associations reiterated this week.
The Consumer Financial Protection Bureau this week issued a circular warning that subscription services that automatically re-enroll customers may violate the law if they do not clearly disclose their terms and obtain consumer consent, or if they make it “unreasonably difficult” for consumers to cancel.
The agency expects servicers to continuing using ‘all the tools at their disposal’ to keep consumers in their homes.
The Consumer Financial Protection Bureau this week proposed creating a public registry of terms and conditions in non-negotiable, nonbank contracts that claim to waive a customer’s ability to take certain actions, such as petitioning for bankruptcy or suing the company
With uncertainty the rule, the best advice is to have banks’ change-management processes ready for whatever comes.
The Biden administration today issued its Fall 2022 Semiannual Regulatory Agenda—a semiannual listing of rulemakings that departments and agencies expect to initiate or continue during the next six months.
The nation’s three largest consumer reporting agencies have improved how they handle consumer complaints since a 2022 report faulted them for failing to meet their Fair Credit Reporting Act obligations, the Consumer Financial Protection Bureau said today in its annual report on credit and consumer complaint reporting.