Search Results for agency_names:"Consumer Financial Protection Bureau"

The Consumer Financial Protection Bureau is seeking applications for membership on its advisory committees, which include the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. These committees consist of experts from various fields like consumer protection, financial services, and economics to advise the bureau on consumer financial markets. The membership, which usually lasts two years, requires diverse representation of communities and interests, including those underserved. Applications are accepted online by February 24, 2021, and should include a cover letter, résumé, recommendation letter, and completed questionnaire. The Bureau aims to announce the selected new members in late summer 2021.

The Consumer Financial Protection Bureau issued a correction to a previously published rule concerning the use of medical information by creditors and consumer reporting agencies. The correction changes the date mentioned in the DATES section from "March 17, 2024" to "March 17, 2025". This change was necessary to accurately reflect the intended implementation timeline. The correction was made on January 14, 2025.

The Consumer Financial Protection Bureau (CFPB) has issued a policy statement on No-Action Letters (NALs) aimed at promoting innovation and competition in consumer financial services while ensuring ethical standards and transparency. This policy outlines conditions under which companies can receive a No-Action Letter, which indicates that the CFPB will not take enforcement action against them for certain practices. It also includes safeguards to prevent abuses, such as not granting letters to companies with recent legal issues and not allowing firms to misrepresent their regulatory status. The policy is designed to foster improvements in consumer financial markets without favoring particular companies or compromising market competition.

The Consumer Financial Protection Bureau (CFPB) announced a virtual public meeting of the Consumer Advisory Board (CAB) to be held on February 11, 2025. This meeting is open to the public, and interested individuals must RSVP to attend. During the meeting, CAB will discuss policy matters related to the Bureau's regulatory agenda and consumer financial laws. The agenda will be available online one day before the meeting, and a recording will be posted on the CFPB's website after the event.

The Consumer Financial Protection Bureau (CFPB) has issued a final rule to adjust civil penalty amounts for inflation, fulfilling the requirements under the Federal Civil Penalties Inflation Adjustment Act. These adjustments ensure that penalties continue to serve as a deterrent and encourage compliance with the law. The new penalty amounts will take effect on January 15, 2025, and apply to violations occurring after November 2, 2015. This rulemaking process does not require public notice or comment due to its technical nature and statutory obligations.

The Consumer Financial Protection Bureau (CFPB) has issued a final rule aimed at protecting consumers in Property Assessed Clean Energy (PACE) financing, a program that lets property owners fund energy-efficient home improvements through tax assessments. This rule ensures that consumers' ability to repay is considered before PACE loans are approved and includes new disclosure requirements to help consumers better understand their financial obligations. The rule includes adjustments specific to PACE loans to address their unique nature and excludes PACE loans from qualifying as "qualified mortgages," which typically have regulatory protections. The changes are meant to standardize practices across states, improve consumer understanding, and ultimately prevent unaffordable loans that could lead to financial difficulties.

The Consumer Financial Protection Bureau (CFPB) is planning to propose a new rule aimed at helping victims of coerced debt, which often occurs in abusive relationships. This advance notice is seeking public input on changing the definitions of "identity theft" and "identity theft report" under Regulation V of the Fair Credit Reporting Act to cover these situations. The CFPB highlights how economic abuse, including coerced debt, significantly harms victims, especially those in abusive relationships, and is asking for comments on various aspects of how best to offer protections. Comments are due by March 7, 2025, and can be submitted through email or the CFPB's website.

The Bureau of Consumer Financial Protection issued a final rule revising Regulation F, which enforces the Fair Debt Collection Practices Act (FDCPA). This rule requires debt collectors to provide clear information to consumers at the start of collection efforts and prohibits legal action on outdated debts. It also establishes guidelines for reporting debts to consumer agencies only after contacting the consumer. The rule aims to protect consumer rights and prevent abusive debt collection practices.

The Consumer Financial Protection Bureau (CFPB) has updated the asset-size exemption threshold for banks, savings associations, and credit unions under the Home Mortgage Disclosure Act (HMDA) to $58 million for 2025, based on an average 2.9% increase in the Consumer Price Index. This change means that institutions with assets of $58 million or less as of December 31, 2024, will not have to collect certain data in 2025. The amendment, which eliminates the need for public comment due to its technical and non-discretionary nature, will take effect on January 1, 2025.

The Bureau of Consumer Financial Protection has adopted a final rule to clarify that supervisory guidance is not legally enforceable like laws or regulations. This rule, grounded in the 2018 Interagency Statement, ensures the Bureau will not take enforcement actions based on such guidance. The guidance serves as a tool to communicate expectations and improve industry understanding, but it does not create binding legal obligations. Some commenters supported the rule for providing clarity, while others expressed concerns about its impact on supervisory discretion.