In comments to the CFPB, consumer advocates argued credit card late fees were too high and harmed poorer consumers more. Bank trade associations said the fees are necessary to help issuers pay for their costs and an effective tool to foster healthy financial behaviors among consumers.
Interpretive rule outlines digital marketer liability; CFPB fines “no overdraft” fintech for overdrafts; senators followup on CFPB’s U.S. Bank enforcement; bureau warns of consumer commerce data misuse; VantageScore stops reporting medical debt; NMLS seeks disclosure question feedback.
The CFPB and DOJ filed a complaint and proposed consent order against Trident Mortgage for allegedly discouraging consumers in Philadelphia’s majority-minority neighborhoods from applying for credit.
A Federal Reserve study evaluated if giving Community Reinvestment Act credit for purchasing loans benefits LMI credit availability, finding that it creates more loan purchases but not more originations.
A recent Supreme Court decision invoking the “major question doctrine” to limit a federal regulator’s authority to interpret statute could have a major impact on other federal agencies, including the CFPB.
An executive at tech vendor Stavvy said the CFPB, instead of acknowledging the work done by servicers during the pandemic, was focusing on one or two servicers whose response time may have lagged.
An appeals court has ruled that monthly statements attempting to induce payment on a debt are covered by both the Truth in Lending Act and Fair Debt Collection Practices Act.
While changes to medical debt reporting should cut the number of medical collections tradelines on consumer reports by two-thirds, most of the dollar amount of medical debt is likely to persist, the CFPB found.
U.S. Bank fined; debt collection FAQs updated; auto lenders reminded of military family protections; NFHA fights BofA’s attempt to dismiss discrimination case; CFPB to require banks to refund money transfer scam victims; Rep. McHenry criticizes alternative data mortgage bill; House Republicans request documents on state AG-CFPB relationships.
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