Search Results for keywords:"Consumer Financial Protection Bureau"

The Consumer Financial Protection Bureau (CFPB) is seeking approval from the Office of Management and Budget (OMB) for a new information collection called "Survey Screening Questions." This collection aims to gather data from individuals to help the CFPB better understand financial issues faced by the American public and improve their services. The public is invited to submit comments by January 3, 2025, providing feedback on the necessity, utility, and clarity of the questionnaire as well as suggestions to reduce respondents' burden. The CFPB anticipates about 50,000 responses, accumulating a total annual burden of 12,500 hours.

The Consumer Financial Protection Bureau (CFPB) is seeking public comments on their request to extend the existing information collection related to the Electronic Fund Transfer Act (Regulation E). This rule ensures that consumers receive clear information about electronic fund transfers and their rights. People have until May 9, 2025, to share their opinions. This effort is meant to evaluate whether the information collection is necessary and how it can be improved while minimizing the burden on respondents.

The Bureau of Consumer Financial Protection issued a correction to a previously published rule regarding the definition of a Qualified Mortgage under the Truth in Lending Act, which appeared in the Federal Register on December 29, 2020. The correction fixes a minor error in the wording of an amendatory instruction related to the regulation that guides mortgage definitions. The change will become effective on March 1, 2021. For further details, individuals can contact Amanda Quester at the Bureau of Consumer Financial Protection.

The Board of Governors of the Federal Reserve System has agreed to continue, for three more years, the existing disclosure requirements related to the Consumer Financial Protection Bureau's Regulation DD, without making any changes. These requirements involve financial institutions providing specific account information, including fees and terms, to help consumers make informed decisions when comparing deposit accounts. Though the Board requested public comment on this extension, only one comment was received, which did not pertain to the matter at hand. The Board officially adopted this extension as initially proposed.

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 Bureau of Consumer Financial Protection (CFPB) has established a new system of records called the CFPB.029, Public Health and Safety System. This system, created under the Privacy Act of 1974, is designed to collect and manage information necessary for maintaining a safe and healthy environment during public health emergencies, like pandemics or other incidents. It will include data from individuals who access CFPB facilities or events to trace possible exposures to pathogens or hazardous materials. This system aims to protect all those at CFPB locations and to ensure compliance with relevant health and safety laws and regulations.

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) 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) plans to eliminate the "CFPB.003 Non-Depository Institution Supervision Database" system of records. This system's records have been incorporated into the modified "CFPB.002 Supervision and Examination Records" to create a single system for supervisory information. The change aligns with the Privacy Act of 1974 and Office of Management and Budget guidelines, streamlining records management. Public comments on this proposal are accepted until February 3, 2025, with the rescindment set to take effect on February 12, 2025, barring any contrary comments.

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.