Newsroom

On January 14, 2022, the Consumer Financial Protection Bureau announced it has settled a lawsuit filed by the National Association of Consumer Advocates, U.S. Public Interest Research Group, and Professor Kathleen Engel. The lawsuit alleged that the Taskforce on Federal Consumer Financial Law did not comply with the Federal Advisory Committee Act.

The Consumer Financial Protection Bureau (CFPB) today released a bulletin reminding debt collectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers from certain unexpected medical bills.

The debt collection company and its owners knowingly used third-party collectors that engaged in unlawful and deceptive tactics.

A new analysis by the Consumer Financial Protection Bureau (CFPB) reveals how changes in complaint responses provided by nationwide consumer reporting companies resulted in fewer meaningful responses and less consumer relief. In 2021, Equifax, Experian, and TransUnion together reported relief in response to less than 2% of covered complaints, down from nearly 25% of covered complaints in 2019.

Today, the Consumer Financial Protection Bureau (CFPB) announced that LendUp Loans has agreed to halt making any new loans and collecting on certain outstanding loans, as well as to pay a penalty, to resolve a September 2021 lawsuit alleging that it continued to engage in illegal and deceptive marketing in violation of a 2016 CFPB order. The lawsuit also accuses LendUp of violating fair lending regulations.

The Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) issued two joint letters today regarding important legal housing protections for military families.

Today, the Consumer Financial Protection Bureau (CFPB) took action against Access Funding and two executives for steering consumers considering signing away future structured settlement payments for lump sum payments to receive “independent advice” from an attorney, Charles Smith, who was paid directly by Access Funding, and indicating to consumers that the transactions required very little scrutiny.

Today the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit.

The Consumer Financial Protection Bureau (CFPB) today issued a Supervisory Highlights report, which shines a light on legal violations identified by the CFPB’s examinations in the first half of 2021. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in the first half of 2021.

The Consumer Financial Protection Bureau (CFPB) today finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022.

Banks continue to rely heavily on overdraft and non-sufficient fee (NSF) revenue, which reached an estimated $15.47 billion in 2019, according to research released today by the Consumer Financial Protection Bureau (CFPB).

The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2022 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $27,200 to $28,500.

The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2022 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).

The Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) to seek input on rules implementing the Home Mortgage Disclosure Act (HMDA). The CFPB plans to review recent changes to the rule and evaluate their effectiveness.

The Consumer Financial Protection Bureau (CFPB) today filed a lawsuit in a Texas federal district court against FirstCash, Inc. and Cash America West, Inc. The CFPB alleges that the two companies violated the Military Lending Act (MLA) by charging higher than the allowable 36% annual percentage rate on pawn loans to active-duty servicemembers and their dependents.

Today, the Consumer Financial Protection Bureau (CFPB), jointly with other government agencies, announced a return to enforcement of critical protections for families and homeowners.

The CFPB today issued an advisory opinion affirming that consumer reporting companies, including tenant and employment screening companies, are violating the law if they engage in shoddy name-matching procedures.

The Consumer Financial Protection Bureau (CFPB) today released research finding that consumers in majority Black and Hispanic neighborhoods, as well as younger consumers and those with low credit scores, are far more likely to have disputes appear on their credit reports.

On October 29, 2021, the Consumer Financial Protection Bureau announced leadership changes within the Bureau.

The Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ), in cooperation with the Office of the Comptroller of the Currency (OCC), took action today to put an end to alleged redlining by Trustmark National Bank.

Today, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to collect information on the business practices of large technology companies operating payments systems in the United States. The information will help the CFPB better understand how these firms use personal payments data and manage data access to users so the Bureau can ensure adequate consumer protection.

The Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies and state bank and credit union regulators today in issuing a statement highlighting the risks posed by the discontinuation of LIBOR (originally an acronym for London Interbank Offered Rate).

The Consumer Financial Protection Bureau (CFPB) today took action against the prison financial services company JPay for violating the Consumer Financial Protection Act by charging consumers fees to access their own money on prepaid debit cards that consumers were forced to use.

Today the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC) and North Carolina Department of Justice filed an amicus brief in support of the consumer plaintiffs in Henderson v. The Source for Public Data, L.P.

The Consumer Financial Protection Bureau (CFPB) today announced leadership changes within the Bureau. The positions being announced today are: Deputy Director; Associate Director for Consumer Education & External Affairs; Chief of Staff; and Chief Technologist.