In an advisory opinion, the bureau nudged large banks and credit unions to provide consumers with complete and accurate account information when requested, without “unreasonably impeding” the consumer’s access, including charging fees for requests.
CFPB Director Rohit Chopra said the bureau will begin conducting supervisory examinations on nonbank payment platform operators and would issue further orders to big tech firms for information on their use of personal finance data or private currencies.
A Kentucky court has issued a nationwide injunction, blocking the CFPB from enforcing its small-business lending data collection rule until the Supreme Court decides the bureau’s constitutionality issue.
CFPB Director Rohit Chopra and Mortgage Bankers Association President and CEO Robert Broeksmit believe the consequences of deeming the bureau’s funding unconstitutional would be disastrous for regulated markets, especially housing finance.
A panel of judges in the Fourth Circuit Court of Appeals has held that the federal Bankruptcy Code doesn’t preempt state law claims arising from alleged improper collection attempts of a discharged debt.
The agency opposed a request to expand an injunction on implementing its small business lending data collection rule to all covered institutions. Currently the stay applies only to American Bankers Association and Texas Bankers Association members.
The Bank Policy Institute and American Bankers Association have asked federal agencies to pause adoption of the Community Reinvestment Act final rule until proposed bank capital requirements are finalized and the Supreme Court decides on the CFPB’s funding mechanism.
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