On February 29, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued Consumer Financial Protection Circular 2024-01, Preferencing and steering practices by digital intermediaries for consumer financial products or services. The Circular advised that: “[o]perators of digital comparison-shopping tools can violate the [Consumer Financial Protection Act (CFPA)] prohibition on abusive acts or practices if they distort the shopping experience by steering consumers to certain products or services based on remuneration to the operator;” and “lead generators can violate the prohibition on abusive practices if they steer consumers to one participating financial services provider instead of another based on compensation received.”… Continue Reading
CFPB shares feedback on online college cost comparison tool
In a recent blog post, the CFPB shared some of the feedback it has received on the beta version of its “Paying for College-Cost Comparison Tool” that it launched in April. (We tried out the tool when it was launched and wrote about what we found.)
The CFPB reported that the beta test was a success, with a survey conducted by an association representing high school counselors finding that over 80% of its members thought the tool was “useful” and that nearly half would recommend the tool to students/families without a single modification. … Continue Reading