Search Results for keywords:"Consumer Financial Protection Bureau"

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 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 Department of Housing and Urban Development (HUD) has announced an adjustment to the Basic Statutory Mortgage Limits for its Multifamily Housing Programs. This change, effective January 1, 2025, reflects a 3.4% increase based on the Consumer Price Index for All Urban Consumers. The adjusted mortgage limits apply to FHA multifamily mortgage insurance applications submitted on or after this date. This adjustment does not require environmental review as it does not affect the physical state of project areas.

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 Bureau of Consumer Financial Protection issued a statement to encourage financial institutions to better serve consumers who have limited English proficiency. This statement offers guidelines to help these institutions comply with existing laws like the Dodd-Frank Act and the Equal Credit Opportunity Act while expanding their services to non-English speakers. The Bureau emphasizes the importance of providing access to financial products and ensuring fairness and compliance without engaging in deception or discrimination. Approximately 67.8 million people in the U.S. speak a language other than English at home, highlighting the need for financial services that are accessible in multiple languages.

The Consumer Financial Protection Bureau (CFPB) is proposing a new interpretive rule to help companies and investors understand existing rules around electronic fund transfers (EFTs) as people use new ways to transfer money for personal purposes. This rule stems from growing interest in products like stablecoins and virtual currencies, which are gaining use in non-traditional payment systems. The goal is to ensure consumer rights and liabilities under the Electronic Fund Transfer Act (EFTA) are clear and consistently applied, preventing confusion and competitive disadvantages among service providers. They seek public feedback on this proposal by March 31, 2025.

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) is inviting credit card issuers to voluntarily submit data on credit card prices and availability. This information can be provided through the CFPB's Terms of Credit Card Plans (TCCP) Survey, which aims to improve transparency and help consumers compare credit card offers. The initiative seeks to create competition and empower consumers to make informed choices, with the ultimate goal of updating the TCCP Survey to enhance its usefulness for the public. Credit card issuers can begin participating by visiting the provided CFPB website.

The National Credit Union Administration (NCUA) plans to submit an information collection request to the Office of Management and Budget (OMB) for review, as specified by the Paperwork Reduction Act of 1995. This request involves standards under the Fair Credit Reporting Act (FCRA), which sets guidelines for handling consumer credit information. Certain FCRA provisions have been adapted by the Consumer Financial Protection Bureau (CFPB), while others, such as those related to identity theft and card issuer duties, remain under NCUA's jurisdiction. The public is invited to provide comments by March 29, 2021.

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.