CFPB issues FAQs on buy now pay later products; CFPB provides new guidance on overdraft fees; CFPB sues credit card issuer; CFPB fines TD Bank for misreporting consumer information.
The CFPB claimed NewDay lured VA borrowers into cash-out refi mortgages by hiding the true costs of the loans. The lender agreed to a consent order without admitting any wrongdoing, adding that the “outcome highlights an environment of regulatory overreach.”
A Texas district court affirmed the CFPB has authority to issue the upcoming small-business lending data collection rule. The court, however, didn’t express an opinion on the wisdom of the rule.
Groups representing the farm credit industry claim the CFPB’s small-business lending data collection rule is invalid as it was developed by the bureau when it was receiving funds unconstitutionally.
The Ninth Circuit in a recent case didn’t abide by the U.S. Supreme Court directive that it apply a nuanced analysis of the Barnett decision when deciding whether the National Bank Act preempts a state law.
The NCLC is asking the bureau to pursue rulemaking to apply the Equal Credit Opportunity Act’s adverse action requirement to renters and ban the use of medical debt in tenant screening decisions.
As part of the iOS 18 update, Apple will allow app developers to offer their own forms of contactless transactions, beyond Apple Pay and Apple Wallet. CFPB has called for feedback on the change.
The American Bankers Association said a proposed interpretative rule will discourage banks from EWA products, limiting access to a convenient and potentially free source of small dollar, short-term liquidity.
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