On January 5, 2021, the Consumer Financial Protection Bureau Taskforce on Federal Consumer Financial Law released a report with recommendations on how to improve consumer protection in the financial marketplace.
Director Kathy Kraninger's remarks on the release of the Taskforce on Federal Consumer Financial Law’s report and recommendations on improving consumer protection.
On December 30, 2020, the Consumer Financial Protection Bureau issued a consent order against Omni Financial of Nevada, Inc.
On December 30, 2020, the Consumer Financial Protection Bureau issued a compliance assistance sandbox approval order to PayActiv regarding specific aspects of some of its earned wage access products.
On December 30, 2020, the Consumer Financial Protection Bureau issued a compliance assistance sandbox approval order to Synchrony regarding their proposal to develop a “dual-feature credit card.”
On December 22, 2020, the Consumer Financial Protection Bureau issued a consent order against Discover Bank, The Student Loan Corporation, and Discover Products, Inc. based on violations of a prior Bureau order, the Electronic Fund Transfer Act, and the Consumer Financial Protection Act of 2010.
On December 22, 2020, the Consumer Financial Protection Bureau issued a consent order against Santander Consumer USA Inc. to address the Bureau’s finding that it violated the Fair Credit Reporting Act.
On December 21, 2020, the Consumer Financial Protection Bureau announced the addition of a Deputy Chief of Staff and an Assistant Director for the Office of Innovation.
On December 21, 2020, the Consumer Financial Protection Bureau announced a settlement with Envios de Valores La Nacional based on the finding that La Nacional violated the Electronic Fund Transfer Act and the Remittance Transfer Rule.
On December 21, 2020, the Consumer Financial Protection Bureau issued an advisory opinion to address regulatory uncertainty regarding Regulation B, which implements the Equal Credit Opportunity Act, as it applies to certain aspects of special purpose credit programs.
On December 18, 2020, the Consumer Financial Protection Bureau issued a final rule to implement Fair Debt Collection Practices Act (FDCPA) requirements regarding certain disclosures for consumers.
On December 18, 2020, the Consumer Financial Protection Bureau issued a consent order against Seterus, Inc. and Kyanite Services, Inc., as Seterus’s successor in interest, based on the Bureau’s finding that Seterus violated the Consumer Financial Protection Act of 2010 and Regulation X.
On December 15, 2020, the Consumer Financial Protection Bureau released a panel report as part of its rulemaking process under Dodd-Frank Act Section 1071 governing the collection and reporting of small business lending data.
On December 11, 2020, Consumer Financial Protection Bureau Director Kathleen L. Kraninger made a statement regarding her second-year anniversary leading the Bureau.
On December 11, 2020, the Consumer Financial Protection Bureau and the Arkansas Attorney General settled with Alder Holdings, LLC, resolving their allegations that Alder failed to provide proper notices under the Fair Credit Reporting Act.
On December 10, 2020, the Consumer Financial Protection Bureau issued final rules related to qualified mortgage (QM) loans.
On December 9, 2020, the Consumer Financial Protection Bureau filed a lawsuit against BounceBack, Inc. for allegedly engaging in deceptive and otherwise unlawful debt collection acts or practices.
On December 8, 2020, the Consumer Financial Protection Bureau issued a consent order against RAB Performance Recoveries, LLC for threatening to sue and suing consumers to collect debts where it did not have a legally required license to do so.
On December 7, 2020, the Consumer Financial Protection Bureau (Bureau) filed a complaint and proposed stipulated judgment and order against Nationstar Mortgage, LLC, which does business as Mr. Cooper (Nationstar).
On December 4, 2020, the Consumer Financial Protection Bureau filed a lawsuit against LendUp Loans, LLC alleging that LendUp violated the Military Lending Act (MLA) in connection with its extensions of credit.
On December 1, 2020, the Consumer Financial Protection Bureau filed a lawsuit against DMB Financial, LLC alleging violations of the Telemarketing Sales Rule and the Consumer Financial Protection Act of 2010 in connection with its debt-settlement and debt-relief services.
On November 30, 2020, the Consumer Financial Protection Bureau announced additions to its executive team.
The Consumer Financial Protection Bureau granted a no-action letter to Upstart Network, Inc., regarding its automated model for underwriting and pricing applicants for unsecured, closed-end loans.
On November 30, 2020, the Consumer Financial Protection Bureau issued its final Advisory Opinions Policy to publicly address regulatory uncertainty in the Bureau’s existing regulations and provide guidance to entities on outstanding regulatory uncertainty.
On November 25, 2020, the Consumer Financial Protection Bureau launched a refresh of its public website, consumerfinance.gov. The updated website will feature additional user functionality, an improved layout, more content, and easier access to information.
