Supreme Court to hear case on legality of CFPB funding structure
The Supreme Court will hear a case challenging the CFPB’s funding structure on the grounds that it violates the separation of powers clause of the U.S. Constitution.
Browsing: CFPB
CFPB seeks data from large auto lenders
The Consumer Financial Protection Bureau this week ordered nine large auto lenders to provide data on their auto lending portfolios, which is part of a push by the agency to build an auto lending data set.
Wall Street Journal editorial pans Biden administration campaign against bank fees
A Biden administration proposal to reduce and eliminate so-called “junk fees” charged by financial institutions is likely to harm the very people it purports to help, the Wall Street Journal said in an editorial this week.
CFPB: Medical debt dominates collections items on credit reports
Medical collections tradelines constitute 57% of all collections on consumer credit reports, the CFPB said in a report released this week.
CFPB warns mortgage comparison platforms against biasing results
The CFPB this week issued guidance warning mortgage comparison-shopping digital platforms that they are violating federal law if they direct shoppers to lenders or other real estate settlement service providers who pay referral fees to the platform.
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.
ABA advocates for cautious approach on personal financial data 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.
Chopra questions home appraisal regulation regime
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.
ABA, trade groups: CFPB must seek small bank input on credit card fee rule
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.
CFPB issues warning on auto-renewal subscription services
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.