Search Results for agency_names:"Consumer Financial Protection Bureau"

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) 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 updated regulations for overdraft credit offered by very large financial institutions, such as banks and credit unions with more than $10 billion in assets. This new rule ensures that these institutions adhere to consumer protection laws that apply to other credit products, unless the overdraft fee is only meant to cover the costs incurred. By doing this, consumers will have better information to compare different credit options, making it easier for them to make informed decisions. The rule takes effect on October 1, 2025, and does not yet apply to smaller institutions, as the impact on the market will be assessed first.

The Consumer Financial Protection Bureau (CFPB) announced a public meeting for the Community Bank Advisory Council and the Credit Union Advisory Council, scheduled for February 12, 2025. This virtual meeting is open to the public and will discuss policy matters such as the Bureau's Unified Regulatory Agenda. Members of the public are encouraged to RSVP and may submit written comments in advance. The agenda and meeting details will be available on the CFPB's website, and a recording of the meeting will be posted afterward.

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 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.

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 Consumer Financial Protection Bureau (CFPB) has assessed that its proposed rule to implement consumer protections for Property Assessed Clean Energy (PACE) financing will not have a significant impact on the environment. PACE loans help finance home improvements like solar panels and energy efficiency projects. The proposed rule would require lenders to ensure borrowers can repay these loans, potentially reducing the number of loans issued. While some argue this could limit environmental benefits from such projects, the CFPB found the rule's effect on the environment would be minimal and does not necessitate a more extensive environmental review.

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 issued a policy statement introducing the Compliance Assistance Sandbox (CAS) program. This initiative aims to facilitate innovation while ensuring ethical standards, transparency, and competition in consumer financial markets. The CAS program offers companies "Approvals" that provide a safe harbor under federal consumer financial laws if they comply with specified terms. To receive these Approvals, companies must demonstrate that their products solve unmet consumer needs and adhere to strict conditions to prevent market manipulation and maintain fairness.