The business group has launched a media campaign targeting CFPB Director Rohit Chopra over his aggressive regulatory agenda. If left unchecked, Chopra’s actions will harm consumers and the economy, the Chamber of Commerce warned.
In an interpretive rule, the CFPB affirmed states’ ability to enforce fair credit reporting laws that reflect challenges and risks affecting their local economies and residents.
The bureau plans to review a Federal Reserve immunity provision that safeguards credit card issuers from enforcement scrutiny if they set late fees at a particular level.
The recent changes to the CFPB’s supervision manual that brought discriminatory conduct under its “unfairness” standard are unlawful, a coalition of banking trade groups argued in a new white paper.
The National Community Reinvestment Coalition and five fintechs have asked the CFPB to issue an interpretive rule on best practices in collecting borrowers’ demographic data to monitor their underwriting in context of fair lending.
The CFPB pilots supervision on overdrafts, NSF fees; bureau terminates Payactiv’s sandbox order; the bureau is taking applications for advisory committees; CFPB analyzes impacts of credit card limit decreases; Chopra votes for FDIC deposit insurance fund premium hikes; bureau finalizes human trafficking credit reporting rule.
Industry trade groups said a separate role for the CFPB when it comes to reviewing bank mergers was unnecessary and would be outside of the bureau’s authority.
Monthly mortgage statements that contain language suggesting they are attempts to induce payment on a debt can be construed as a debt-related communication under the Fair Debt Collections Practices Act.
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