The Consumer Financial Protection Bureau has released a report examining federal and state-level privacy protections for consumers’ financial data. The report notes that protections under federal regulations for financial data have limits. Yet, many new state data privacy protections exempt financial institutions and consumer financial data covered by federal law, even though states generally have […]
Category Archives: Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau issued results from its Student Loan Borrower Survey, providing insights into the effects of student loan debt relief programs and the challenges borrowers face in navigating repayment options. The survey, conducted between October 2023 and January 2024, gathered data from a representative sample of student loan borrowers as the federal […]
As we previously reported, Texas’s conservative Attorney General takes the position that the CFPB is properly and currently funded. In a new filing captioned Plaintiff’s Response to Defendants’ Objections to Magistrate Judge’s Memorandum and Recommendation, Texas’s AG’s office states (footnotes and citation omitted): * * * Defendants attack the CFPB’s funding statute based on a flawed […]
The future, they say, is the hardest thing to predict. With that caveat, what can we expect from a second Trump administration for consumer prediction? Some quick thoughts: President-elect Trump will surely ask CFPB Director Rohit Chopra to resign so that he can replace Chopra with someone he prefers. Despite the fact that Vice President-elect […]
Today, the Consumer Financial Protection Bureau and the Centers for Medicare & Medicaid Services issued a joint statement concerning unlawful medical bills charged to people with Medicare living at or below the poverty line — about one in eight Medicare recipients nationwide. Federal law generally prohibits healthcare providers who accept Medicare from billing them for […]
The American Banker’s Kate Berry reports in What the election means for the future of the CFPB (behind paywall but available on Lexis). If Trump wins, Berry reports speculation that Keith Noreika, Todd Zywicki, or Brian Johnson could be his pick to lead the CFPB. Something the article doesn’t note: those folks all have experience […]
The Consumer Financial Protection Bureau today announced its final rule on personal financial data rights under section 1033 of the Consumer Financial Protection Act. According to the bureau’s release, the rule will enable consumers to “fire fintechs and banks that provide lousy service” by enabling transfer of bank data to other banks; “shop for better […]
As reported in Politico’s Morning Money enewsletter, two courts in Texas and Texas Attorney General Ken Paxton, have rejected arguments that the CFPB cannot act because it is funded out of the Federal Reserve’s earnings and the Fed is currently running a deficit. Paxton’s office wrote that the: argument thus rests on the flawed premise […]
Remember how the National Arbitration Forum, also known as NAF, arbitrated disputes involving an affiliated debt collector? Well, the CFPB has banned another arbitration service provider, Ejudicate from consumer arbitrations for a variety of reasons, including that Ejudicate heard matters brought by a party with whom it had a financial relationship, Prehired Recruiting. The CFPB […]
My latest op-ed, in the American Banker (behind paywall but available on Lexis). An excerpt: Polls show that the CFPB is extremely popular, even among Republican voters. So why are Republican politicians so quick to attack it? One answer is that the politicians believe that the free market provides better consumer protection than the government. […]