Banking trade groups panned the rule as unnecessary and damaging to credit card issuers, especially smaller banks and credit unions. Michigan Democrat Rep. Rashida Tlaib has expressed “strong support” for the proposed rule.

The policy statement outlining prohibition on abusive acts and practices subjectively expands the bureau’s authority and could impact conduct permitted by safe harbors in federal consumer protection laws, according to industry attorneys.

Rep. Patrick McHenry, R-NC, has threatened to use the Congressional Review Act to prevent implementation of the CFPB’s new reporting requirements on small business lending.

The Equal Credit Opportunity Act includes an affirmative obligation to continually search for whether any adverse impacts from a model can be mitigated by a less discriminatory alternative.

The proposal is an attempt by the CFPB to circumvent the limits of its authority with respect to arbitration agreements, said trade groups.

CFPB Director Rohit Chopra said a push in 2018 to reduce regulations on banks contributed to the collapse of Silicon Valley Bank.

The CFPB released a final rule implementing Dodd-Frank Act Section 1071, which requires financial institutions to collect and report data on their small business lending activities.

In a special edition supervisory highlights report, the CFPB revealed old and new ways in which mortgage servicers are attempting to collect unlawful fees from borrowers.

Guilty plea on non-QM program; HUD restores discriminatory effects rule; new CRA rule soon; NY servicer must repay pandemic relief it didn’t issue; CFPB to redefine earned wage access products; mortgage broker indicted for tax fraud; CFPB reviewing MLO rules.

Appellate courts are rejecting older interpretations of the Fair Credit Reporting Act and Fair Debt Collection Practices Act, while the CFPB is pushing its own readings of them through guidance.