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Inside the CFPB

August 26, 2024

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CFPB to Snuff Out Customer Service ‘Doom Loops’

As part of a White House initiative, the CFPB is launching a rulemaking to put a stop to customer service processes that waste consumers’ time and money. Read More

Contract-for-Deed Lending is Subject to Mortgage Rules

The advisory opinion holds that contract-for-deed sellers must adhere to Truth in Lending Act requirements such as assessing buyers for repayment and providing borrowers with disclosures. Read More

CFPB Issues Guidance on Repeat Offender Registry

The final rule goes into effect Sept. 16, with the registration deadline for large nonbanks starting Oct. 16. Read More

Appeals Court Ruling Tightens TILA Offset Protections

The Fourth Circuit this month ruled that the Truth in Lending Act’s offset provision, which prevents credit card issuers from dipping into a consumer’s deposit account to cover outstanding payments on their credit cards, applies to credit cards tied to a home equity line of credit. Read More

CFPB Stresses Innovation, Competition in AI

The bureau said it is making clear that there is no exception to the federal consumer financial protection laws for new technology and ensuring regulations don’t stifle competition in pricing or favor incumbents. Read More

CFPB to Publish FAQs on BNPL Interpretative Rule

The CFPB does not intend to seek penalties for violations of the interpretive rule while BNPL lenders are transitioning into compliance in a good faith and expeditious manner. Read More

Mixed Response on CFPB’s Proposal on Medical Debt Reporting

Trade groups representing banks believe the proposed rule would reduce a lender’s ability to accurately assess a borrower’s ability to repay. Meanwhile, consumer advocacy groups sought to debunk many of the arguments put forth by the opposers of the rule. Read More

CFPB Orders Fay Servicing to Pay $5M Over Illegal Foreclosures

In addition to a monetary fine, the CFPB has put compensation limits on Fay Servicing’s CEO if the compliance requirements are not met. Read More

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