The bureau seeks to weed out one-sided terms and conditions included in contracts that consumers sign when purchasing a product or signing up for a service from a nonbank. House Financial Services Committee Chair Patrick McHenry, R-NC, slammed the proposal.
Complaints filed with the CFPB by military personnel about identity theft have increased from 234 in 2014 to 1,124 in 2022. Steady income and frequent relocation make servicemembers easy targets.
Electronic Fund Transfer Act protections apply to prepaid card accounts loaded with government benefits, according to an amicus brief filed by the CFPB in a lawsuit against Bank of America.
COO held liable for fraud scheme; companies offering negative option subscriptions on alert; NY law firm settles with CFPB; court says CFPB enforcement authority extends to scholarship assistance marketing.
The CFPB’s latest regulatory agenda includes some pending priorities and some new ones. Two of the new items would require nonbanks to register with the bureau.
The bureau and the New York Office of the Attorney General are suing Michigan-based auto lender Credit Acceptance Corp. over violations of federal and state consumer protection laws.
The CFPB is facing criticism from attorneys over its unusually late issuance of annually updated thresholds in Regulation Z’s provisions implementing various laws and rules.
During recent congressional hearings, CFPB Director Rohit Chopra said the bureau is weighing whether to issue more credit reporting rules under the Fair Credit Reporting Act.
State AGs weigh in on CFPB’s Supreme Court appeal; HMDA filing period opens; Community Reinvestment Act thresholds updated; CFPB asks for dismissal of UDAAP lawsuit; CFPB, FTC argue furnishers must investigate legal disputes; bureau penalizes remittances provider.
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