The Consumer Financial Protection Bureau is looking into various practices and financial products that could leave employees indebted to employers, a press release said Thursday (June 9). The CFPB, in a new Request for Information, says it wants to get data and work experiences about...
The Consumer Financial Protection Bureau (CFPB) on Wednesday (June 8) issued an order to terminate Upstart Network from its list of approved “no action letters” (NALs). Surprisingly, the request to terminate the NAL didn’t come from the regulator but from the company, and it may...
The Federal Trade Commission (FTC) on Friday (June 3) released on its annual report to the Consumer Financial Protection Bureau (CFPB) on its enforcement and rulemaking activities in 2021 regarding financial acts. The CFPB will use this report to prepare its own annual report for...
The Consumer Financial Protection Bureau (CFPB) wants to remind consumers that federal law requires companies to explain specific reasons for denying credit applications, even when the creditor employs credit models using complex algorithms, according to a Thursday (May 26) press release. Citing the Equal Credit...
The Consumer Financial Protection Bureau (CFPB) announced on Wednesday, May 25 in a blog post that it has sent letters to the nation’s biggest credit card companies to question them about why they are not regularly providing data to credit bureaus on the actual monthly...
When Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testified on Capitol Hill in late April about the agency’s future plans to promote open banking principles and to deal with the “increasing threat” of Big Tech companies, the question of how to implement these plans...
The Consumer Financial Protection Bureau (CFPB) has opened the Office of Competition and Innovation, to promote more competition and look into stumbling blocks for new marketing entrants, a CFPB press release said Tuesday (May 24). This will replace the Office of Innovation, which used an...
The Consumer Financial Protection Bureau (CFPB) issued on Thursday, May 19 a new interpretative rule seeking to bolster the states’ enforcement actions to protect consumers. By clarifying the scope of state enforcement under the Consumer Financial Protection Act of 2010 (CFPA), the bureau expects states...
The Consumer Financial Protection Bureau (CFPB) is looking out for consumers at risk of succumbing to false advertising stemming from misusing the Federal Deposit Insurance Corporation (FDIC) name or logo, a CFPB press release said Tuesday (May 17). The CFPB has released an enforcement memorandum...
