In an advisory opinion, the bureau nudged large banks and credit unions to provide consumers with complete and accurate account information when requested, without “unreasonably impeding” the consumer’s access, including charging fees for requests.
CFPB Director Rohit Chopra said the bureau will begin conducting supervisory examinations on nonbank payment platform operators and would issue further orders to big tech firms for information on their use of personal finance data or private currencies.
The bureau and the Federal Trade Commission sued TransUnion’s rental reporting subsidiary for failing to ensure background checks were accurate. Separately, the CFPB ordered TransUnion to pay $8 million to resolve changes involving security freeze and lock failures.
The Supreme Court will hear oral arguments Oct. 3 in a case challenging the structure of the CFPB. Lenders are hoping that the CFPB emerges willing to collaborate on regulatory issues.
Proposed guidance from the CFPB and other regulators on reconsiderations of value was welcomed by many industry participants. Still, consumer advocates and lenders have divergent views on the matter.
The CFPB plans to issue a proposed rule in early 2024 to revise standards for loss mitigation. Separately, rising costs for homeowners insurance are a concern.
A Kentucky court has issued a nationwide injunction, blocking the CFPB from enforcing its small-business lending data collection rule until the Supreme Court decides the bureau’s constitutionality issue.
Consumer groups have submitted a petition for rulemaking with the CFPB to prohibit the use of pre-dispute arbitration agreements in the financial products and services industry.
RSS