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Jan 13, 2025 | 
jdsupra.com | Obrea Poindexter
On January 7, 2025, the Consumer Financial Protection Bureau (CFPB) issued a final rule that would generally prohibit lenders from considering medical debt information when determining a consumer’s eligibility for credit, and would keep most medical debt information off of consumer reports provided to creditors. The final rule largely tracks the June 11, 2024, proposal and is scheduled to take effect 60 days after publication in the Federal Register.
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Dec 23, 2024 | 
jdsupra.com | Obrea Poindexter
On December 12, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule that treats covered overdraft services offered by banks with more than $10 billion in assets (large banks) as credit, bringing them for the first time under the Truth in Lending Act (TILA) and Regulation Z.
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Sep 20, 2024 | 
jdsupra.com | Joshua Kotin |Obrea Poindexter |Michelle Rogers
On September 17, 2024, the Consumer Financial Protection Bureau (CFPB) issued a circular explaining that financial institutions may violate the Electronic Fund Transfer Act (EFTA) and its implementing regulation, Regulation E, by charging consumers certain overdraft fees without affirmative proof of consumer consent to be charged overdraft fees.
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Sep 17, 2024 | 
jdsupra.com | Jasmine Banks |Obrea Poindexter |Sean Ruff
On September 5, 2024, the Consumer Financial Protection Bureau (CFPB) released its annual report on debt collection, drawing attention to a range of activities with respect to medical and rental debt collection that the CFPB describes as “aggressive” and “illegal.” The report underscores the CFPB’s continued focus on consumer debt collection practices – specifically those that relate to the collection of medical and rental debt, which the report labels as “consistent collections problems”...
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Jul 23, 2024 | 
jdsupra.com | Joshua Kotin |Obrea Poindexter |Michelle Rogers
On July 18, 2024, the Consumer Financial Protection Bureau (CFPB) issued a proposed Interpretive Rule addressing the regulatory treatment of earned wage access (EWA) products. The Interpretive Rule would provide that certain EWA products, which allow a consumer to access their earned wages before payday, are classified as loans and subject to the Truth in Lending Act (TILA) and its implementing regulation, Regulation Z.
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May 7, 2024 | 
jdsupra.com | Jasmine Banks |Joshua Kotin |Obrea Poindexter
On April 30, 2024, the Consumer Financial Protection Bureau (CFPB) published a report on a study investigating the effects of complex pricing structures and increased competition on consumer choices. The CFPB found that consumers were more likely to choose higher-priced products when pricing structures were complex, such as when consumers were shown various fees separately in connection with a transaction rather than being given an upfront, single all-inclusive price.
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Nov 17, 2023 | 
mondaq.com | Sean Ruff |Obrea Poindexter |Michelle Rogers |Adam J. Fleisher
On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking (proposed rule) that would allow it to supervise digital wallet and payment app providers deemed "larger participants." The proposed rule would apply to nonbank payments companies that offer digital wallets or person-to-person payments through mobile and web applications, process more than five million covered payment transactions per year and are not a "small business concern," as...
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Sep 13, 2023 | 
mondaq.com | Adam J. Fleisher |Sean Ruff |Obrea Poindexter
Since the beginning of 2023, 12 states – Arkansas,
Georgia, Hawaii, Indiana, Iowa, Minnesota, Nevada, New Hampshire,
North Dakota, South Dakota, Tennessee and Texas – have passed
legislation based, to varying degrees, on the Model Money Transmission Modernization Act
(Model Act) developed by the Conference of State Bank Supervisors
(CSBS), with input from a working group constituted of industry
participants and regulators.
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Aug 3, 2023 | 
mondaq.com | Obrea Poindexter |Sean Ruff |Michelle Rogers
On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) issued
its Summer 2023 Supervisory Highlights describing key findings
and violations identified during examinations conducted between
July 2022 and March 2023.
The findings cover a broad range of areas – including debt
collection, deposits, fair lending, information technology, payday
and small-dollar lending, remittances, auto origination and
servicing, and mortgage origination and servicing.
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Aug 3, 2023 | 
jdsupra.com | Obrea Poindexter |Michelle Rogers |Sean Ruff
On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) issued its Summer 2023 Supervisory Highlights describing key findings and violations identified during examinations conducted between July 2022 and March 2023. The findings cover a broad range of areas – including debt collection, deposits, fair lending, information technology, payday and small-dollar lending, remittances, auto origination and servicing, and mortgage origination and servicing.
