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.
An appeals court has ruled that monthly statements attempting to induce payment on a debt are covered by both the Truth in Lending Act and Fair Debt Collection Practices Act.
The CFPB affirmed that “convenience” fees charged by debt collectors for payments made through certain means are unlawful unless expressly permitted by law. Trade groups are concerned about the possible impact on mortgage servicers.
The CFPB’s spring regulatory agenda had only one mortgage-related item: automated valuation models. The bureau expects to issue a proposed rule on the matter in December.
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.
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