Search Results for keywords:"Consumer Financial Protection Bureau"

The Board of Governors of the Federal Reserve System is updating a system of records known as BGFRS/OIG-1, "FRB—OIG Investigative Records." These records are maintained by the Office of Inspector General (OIG) and are used for investigations related to the Board's and the Consumer Financial Protection Bureau's (CFPB) programs. Changes include adding new types of records like video and audio recordings to comply with an executive order and updating access controls and retention policies. The modifications aim to improve oversight, transparency, and cooperation with other federal, state, or local agencies.

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 The rescinded opinion was officially effective as of January 15, 2025.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 has amended Regulation Z, which implements the Truth in Lending Act, to introduce a new exemption so certain depository institutions and credit unions no longer need to create escrow accounts for higher-priced mortgage loans. To qualify for this exemption, institutions must have assets of $10 billion or less and fewer than 1,000 such loans from the previous year, and meet other criteria like operating in rural or underserved areas. The final rule, effective February 17, 2021, aims to reduce regulatory burdens on smaller institutions while maintaining consumer protection standards.

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.