CFPB, Federal Agencies, State Agencies, and Attorneys General
The Consumer Financial Protection Bureau (CFPB) is “encouraging” student loan servicers to identify their military borrowers in order to conduct proactive outreach encouraging them to consolidate their loans and submit applications for forgiveness under the Public Service Loan Forgiveness Program (PSLF).
Servicemembers (and any other eligible public service applicants) must apply for PSLF by October…
Overdraft and NSF fees remain very much on the radar of the CFPB, the federal banking agencies, and certain state banking agencies. The very fact that the CFPB continues to closely monitor bank call reports with respect to overdraft and NSF fee revenues demonstrates the Bureau’s ongoing focus on this issue. While we do not…
According to a WSJ report, the CFPB is preparing to release new guidance that would require banks to make refunds to victims of scammers who defraud consumers into sending money to a third party using an online money-transfer platform. The WSJ indicates that the CFPB’s possible action is being driven by an increase in consumer…
According to media reports, CFPB Deputy Director Martinez sent a memo to staff last week announcing the following organizational changes:
In West Virginia et al. v. Environmental Protection Agency et al., the U.S. Supreme Court ruled that the Environmental Protection Agency (EPA) exceeded its authority under the Clean Air Act by devising carbon emission limits for existing power plants based on an approach involving a shift in electricity generation to cleaner sources than coal. …
We first discuss the practicalities and potential impact of implementing Director Chopra’s call in a recent blog post for simplification of consumer finance regulations and simple bright-line rules. We then examine the role and objectives of regulation such as predictability and responsiveness to stakeholder input and consider whether the CFPB’s current approach to regulation, including…
On July 13, 2022, the House Committee on Oversight and Reform, Subcommittee on National Security held a hearing entitled “Protecting Military Servicemembers and Veterans from Financial Scams and Fraud.” A recording of the hearing is available here.
July has been designated as “Military Consumer Month,” a public-private marketing initiative created by state and federal…
A new report by the CFPB uses over five million credit records from one of the three nationwide consumer reporting agencies to examine how credit card companies have used credit line decreases throughout the Great Recession and the early stages of the COVID-19 pandemic. As a general trend, the report found issuers used credit line…
The CFPB has agreed to a March 31, 2023 deadline for issuing a final rule implementing the small business data requirements of Section 1071 of the Dodd-Frank Act. Section 1071 amended the ECOA, subject to rules adopted by the Bureau, to require financial institutions to collect and report certain data in connection with credit applications…
The CFPB has posted new job openings for technologists to work with its supervision and enforcement teams. The CFPB is seeking experts in data science, software engineering, product design, product management, and user experience (UX). The job postings indicate that the CFPB is willing to invest significant resources in building its understanding of and capability…
