Search Results for agency_names:"Consumer Financial Protection Bureau"

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) plans to eliminate the "CFPB.003 Non-Depository Institution Supervision Database" system of records. This system's records have been incorporated into the modified "CFPB.002 Supervision and Examination Records" to create a single system for supervisory information. The change aligns with the Privacy Act of 1974 and Office of Management and Budget guidelines, streamlining records management. Public comments on this proposal are accepted until February 3, 2025, with the rescindment set to take effect on February 12, 2025, barring any contrary comments.

The Consumer Financial Protection Bureau (CFPB) is seeking public comments on their request to extend the existing information collection related to the Electronic Fund Transfer Act (Regulation E). This rule ensures that consumers receive clear information about electronic fund transfers and their rights. People have until May 9, 2025, to share their opinions. This effort is meant to evaluate whether the information collection is necessary and how it can be improved while minimizing the burden on respondents.

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) 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 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 (CFPB) has issued a final rule to adjust civil penalty amounts for inflation, fulfilling the requirements under the Federal Civil Penalties Inflation Adjustment Act. These adjustments ensure that penalties continue to serve as a deterrent and encourage compliance with the law. The new penalty amounts will take effect on January 15, 2025, and apply to violations occurring after November 2, 2015. This rulemaking process does not require public notice or comment due to its technical nature and statutory obligations.

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.

The Consumer Financial Protection Bureau (CFPB) announced a virtual public meeting of the Consumer Advisory Board (CAB) to be held on February 11, 2025. This meeting is open to the public, and interested individuals must RSVP to attend. During the meeting, CAB will discuss policy matters related to the Bureau's regulatory agenda and consumer financial laws. The agenda will be available online one day before the meeting, and a recording will be posted on the CFPB's website after the event.

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.