On October 18, consumer advocate groups and 19 state attorneys general wrote comment letters, urging banking regulators to denounce “rent-a-bank” arrangements between financial institutions and fintechs or other third-party providers.
The consumer advocates and attorneys general both push regulators to address and denounce financial institutions partnering with nonbanks to engage in high-cost lending otherwise prohibited
On October 4, the Consumer Financial Protection Bureau (CFPB) announced on its website that the deadline to request initial forbearance for a COVID-19 hardship for loans backed by the Federal Housing Administration (HUD/FHA), the U.S. Department of Agriculture (USDA), or the U.S. Department of Veterans Affairs (VA) has been extended. Specifically, the CFPB tells borrowers
On September 21, the U.S. Senate voted 49-48 along party lines on a procedural motion to advance the nomination of current Federal Trade Commission (FTC) Commissioner Rohit Chopra to become the director of the Consumer Financial Protection Bureau (CFPB). Commissioner Chopra’s nomination had been in limbo since March, when the Senate Banking Committee failed to
On August 11, the Consumer Financial Protection Bureau (CFPB) published a notice and request for comment in the Federal Register on its information collection initiative, “Electronic Disclosure on Mobile Devices.” The CFPB issued the request for comment in advance of seeking formal approval for the initiative from the Office of Management and Budget (OMB).
The
A federal district court judge in Massachusetts denied a credit repair company’s motion to dismiss a case brought by the Consumer Financial Protection Bureau (CFPB) and the state of Massachusetts alleging that the company made false representations about customers’ ability to improve their credit rating and requested payment in advance of full performance, in violation
On July 1, the Consumer Financial Protection Bureau (CFPB or Bureau) released a FCRA Tenant Screening Enforcement Compliance Bulletin, outlining its enforcement focus areas as the country transitions to a post-pandemic rental market. The Bureau states that it “intends to look carefully at the accuracy and dispute-handling practices of [consumer reporting agencies “CRAs”] that
On July 1, the Federal Trade Commission (FTC) voted to approve seven omnibus resolutions authorizing staff attorneys to use compulsory process to investigate key enforcement targets. The vote fell along party lines, with Democratic Commissioners Lina Khan, Rohit Chopra, and Kelly Slaughter voting in favor of the resolutions, while Republican Commissioners Christine Wilson and Noah
On June 23, Commissioner Christine Wilson, a Republican appointee, confirmed that she has agreed to use the Federal Trade Commission’s (FTC) rulemaking authority to craft comprehensive data privacy regulations. With Commissioner Wilson’s agreement, there is an even stronger chance that the FTC will engage in privacy-related rulemaking, especially since recently appointed FTC Chair Lina Khan
On June 4, the Consumer Financial Protection Bureau (CFPB) issued a frequently asked question and answer guide. Regulation E, in part, establishes limitations on a consumer’s liability and requires investigations of consumers’ claims of unauthorized electronic fund transfers. This FAQ concerns unauthorized transfers governed by Regulation E.
The first and second questions deal with
If you use the internet, you have probably encountered at least one of the scams con artists use to bilk victims. There’s “catfishing” and other online dating fraud, where scammers use fake identities to woo victims into sending money. There’s also “grandparent scams,” where typically elderly victims are tricked by those posing as his or