Search Results for agency_names:"Consumer Financial Protection Bureau"

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) 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 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collectors to provide clear information to consumers at the start of collection efforts and prohibits legal action on outdated debts.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 Bureau of Consumer Financial Protection has issued an Advisory Opinion to clarify rules under Regulation B of the Equal Credit Opportunity Act regarding special purpose credit programs. This opinion provides guidance to for-profit organizations on how to develop credit programs that serve specific social needs and explains what information must be included in programs' written plans. It aims to address regulatory uncertainties and encourage financial institutions to create programs that improve credit access for disadvantaged groups. The Advisory Opinion became effective on January 15, 2021.

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.

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 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 published its 37th edition of Supervisory Highlights, which outlines recent findings from examinations of financial institutions completed in 2024. The report highlights unfair practices in the areas of deposits, such as unauthorized overdraft and non-sufficient funds fees, and issues with credit reporting related to identity theft and dispute investigations. It also discusses problems with short-term lending, including misleading loan terms and denial of credit under unfair conditions. The document emphasizes the importance of accurate information and consumer protection in financial services, noting efforts to correct violations and implement safeguards.

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 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.