Seventeen financial services trade groups are calling on the CFPB to abandon its plan to amend rules under the Fair Credit Reporting Act (FCRA) to vastly expand the scope of the FCRA by redefining what a “consumer report” is...more
2/11/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Data Brokers ,
Data Privacy ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Reform ,
Rulemaking Process
The CFPB rescinded an advisory opinion that had described how one particular type of “earned wage” product did not involve the offering or extension of “credit” as that term is defined in the Truth in Lending Act and...more
Republicans on Capitol Hill are seeking to repeal a section of the Dodd-Frank Act that requires financial institutions to report information contained in loan applications submitted by women-owned, minority-owned and...more
2/6/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Equal Access to Credit ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
LGBTQ ,
Loans ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
Reporting Requirements ,
Section 1071 ,
Small Business ,
Small Business Loans
The CFPB and the National Collegiate Student Loan Trusts—a group of fifteen securitization trusts that acquire, pool, and securitize student loans—have entered into a proposed final consent judgment that, if approved, would...more
1/29/2025
/ Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Financial Services Industry ,
Lenders ,
Securitization Standards ,
Student Loans ,
Unfair or Deceptive Trade Practices
The CFPB has taken action against the Draper & Kramer Mortgage Corp. (DKMC) based on allegations of discriminatory lending activities that, according to the CFPB, discouraged homebuyers from applying to the company for home...more
1/28/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Fair Lending ,
Financial Services Industry ,
Mortgage Lenders ,
Non-Bank Lenders ,
Race Discrimination ,
Redlining
In today's episode, we discuss the CFPB’s recent proposed data broker rule—a proposal that would greatly expand the reach of the Fair Credit Reporting Act.
On December 3, the CFPB issued a proposed rule promoted as one that...more
Today’s podcast episode is part two of our December 16th webinar, where we discussed the impact of the election on CFPB rulemaking. Part one consisted of a “fireside chat” with David Silberman, who held several senior-level...more
In an effort to foster innovation in financial services, the CFPB is reinstituting its programs that allow companies to obtain regulatory safe harbors through no-action letters and sandboxes to test new products and services....more
The CFPB has issued its final rule that will prohibit the inclusion of medical debts in credit reports lenders use to make credit decisions and that will also generally prohibit lenders from using medical debt information in...more
CFPB examiners have identified a variety of illegal practices across student loan markets, the bureau said, in a special edition [add the link here] of its Supervisory Highlights. The report covers alleged violations related...more
12/23/2024
/ Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Financial Services Industry ,
Lenders ,
Loan Servicing ,
Regulatory Violations ,
Student Loans ,
Supervisory Highlights
The CFPB’s Student Loan Ombudsman has released his annual report, again emphasizing complaint volume without investigating all complaints, suggesting that states should acquiesce when the Department of Education promulgates...more
A Texas federal judge has refused to lift the preliminary injunction blocking the CFPB’s enforcement of its final rule that would require larger credit card issuers to lower their late fees to $8 and that would also permit...more
12/19/2024
/ CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Preliminary Injunctions
The Servicemember Civil Relief Act limits the amount of interest that may be charged on certain financial obligations that were incurred before military service began to no more than 6% percent per year, including most fees...more
The CFPB intends to issue a proposed rule to address the impact of credit reporting relating to accounts of survivors of domestic violence, elder abuse, and other forms of financial abuse....more
12/17/2024
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Credit Reports ,
Domestic Violence ,
Elder Abuse ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agenda ,
Rulemaking Process ,
Vulnerable Victims
Senate Banking Committee ranking Republican Sen. Tim Scott, R-S.C. said on December 11 that unlike several other regulators, the CFPB is ignoring his call to pause rulemaking until the Trump Administration takes office....more
12/12/2024
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
Senate Banking Committee ,
Trump Administration
The CFPB has proposed a rule that it promotes as ensuring that Fair Credit Reporting Act (FCRA) protections are applied to sensitive consumer information that the statute was designed to protect, including information sold by...more
The CFPB has taken action to permanently ban Student Loan Pro and its owner, Judith Noh, from offering consumer financial products or services....more
12/12/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Relief ,
Debt-Relief Industry ,
Enforcement Actions ,
Federal Bans ,
Fees ,
Financial Services Industry ,
Statutory Violations ,
Student Loans ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
The CFPB recently issued a report entitled Matched-Pair Testing in Small Business Lending Markets that summarizes results of small business lending matched pair testing that it conducted in conjunction with the U.S....more
12/9/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Monitoring ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Oversight ,
Section 1071 ,
Small Business ,
Small Business Loans
The CFPB will hold two virtual sessions later this month to answer questions about its Nonbank Enforcement Action Registry rule. The rule, issued in June 2024, will require certain nonbank entities to register certain covered...more
The CFPB has issued a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z under the Truth in Lending Act (TILA) that implement the CARD Act, Home Ownership and Equity...more
A panel of the Fifth Circuit Court of Appeals has set March 30, 2025 as the effective date of the CFPB’s payday lending rule....more
FirstCash, a national pawnshop chain, cannot use the “bona-fide error defense” in its defense of a Military Lending Act (MLA) suit filed by the CFPB against the company, a federal judge has ruled in a case of first...more
Saying that it wants to provide sufficient time to brief issues in pending litigation, the CFPB has announced that it is extending the effective date of its advisory opinion on medical debt from Dec. 3, 2024 to Jan. 2, 2025....more
Today’s podcast episode is a re-purposing of a webinar we recorded on November 12, 2024. Our special guests for that webinar were Colin Carr, Vice-President of Congressional affairs at the Consumer Bankers Association and Ian...more
ACA International, the association representing the accounts receivable industry, has filed suit against the CFPB, alleging that the bureau’s advisory opinion on medical debt was overtly political, issued in violation of the...more
11/25/2024
/ Administrative Procedure Act ,
Advisory Opinions ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Healthcare ,
Medical Debt