For the past ten years, financial institutions have been working under the framework of the Consumer Financial Protection Bureau’s Overdraft Rule. This rule limits the ability of financial institutions to charge overdraft fees on ATM and one-time debit card transactions that overdraw consumers’ accounts. In recent months, the CFPB has sought comment on whether to
As a part of her plan to address the homeownership gap for black families in America, Democratic presidential candidate Kamala Harris has proposed an amendment to the Fair Credit Reporting Act that will require credit reporting agencies to include rent, cellphone, and utility payments when calculating consumer credit scores.
The Consumer Financial Protection Bureau has
On June 14, the Consumer Financial Protection Bureau announced a settlement that effectively forgives $168 million in private student loans owed by former students of ITT Technical Institute, the for-profit college that filed for bankruptcy in 2016 in the face of regulatory scrutiny concerning its recruitment and student loan practices. The settlement is with Student
On June 25, the Consumer Financial Protection Bureau will host the first of a series of symposia exploring consumer protections in the financial services industry. This initial symposium will focus on the meaning and scope of “abusiveness” under Section 1031 of the Dodd-Frank Act.
Under the Dodd-Frank Act, the CFPB may take enforcement, supervision,
On June 10, the Consumer Financial Protection Bureau (CFPB) issued a final rule extending the compliance deadline for key provisions of its controversial Payday Lending Rule. The new compliance deadline is November 19, 2020, but the CFPB – despite sharp criticism from consumer advocates and leading Democrats – is expected to rescind the most controversial
On May 29, the Consumer Financial Protection Bureau announced a settlement with BSI Financial Services, a Texas-based mortgage servicer. Acting as a reminder to mortgage servicers of the importance of maintaining rigorous information management systems, the CFPB alleged BSI violated the Consumer Financial Protection Act of 2010, the Real Estate Settlement Procedures Act, and the
Consumer Financial Protection Bureau Director Kathy Kraninger is proving to be more aggressive than her predecessor, Mick Mulvaney. In recent weeks, Kraninger has issued seven orders strictly enforcing the Bureau’s civil investigative demands, or “CIDs,” demonstrating that she intends to be a vigorous consumer advocate:
On June 6, the Federal Communications Commission unanimously approved a declaratory ruling affirming that voice service providers may, as the default setting for phones, block robocalls. This aggressive position means that service providers are strongly encouraged to use reasonable call analytics to block calls before those calls even reach a consumer’s phone.
While the FCC
On May 7, the Consumer Financial Protection Bureau (CFPB) released a 538-page Notice of Proposed Rulemaking (the Rule) that would update the Fair Debt Collection Practices Act (FDCPA). The Rule would be the first major update to the FDCPA since its enactment in 1977 and gives much-needed clarification on the bounds of federally-regulated activities of
Today the Federal Register published the Notice of Proposed Rulemaking regarding updates to the Fair Debt Collection Practices Act from the Consumer Financial Protection Bureau.
The notice in the Federal Register triggers the end date of the comment period. Businesses, consumers, and other interested parties now have until August 19, 2019 to submit comments on