The bureau is seeking input on the proper understanding of who can serve as a “representative” making a request on behalf of the consumer and the optimal approach to the assessment of fees to defray the costs incurred in responding to a customer-driven request.
While banking trade groups favor regulators’ proposal to rescind the 2023 CRA final rule, consumer advocacy groups warned the rescission will stunt “much-needed” updates to the CRA framework.
The ruling by the appeals court allows the Trump administration to proceed with massive layoffs at the bureau. One of the three judges to hear the case dissented, arguing that the courts are shifting power from Congress to the executive branch.
The Trump administration has delayed compliance with the rule until mid-2026 at the earliest and the CFPB is working to revise the Biden-era requirements. Trade groups representing lenders provided plenty of suggestions to reduce burdens from the rule.
The bureau is considering raising the bar for triggering oversight of nonbanks in consumer reporting, consumer debt collection, automobile lending and international money transfers.
The Bank Policy Institute and others stressed that industry participants shouldn’t have to comply with a rule given that the CFPB plans to substantially revise it.
Amid litigation and disagreements among industry participants over the Section 1033 open banking rule, the CFPB said it will soon issue a revised version of the rule.
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