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Inside the CFPB
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Republican Lawmakers Are on CFPB’s Back Once Again

June 17, 2024
Shannon Clark
Senate Republicans last week introduced legislation that would require the CFPB’s funding to be subject to the appropriations process in Congress.
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CFPB Addresses Data Privacy, AI Regulation Standards

June 17, 2024
Shannon Clark
The CFPB plans to finalize its personal financial data rights rule this October, Director Rohit Chopra informed lawmakers on Capitol Hill last week. He also highlighted the need for more oversight of technology companies.
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ABA Says It Will Continue to Challenge Unnecessary Rules

June 17, 2024
Shannon Clark
The ABA is expecting the CFPB to finalize two rules — one on overdraft fees and another on nonsufficient funds fees — within the next few months.
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CFPB Registry on Nonbank Compliance Faces Opposition

June 17, 2024
Shannon Clark
Pete Mills, a senior vice president at the Mortgage Bankers Association, said the registry is an “unnecessary and redundant move.” The final rule requires nonbanks to report to the CFPB any government or court orders penalizing them for violations of consumer protection laws.
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Industry Experts Seek Adoption of Mortgage Compliance Dataset

June 17, 2024
Shannon Clark
The new dataset will standardize the exchange of information used by state and other regulators for mortgage exams.
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CFPB Issues Warning on Deceptive Contract Provisions

June 17, 2024
Shannon Clark
A new circular expands on previous CFPB actions to protect consumer rights involving contract terms.
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CFPB Proposes Rule Banning Medical Debt on Credit Reports

June 17, 2024
Shannon Clark
The proposed rule is the first of more amendments to the Fair Credit Reporting Act by the bureau, according to industry attorneys.
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CFPB Finalizes Rule for Open Banking Standard Setters

June 17, 2024
Shannon Clark
The CFPB has outlined qualifications required by standard-setting organizations to be formally recognized as such. The move paves the way for the bureau’s upcoming personal financial data rights rule.
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Other News in Brief

June 17, 2024
Shannon Clark
CFPB sets likely date for implementation of its payday lending rule; OIG clears CFPB on civil penalty fund activities.
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SCOTUS Sends BofA Preemption Case Back to Lower Court

June 3, 2024
Shannon Clark
The Supreme Court wants the Second Circuit Court of Appeals to conduct a nuanced comparative analysis of whether state consumer protection laws apply to national banks.
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