Browsing: CFPB

Compliance and Risk ABA calls for changes to CFPB’s Section 1033 proposal 

ABA raised concerns that several aspects of the CFPB’s proposal to implement Section 1033 of the Dodd Frank Act—which governs financial data sharing—”may appear reasonable in the abstract but will break down in practical application.” The association offered several recommendations for improving the effectiveness of the proposal, while emphasizing that the CFPB failed to provide adequate time for public comment given the rule’s scope. 

Newsbytes CFPB survey examines consumers’ ability to pay overdraft, NSF fees

Most households that are frequently charged overdraft or non-sufficient fees report having difficulty paying the fees, although that figure drops significantly among households that are only occasionally charged fees, which is the vast majority of consumers, according to a survey released by the CFPB.

Newsbytes CFPB planning rulemaking on overdraft, NSF fees

The CFPB projects that it will issue a proposed rule this month to consider whether fees charged for overdraft services are finance charges, which would subject the fees to the requirements of Regulation Z, or the Truth in Lending Act, according to the fall agency rulemaking issued by the Office of Management and Budget.

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