The Consumer Financial Protection Bureau (CFPB) has issued a proposed rule that would ban medical bills from credit reports. The proposed rule would stop credit reporting companies from sharing medical debts with lenders and would prohibit lenders from using medical information to make lending decisions, the agency...
Consumer Financial Protection Bureau Director Rohit Chopra is set to testify on Capitol Hill this week. He is scheduled to appear before the Senate Banking Committee Wednesday (June 12) and the House Financial Services Committee Thursday (June 13) to present “The Semi-Annual Report of the...
The Consumer Financial Protection Bureau (CFPB) has taken another step in its push to accelerate open banking. The U.S. consumer watchdog on Wednesday (June 5) announced it had finalized a rule outlining the qualifications to become a recognized industry standard setting body. An entity like...
The Consumer Financial Protection Bureau (CFPB) is warning businesses against hiding “unlawful or unenforceable terms” in contracts’ fine print. “Companies use this fine print tactic to try to trick consumers into believing they have given up certain legal rights or protections,” the bureau said in...
The Consumer Financial Protection Bureau (CFPB) issued a final rule to establish a registry of nonbank financial companies that have broken consumer laws and are subject to federal, state or local government or court orders. The registry is meant to help law enforcement across the...
The Consumer Financial Protection Bureau (CFPB) has sued student loan servicer Pennsylvania Higher Education Assistance Agency (PHEAA), alleging that it collects on loans that borrowers do not owe. Specifically, the agency alleges in its complaint that PHEAA, which does business as American Education Services (AES),...
The Consumer Financial Protection Bureau (CFPB) is investigating junk fees that increase the closing costs on mortgages. Closing costs have risen sharply in recent years, the CFPB said in a Thursday (May 30) news release announcing the inquiry. From 2021 to 2023, median total loan...
The Consumer Financial Protection Bureau (CFPB) ruled Wednesday (May 22) that buy now, pay later (BNPL) vendors are credit card providers and must provide some key legal protections and rights delivered by conventional credit cards. That includes, for example, the consumer’s right to dispute charges...
Reading the Thursday (May 16) Supreme Court ruling upholding the constitutionality of the Consumer Financial Protection Bureau’s funding mechanisms — and ensuring the agency’s survival — takes one through centuries of history. All the way back to England, Parliament and the Crown. All the way back to the inner workings of...
