The Consumer Financial Protection Bureau has finalized a rule required by Congress to increase transparency in small business lending, promote economic development, and combat unlawful discrimination. Lenders will collect and report information about the small business credit applications they receive, including geographic and demographic data, lending decisions, and the price of credit. A summary, with […]
Category Archives: Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau took action this week against Portfolio Recovery Associates, one of the largest debt collectors in the nation, for violating a 2015 CFPB order and engaging in other violations of law. The CFPB’s proposed order, if entered by the court, would require Portfolio Recovery Associates to pay more than $12 million […]
The Consumer Financial Protection Bureau this week “launched an improved survey of credit card issuers that can help consumers and families compare interest rates and other features when shopping for a new credit card.” The agency explained that the [u]pgrades to the CFPB’s terms of credit card plans survey are designed to increase price competition […]
The Second Circuit ruled today that the Consumer Financial Protection Bureau’s funding structure is constitutional. In a unanimous decision,the court disagreed with a Fifth Circuit decision. The panel panel said at it “cannot find any support for the Fifth Circuit’s conclusion” in Supreme Court precedent, the Constitution’s text or the history of the appropriations clause. […]
In 2019, the CFPB issued a “civil investigative demand” to the Law Offices of Crystal Moroney, a law firm that principally provides legal advice and services to clients seeking to collect debt. In April 2020, the CFPB moved to enforce the 2019 CID. In August 2020, the district court granted the CFPB’s petition to enforce […]
The Consumer Financial Protection Bureau wants to know more about data brokers and their practices, as these entities gather and sell consumers’ personal and private information. The CFPB requests public feedback including information about the entities that collect personal consumer data, the types of data collected, sources that data brokers use to collect information, their […]
The Consumer Financial Protection Bureau released today a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday lending. The CFPB explains that “[t]hese unlawful fees corrode family finances, force up families’ banking and borrowing costs, and […]
The Consumer Financial Protection Bureau in recent actions against entities it calls “repeat offenders” has zeroed in on flagrant violations of the Military Lending Act (MLA), which is meant to safeguard active-duty military members and their families from financial abuses. The MLA has features perfect for military families in search of a loan: it caps […]
Earlier today the Supreme Court announced that it would take the case in which the Fifth Circuit had held the CFPB’s funding mechanism was unconstitutional, Consumer Financial Protection Bureau v. Community Financial Services Association of America, Limited. The Bureau had asked the Court to hear the case during the current term but the Court instead decided to […]
The Consumer Financial Protection Bureau has released a report examining trends in credit reporting of debt in collections from 2018 to 2022. The report finds that the total number of collections tradelines on credit reports declined by 33%, from 261 million tradelines in 2018 to 175 million tradelines in 2022. The share of consumers with […]