CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB has scheduled two sessions to provide a preview of its nonbank enforcement order registry. The virtual-only discussions are scheduled for September 30 and October 9. Both sessions will feature the same content.
The bureau said that the events are intended for compliance staff that will be registering covered orders with the CFPB’s nonbank enforcement order registry.… Continue Reading
The most frequent consumer debt collection complaints filed with the CFPB in 2023 were attempts to collect debts that actually were not owed, the bureau said in its annual Fair Debt Collection Practices Act report.
The CFPB said that those complaints amounted to 53% of the debt collection complaints filed with the bureau in 2023.… Continue Reading
Many financial services providers would be required to allow consumers seeking assistance to be connected to a “real person” by clicking on one button, under a new Biden Administration “Time is Money” initiative.
“Companies often deliberately design their business processes to be time-consuming or otherwise burdensome for consumers, in order to deter them from getting a rebate or refund they are due or canceling a subscription or membership they no longer want—all with the goal of maximizing profits,” the administration said in a fact sheet.… Continue Reading
The National Flood Insurance Program’s authorization to issue new flood insurance contracts will expire on Sept. 30 unless Congress votes to extend it.
Congress has been unable to enact a long-term extension of parts of the program. Traditionally an extension of the authorization to write new insurance contracts has been included in short-term and end-of-year appropriations measures.… Continue Reading
The CFPB’s latest focus on consumer fees is targeting payment processors for school lunches. The CFPB says that families who choose to purchase school lunches are being forced to pay fees to companies that process their payments.
“These fees are widespread, regressive, and may be burdensome for families and districts, who have little control over fee rates and few opportunities to shop around,” the bureau said, in releasing a report on the payment processors.… Continue Reading
The CFPB soon plans to issue a final rule that would require certain supervised nonbank entities to register with it and provide information about their use of certain terms and conditions in standard-form contracts for consumer financial products or services that seek to waive or limit consumer rights or legal protections (“Covered Terms”).… Continue Reading
The CFPB has released its Summer, 2024 Supervisory Highlights, covering issues ranging from student loan servicing to financial institution supervision of medical providers offering payment products. The report covers the period from April 1, 2023 to December 31, 2023.
Here are key findings from the report:
The CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule, on June 3, 2024. The rule will require certain nonbank entities to register certain covered enforcement or court orders, and comply with ongoing, attested reporting requirements on the entity’s compliance with such orders.… Continue Reading
The oral argument in Cantero v. Bank of America, N.A. will be heard on Tuesday, February 27 before the US Supreme Court. The Court recently granted the unopposed motion of the Solicitor General to participate in the oral argument. The Solicitor General will be taking 10 minutes of the oral argument time allocated to the Petitioners.… Continue Reading
The scope of national bank preemption is currently before the U.S. Supreme Court in Cantero v. Bank of America, N.A. A New York statute requires the payment of interest on mortgage escrow accounts and the question before the Supreme Court is whether the National Bank Act (NBA) preempts application of the New York statute to national banks. … Continue Reading
