The bureau has sent notice that financial services firms need to stay on their toes regarding data security or risk violating the Consumer Financial Protection Act.
CFPB says that overdraft fees based on “unintelligible” processes and blanket policies to charge consumers for depositing checks that bounce are both likely violations of the Consumer Financial Protection Act.
Broeksmit criticizes CFPB at annual MBA conference; Senate Democrats ask for remittance rule revisions; bureau reopens payment service comments; CFPB says student borrower finances worsening.
Industry attorneys believe the CFPB will appeal a Fifth Circuit opinion finding its funding structure unconstitutional. They expect the fight to end in some form of legislative arrangement.
The Fifth Circuit Court of Appeals, in ruling on the validity of a CFPB 2017 payday lending rule, found the funding structure underlying the agency’s actions unconstitutional. Depending on the results of an appeal, it could spell serious trouble for the bureau.
The American Financial Services Association defended its members following a report from the Center for Responsible Lending that criticized “high-cost installment loans.”
CSBS names new policy and supervision chief; CFPB studies student banking; bureau sues remittances firm; DOJ settles discrimination claims with bank; Regulation F MVNs are optional; bureau states clearly false data don’t belong on credit reports.
The lawsuit claims the CFPB overstepped its authority when revising its supervisory exam manual to consider discrimination an unfair, deceptive or abusive act or practice.