Search Results for agency_names:"Consumer Financial Protection Bureau"

The Consumer Financial Protection Bureau (CFPB) has proposed a rule to amend Regulation V, which implements the Fair Credit Reporting Act (FCRA). This proposal aims to better regulate data brokers by clearly defining when they are considered consumer reporting agencies under the law, especially concerning sensitive personal information that could affect credit eligibility. Key aspects include ensuring consumer reports are only used for permissible purposes and preventing misuse of aggregated or de-identified data. The rule also seeks public input on these changes to enhance privacy protections and address evolving market dynamics.

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.

The Bureau of Consumer Financial Protection released a public statement about the compliance dates for two mortgage rules: the General Qualified Mortgage (QM) Final Rule and the Seasoned QM Final Rule. Both rules regarding the definition of qualified mortgages took effect on March 1, 2021, but the mandatory compliance date for the General QM Final Rule is set for July 1, 2021. The Bureau is considering revisiting the Seasoned QM Final Rule and may delay the mandatory compliance date for the General QM Final Rule. They also intend to propose a rule that might allow lenders to use either the current or revised General QM loan definition until a new compliance date, with the Temporary GSE QM loan definition remaining effective until then.

The Consumer Financial Protection Bureau (CFPB) is extending the comment period for a proposal regarding changes to how identity theft and coerced debt are reported to credit bureaus. Initially set to end on March 7, 2025, the period will now close on April 7, 2025, to give people more time to provide their feedback. This proposal involves updating definitions within Regulation V, which backs up the Fair Credit Reporting Act, to better tackle issues of coerced debt. People are encouraged to submit their comments quickly, preferably online, to avoid mail delays.

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.

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 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 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 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) has assessed that its proposed rule to implement consumer protections for Property Assessed Clean Energy (PACE) financing will not have a significant impact on the environment. PACE loans help finance home improvements like solar panels and energy efficiency projects. The proposed rule would require lenders to ensure borrowers can repay these loans, potentially reducing the number of loans issued. While some argue this could limit environmental benefits from such projects, the CFPB found the rule's effect on the environment would be minimal and does not necessitate a more extensive environmental review.