In a June 17 blog post, Consumer Financial Protection Bureau (CFPB or Bureau) Director Rohit Chopra announced that the CFPB intends to “move away from highly complicated rules” in favor of “simpler and clearer rules.” As part of this effort, the CFPB will be “dramatically increasing the amount of guidance it is providing to the marketplace” and that it aspires such guidance to be simple and straight forward.
In a blog post released June 15, the Consumer Financial Protection Bureau (CFPB) continued to show its interest in credit reporting by Buy Now, Pay Later (BNPL) lenders. Recognizing the importance of credit reporting to consumers building credit profiles through payment of BNPL obligations, the CFPB encouraged BNPL lenders to report both positive and negative
On May 25, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post, examining what it describes as the “practice of suppressing payment data.”
Per the blog post, the CFPB alleges that its research conducted in 2020 “uncovered that only about half of the largest credit card companies contribute data to credit
On May 26, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying an application for credit or taking other adverse actions, even if the creditor is relying on credit models using complex algorithms.
In a corresponding Consumer Financial Protection Circular
On May 23, California’s Department of Financial Protection and Innovation (DFPI or Department) sent an email notifying license applicants and prospective license applicants that the issuance of licenses under the Debt Collection Licensing Act is unavoidably delayed at this time.
The original deadline for applicants was December 31, 2021; however, that deadline was extended to
On May 20, California’s Department of Financial Protection and Innovation (DFPI or Department) announced that it had filed a Notice of Proposed Rulemaking with the Office of Administrative Law, inviting public comments on the proposed rulemaking. The purpose of the proposed regulations is to implement, interpret, clarify, and make specific, certain sections of the California
On May 4, the Connecticut Banking Commissioner issued a temporary order to cease and desist and order to make restitution against lead generator SoLo Funds Inc. (SoLo) for allegedly engaging in unfair, deceptive, and abusive acts and practices (UDAAPs) in violation of the Consumer Financial Protection Act of 2010, as well as for operating in
On May 19, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an interpretive rule, describing states’ authorities to pursue companies and individuals that allegedly violate any of the federal consumer financial laws enforced by the CFPB.
CFPB Director Rohit Chopra described this action as “promoting state enforcement, not suffocating it.” It openly invites
On May 16, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it will launch a new initiative to provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB intends to enforce “Federal consumer financial law.” 12 U.S.C § 5481(14).
The CFPB will use Consumer Financial Protection Circulars, described
On May 6, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Fair Lending Report for 2021. As in 2020’s report, published last year, the CFPB shows that its focus remains on what it characterizes as “financial inclusion, racial and economic equity, and fair competition”:
“As part of the prioritization process, the CFPB