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 (CFPB) has released the 36th edition of its Supervisory Highlights, focusing on significant findings in the student loan market. It highlights issues such as deceptive practices by private lenders that misled borrowers about losing federal loan benefits when refinancing, unfair denial of benefits like disability discharges, and misleading information about autopay discounts. The report also examines improper loan collection tactics and the handling of federal student loan services during the COVID-19 pandemic repayment pause, pointing out issues like long call wait times and inaccurate billing statements. The CFPB is calling for corrective actions to protect consumers and ensure fair practices.

The Bureau of Consumer Financial Protection issued a final rule to adjust civil penalties for inflation, as mandated by several federal acts. These adjustments are meant to maintain the effectiveness of penalties in promoting compliance with the law. The changes are technical and non-discretionary, following a statutory method, and they apply to penalties assessed from January 15, 2021, for violations occurring on or after November 2, 2015. The rule does not require a public comment process due to its technical nature.

The Consumer Financial Protection Bureau (CFPB) has finalized a rule that changes Regulation V of the Fair Credit Reporting Act (FCRA) to protect medical information in credit decisions. Previously, there was an exception allowing creditors to use medical debt information when deciding if someone qualifies for credit. With this new rule, creditors cannot use this information unless specific exceptions apply, and consumer reporting agencies are limited in what medical debt information they can share with creditors. This change aims to safeguard consumers' privacy and ensure medical information isn't wrongly used. The rule will become effective on March 17, 2024.

The Consumer Financial Protection Bureau (CFPB) issued a circular addressing whether credit card issuers or their partners can violate the law by lowering the value of rewards or making it hard for consumers to redeem them. According to the CFPB, such actions might be unfair, deceptive, or abusive, especially if rewards are reduced, canceled, or denied due to unclear conditions. The circular also warns that technical issues affecting the redemption of rewards could be considered unlawful. This guidance aims to ensure that financial practices are fair and transparent for consumers.

The Consumer Financial Protection Bureau (CFPB) has announced changes to its Regulation Z, affecting the criteria exempting certain creditors from the need to create escrow accounts for higher-priced mortgage loans. The asset-size threshold for this exemption is now set at $2.717 billion for regular creditors and $12.179 billion for certain smaller banks and credit unions. These adjustments, effective from January 1, 2025, are based on changes in the Consumer Price Index, and the rule aims to update the thresholds accordingly for institutions.

The Consumer Financial Protection Bureau (CFPB) has issued a final rule to identify larger participants in the market for digital consumer payment apps, like digital wallets and payment apps used for personal payments. A nonbank must manage at least 50 million transactions annually and not be a small business to qualify as a larger participant and fall under CFPB supervision. This new rule, effective January 9, 2025, will not add new consumer protection obligations but will help the CFPB monitor compliance with federal consumer financial laws and assess risks to consumers. The rule follows a public comment phase and consultation with other federal agencies.

The Consumer Financial Protection Bureau (CFPB) is proposing a new rule to prevent the use of unfair terms in contracts for consumer financial products, such as credit cards and loans. This proposal aims to stop businesses from including terms that waive consumers' legal rights, allow companies to unilaterally change contracts, or prevent consumers from expressing their opinions about the services. Additionally, the rule will officially codify prohibitions from an existing Federal Trade Commission rule that limits certain unfair credit practices. The CFPB is inviting public comments on these proposed changes until April 1, 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) has finalized changes to the regulation known as Regulation Z, which enforces the Truth in Lending Act (TILA). These updates adjust the dollar amounts tied to several loan thresholds, including those for high-cost mortgages, qualified mortgages, and credit card interest disclosures. The adjustments are based on the 3.4% increase in the Consumer Price Index (CPI) from April 2023 to April 2024 and will take effect on January 1, 2025. The changes ensure that the thresholds reflect current economic conditions, making it easier for consumers to understand loan costs and requirements.