The CFPB said the company hadn’t met any of its self-imposed deadlines to provide information regarding how it handles consumer disputes. Block operates popular peer-to-peer payments service Cash App.
The CFPB said it would no longer tolerate nursing homes requiring caretakers to take on a prospective nursing home resident’s costs of care as a condition of admission.
Banking trade groups contend that the Fair Credit Reporting Act shouldn’t be read to hold credit reporting agencies responsible for incorrect information if the data comes directly from a furnisher.
Banking trade groups believe the bureau’s plan to regulate customer service practices is an overreach and could drive consumer distrust in safe and sound financial institutions.
The head of the Consumer Data Industry Association said in an interview that the rapidly rising complaint count is due to “exogenous” factors. The trend will continue, he said, short of policy action to fix the issue.
Trade groups representing banks used the bureau’s new petition process to ask the regulator to ensure nonbank data aggregators are supervised under the pending Section 1033 rulemaking.
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.