Search Results for keywords:"Consumer Financial Protection Bureau"

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) is asking the public for feedback on how companies that provide financial services handle consumers' personal financial data. They want to understand how these companies collect, use, and share data from consumer payments. The information collected will help CFPB make decisions on whether to update regulations to better protect consumer privacy. Anyone interested can share their thoughts, and CFPB particularly wants to hear from consumers, advocates, researchers, and businesses by April 11, 2025.

The Consumer Financial Protection Bureau (CFPB) has decided to withdraw a proposed rule that aimed to stop banks and financial institutions from charging certain non-sufficient funds (NSF) fees, like those for declined debit card purchases and ATM withdrawals. The CFPB plans to take a broader look at how to protect consumers from these fees across various transaction types. This decision was made after receiving public feedback, which highlighted potential issues with other types of transactions not initially covered by the rule. The Bureau is now considering whether a wider rule could better address abusive fee practices.

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 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 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 (CFPB) has issued an advisory opinion that revokes a previous opinion from November 2020 regarding earned wage products. The 2020 opinion had stated that certain earned wage access programs did not qualify as "credit" under the Truth in Lending Act and Regulation Z, but the CFPB found this analysis flawed and contributing to confusion in the financial market. The Bureau concluded that the 2020 opinion failed to provide clarity, as few products actually met its criteria, leading to widespread misunderstanding about the classification of such products. The rescinded opinion was officially effective as of January 15, 2025.

The Consumer Financial Protection Bureau issued a correction to a previously published rule concerning the use of medical information by creditors and consumer reporting agencies. The correction changes the date mentioned in the DATES section from "March 17, 2024" to "March 17, 2025". This change was necessary to accurately reflect the intended implementation timeline. The correction was made on January 14, 2025.

The Consumer Financial Protection Bureau (CFPB) is seeking approval from the Office of Management and Budget (OMB) for a new information collection called "Survey Screening Questions." This collection aims to gather data from individuals to help the CFPB better understand financial issues faced by the American public and improve their services. The public is invited to submit comments by January 3, 2025, providing feedback on the necessity, utility, and clarity of the questionnaire as well as suggestions to reduce respondents' burden. The CFPB anticipates about 50,000 responses, accumulating a total annual burden of 12,500 hours.