The Richmond, VA-based bank has agreed to pay $6.2 million to settle charges that its employees failed to acquire consumers’ affirmative consent before enrolling them in an overdraft protection service.
Industry wants the CFPB to include an advanced notice of proposed rulemaking step in its Fair Credit Reporting Act rulemaking restricting the sale of consumer data by credit reporting companies.
Concerns over AI; the CFPB files comments on California DFPI’s proposed registration and examination of income-based advance providers; the CFPB ombudsman annual report; rulemaking on junk fees in Massachusetts; income share agreement provider settles with CFPB.
The Consumer Financial Protection Bureau’s outline of proposed amendments to the regulation implementing the Fair Credit Reporting Act lacked key details, financial services trade groups said in a joint letter.
In an analysis of CFPB Director Rohit Chopra’s leadership calendar, Inside the CFPB found he engages with several stakeholders outside of the agency’s walls, including frequent talks with trade groups and consumer advocates. (Includes data table.)
The CFPB’s funding requests in fiscal year 2023 totaled $721.2 million, 96% of its annual funding cap, according to the bureau’s financial report released this month.
While it will take time for banking agencies to issue guidance and create tools facilitating compliance with the newly finalized Community Reinvestment Act rule, banks should get the ball rolling at their end, attorneys said.
A petition from consumer advocates called for the CFPB to issue a rulemaking prohibiting the use of forced arbitration agreements in consumer financial services contracts. Industry trade groups said prior Congressional action bars the agency from issuing such a rule.
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