Search Results for agency_names:"Consumer Financial Protection Bureau"

The Consumer Financial Protection Bureau (CFPB) is inviting public comments on the consumer credit card market as part of their regular review mandated by the Credit Card Accountability Responsibility and Disclosure Act of 2009. The CFPB is particularly interested in insights on topics like credit card agreements, the effectiveness of disclosures, changes in the market, and innovations in credit card products. The public has until April 17, 2025, to submit their feedback, which will contribute to the CFPB’s ongoing analysis and reports on the state of the consumer credit card market.

The Consumer Financial Protection Bureau (CFPB) is seeking public comments on a new survey titled "Auto Loan Survey." This survey aims to gather information on consumers' experiences with auto loans, including vehicle selection, loan financing, major vehicle expenses, and loan issues. The survey will collect data from about 23,000 participants to provide insights into consumer behavior and improve understanding of the auto financing market. Comments can be submitted by various methods, including the Federal eRulemaking Portal and email, until March 18, 2025.

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) is inviting public comments regarding their request to extend approval from the Office of Management and Budget (OMB) for an ongoing information collection project. This project, approved under OMB Control Number 3170-0024, gathers qualitative feedback from consumers and stakeholders to enhance the CFPB's service delivery. Comments are requested on whether this information collection is useful, the accuracy of estimated burdens, and ways to improve the data quality. All comments received by March 18, 2025, will be part of the public record.

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 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.

On December 13, 2024, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule to amend Regulation V, which is tied to the Fair Credit Reporting Act (FCRA). This proposed rule seeks to clarify the definitions of "consumer report" and "consumer reporting agency" and lays out guidelines for when consumer reports can be given to agencies and businesses. Originally, the comment period was set to end on March 3, 2025, but it has been extended to April 2, 2025, to give people more time to provide feedback. Comments can be submitted through various channels, including an online portal, email, and mail.

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) 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 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.