Search Results for keywords:"Consumer Financial Protection Bureau"

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Search Results: keywords:"Consumer Financial Protection Bureau"

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  • 2025-02571 — Agency Information Collection Activities; Proposed Collection; Comment Request; Extension
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    Type:Notice
    Citation:90 FR 9549
    Reading Time:about 12 minutes

    The Federal Trade Commission (FTC) seeks public comments on its shared enforcement with the Consumer Financial Protection Bureau (CFPB) regarding consumer reporting agencies' responsibilities under a specific rule. This rule ensures consumers can request a free annual file disclosure from nationwide consumer reporting agencies. The FTC estimates that there will be about 21 million requests for these reports each year. The FTC is also asking for comments on the effectiveness and accuracy of these procedures and the potential ways to improve them. Comments must be submitted by April 14, 2025.

    Simple Explanation

    The FTC wants people to tell them if things are working well when getting free yearly credit reports from big companies that share your credit information, as they work with another group called the CFPB. They also want to know if there are ways to make this process better.

  • 2024-28690 — Protecting Americans From Harmful Data Broker Practices (Regulation V)
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    Type:Proposed Rule
    Citation:89 FR 101402
    Reading Time:about 5 hours

    The Consumer Financial Protection Bureau (CFPB) has proposed a rule to amend Regulation V, which implements the Fair Credit Reporting Act (FCRA). This proposal aims to better regulate data brokers by clearly defining when they are considered consumer reporting agencies under the law, especially concerning sensitive personal information that could affect credit eligibility. Key aspects include ensuring consumer reports are only used for permissible purposes and preventing misuse of aggregated or de-identified data. The rule also seeks public input on these changes to enhance privacy protections and address evolving market dynamics.

    Simple Explanation

    The government wants to make sure that companies handling people's information, like data brokers, follow rules to keep it safe and only use it for the right reasons. They’re asking people what they think about new rules that will help protect personal information from being used in ways that aren't fair or allowed.

  • 2025-01761 — Combined Community Bank Advisory Council and Credit Union Advisory Council Meeting
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    Type:Notice
    Citation:90 FR 8200
    Reading Time:about 2 minutes

    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.

    Simple Explanation

    The people who help make rules for banks and credit unions are having a meeting on February 12, 2025, and everyone can watch it on the internet. They will talk about plans for the future, and anyone can sign up to join or send in their thoughts before the meeting.

  • 2024-30988 — Consumer Financial Protection Circular 2024-07: Design, Marketing, and Administration of Credit Card Rewards Programs
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    Type:Rule
    Citation:89 FR 106277
    Reading Time:about 36 minutes

    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.

    Simple Explanation

    The CFPB says that companies giving credit card rewards shouldn't make it tricky for people to use their rewards, because that's unfair and sneaky. They want to make sure that people get what they were promised when they save up points.

  • 2024-27553 — Truth in Lending (Regulation Z) Annual Threshold Adjustments (Credit Cards, HOEPA, and Qualified Mortgages)
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    Type:Rule
    Citation:89 FR 95080
    Reading Time:about 37 minutes

    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.

    Simple Explanation

    The government made changes to a rule that helps people understand how much money they'll pay when borrowing money. These changes are done every year to make sure the rules match the current prices and costs of living.

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