The average financial well-being of U.S. consumers has returned to its pre-pandemic level, with more families reporting having difficulty paying all their bills in 2022 than the year before, according to the Consumer Financial Protection Bureau’s annual Making Ends Meet survey released today.
Any measures to shift liability to financial institutions for peer-to-peer payments that a consumer authorizes and later claims were paid to a scammer will harm consumers by diminishing the availability and value of P2P payments, increasing consumers’ costs, reducing competition, and enriching and encouraging criminals, the American Bankers Association said today in a letter to the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau published a circular today on how and when nonbank financial firms—such as fintech companies and credit reporting agencies—may be violating the Consumer Financial Protection Act with respect to data security.
Digital marketers that provide targeted advertising for financial firms are subject to the Consumer Financial Services Protection Act and its prohibition on unfair, deceptive or abusive practices. Therefore, these marketers risk potential legal action if they run afoul of the act, according to an interpretive rule issued today by the Consumer Financial Protection Bureau.
Under pressure from Republican lawmakers to define what he meant by “junk fees”—a term coined by the bureau as part of a media campaign—CFPB Director Rohit Chopra would not offer any formal definition.
The CFPB today published a portion of its long-awaited Fair Debt Collection Practices Act rulemaking to modernize and clarify rules around third-party debt collection.
The Consumer Financial Protection Bureau today finalized changes to its regulations regarding the disclosure of records and information.
The credit card market is functioning well, and consumers feel their bank is there for them during the COVID-19 pandemic, ABA said in a letter to the CFPB today.
Five federal banking agencies yesterday issued a joint statement on the use of alternative data in credit underwriting.
By Greg Rable