CFPB Rulemaking

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A Texas federal judge has refused to lift the preliminary injunction blocking the CFPB’s enforcement of its final rule that would require larger credit card issuers to lower their late fees to $8 and that would also permit smaller credit card issuers to charge late fees up to $32 for a first violation and up to $43 for a subsequent violation during the next six billing cycles.… Continue Reading

The current and incoming Republican leaders of the House Financial Services Committee have asked financial regulators, including the CFPB, to stop “finalizing partisan rulemaking” over the next several weeks.

“The financial system, its institutions, consumers, and the CFPB itself do not benefit from last-minute partisan rulemaking attempts,” current Chairman Rep. Patrick McHenry, R-N.C.;… Continue Reading

The CFPB intends to issue a proposed rule to address the impact of credit reporting relating to accounts of survivors of domestic violence, elder abuse, and other forms of financial abuse.

The bureau has issued an Advance Notice of Proposed Rulemaking (ANPR) to gather input on potential amendments to the regulation that implements the Fair Credit Reporting Act.… Continue Reading

The CFPB has issued its long-awaited final rule that covers overdraft policies at financial institutions with at least $10 billion in assets. The final rule offers those financial institutions three options for designing their overdraft programs.

The rule came one day after Senate Banking Committee ranking Republican Sen. Tim Scott, R-S.C.… Continue Reading

The CFPB has proposed a rule that it promotes as ensuring that Fair Credit Reporting Act (FCRA) protections are applied to sensitive consumer information that the statute was designed to protect, including information sold by data brokers. However, the proposal is much broader than a data broker rule and could have far reaching implications, including what is considered a consumer report, who is considered a consumer reporting agency, and specific requirements to qualify for the written authorization permissible purpose that are not provided for in the FCRA. … Continue Reading

On December 3, 2024, the Consumer Financial Protection Bureau (CFPB) published its long-anticipated proposed rule aimed at regulating data brokers under the Fair Credit Reporting Act (FCRA).  Although the CFPB’s future is uncertain under the upcoming administration, if implemented, the rule would significantly expand the reach of the FCRA. 

In the accompanying press release, the CFPB stated that its “proposal would ensure data brokers comply with federal law and address critical threats from current data broker practices, including” national security and surveillance risks; criminal exploitation; and violence, stalking, and personal safety threats to law enforcement personnel and domestic violence survivors. … Continue Reading

The CFPB has issued a final rule to supervise large nonbank financial services providers that offer general-use digital consumer payment applications such as digital wallets and peer-to-peer payment apps.

Many of those apps are owned by large technology companies. While banks and credit unions are subject to CFPB supervisory examinations, many of the largest technology firms offering consumer payment services have not been subject to that scrutiny, according to the CFPB.… Continue Reading

The CFPB will hold two virtual sessions later this month to answer questions about its Nonbank Enforcement Action Registry rule. The rule, issued in June 2024, will require certain nonbank entities to register certain covered administrative or court orders, and certain nonbank entities to comply with ongoing attestation requirements on the entity’s compliance with such orders

The two sessions—the first on December 11 and the second on December17—will feature staff from the bureau’s Nonbank Registration Team.… Continue Reading

The CFPB has issued a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z under the Truth in Lending Act (TILA) that implement the CARD Act, Home Ownership and Equity Protection Act (HOEPA), and the ability to repay/qualified mortgage provisions of TILA. The adjustments reflect changes in the Consumer Price Index (CPI) in effect on June 1, 2024 and will take effect January 1, 2025.… Continue Reading

A panel of the Fifth Circuit Court of Appeals has set March 30, 2025 as the effective date of the CFPB’s payday lending rule.

The panel had previously set a date 286 days “from the resolution of the appeal” as the effective date, but it was not clear when that period would start.… Continue Reading