CFPB

CFPB
Banking Sector Seeks More Time on CFPB Open Banking Rule
July 17, 2024

The banking industry wants more time to comply with a new rule governing consumer financial data. The open banking regulation in question is the Consumer Financial Protection Bureau (CFPB)’s “Proposed Required Rulemaking on Personal Financial Data Rights,” which is designed to implement section 1033 of...

CFPB
CFPB Proposes Rule Requiring Mortgage Servicers to Help Struggling Homeowners
July 10, 2024

The Consumer Financial Protection Bureau (CFPB) aims to require mortgage servicers to do more to help struggling homeowners before foreclosing. The regulator issued a proposed rule on this issue Wednesday (July 10) and will accept public comment on it until Sept. 9, the CFPB said...

CFPB
CFPB Finds Failures in Loan Collection and Medical Credit Cards
July 02, 2024

The companies collecting Americans’ student loans, auto loans and medical payments have some work to do. That’s according to a report issued Tuesday (July 2) by the Consumer Financial Protection Bureau (CFPB), which found numerous failures in student and auto loan servicing, deceptive and abusive debt collection practices, and...

CFPB
Following Court Orders, CFPB Extends Small Business Lending Rule Deadlines
June 25, 2024

The Consumer Financial Protection Bureau (CFPB) has extended the compliance dates for its small business lending rule pursuant to court orders. A federal court in Texas stayed the rule last year, pending a Supreme Court decision that was handed down in May, and required the CFPB to...

CFPB
CFPB Targets Medical Debt — That Could Increase the Cost of Healthcare
June 24, 2024

The Consumer Financial Protection Bureau’s (CFPB) rules that seek to remove medical debt from credit reports and cap card late fees are proving wildly popular with the general public. But there may be unintended consequences — upending the ways in which providers and patients interact...

CFPB
At Senate Hearing, CFPB’s Chopra Warns of ‘Financial Surveillance’
June 12, 2024

Consumer Financial Protection Bureau Director Rohit Chopra took note during his Wednesday appearance before the Senate Banking Committee that companies including PayPal and JPMorgan are monetizing customers’ financial data — warning the country is moving toward an age of “financial surveillance.” The focus of the...

CFPB
McHenry Says CFPB Proposal Would ‘Severely Impair’ Credit Report Accuracy
June 11, 2024

House Financial Services Committee (HFSC) Chairman Patrick McHenry, R-N.C., condemned a proposed rule announced Tuesday (June 11) by the Consumer Financial Protection Bureau (CFPB), saying it would upend the American credit and healthcare systems. McHenry’s statement came in response to the CFPB’s announcement that with...

CFPB
CFPB Issues Proposed Rule Banning Medical Bills From Credit Reports
June 11, 2024

The Consumer Financial Protection Bureau (CFPB) has issued a proposed rule that would ban medical bills from credit reports. The proposed rule would stop credit reporting companies from sharing medical debts with lenders and would prohibit lenders from using medical information to make lending decisions, the agency...

CFPB
Are Fireworks Ahead as CFPB Director Testifies on Capitol Hill?
June 10, 2024

Consumer Financial Protection Bureau Director Rohit Chopra is set to testify on Capitol Hill this week. He is scheduled to appear before the Senate Banking Committee Wednesday (June 12) and the House Financial Services Committee Thursday (June 13) to present “The Semi-Annual Report of the...