so the CFPB’s stated priorities are likely to change. But while the CFPB under the Trump administration is broadly expected to be more industry-friendly and will be able to invalidate later Biden administration rules under the Congressional Review Act, reactions to the Rule have not tracked ...
During comment periods, when new rules are being discussed, make sure you’re heard. If you don’t speak up, decisions are made without input from those affected. This could lead to regulations that don’t serve your business or your customers well. Regulators and lawmakers listen to feedbac...
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The article reports that Consumer Financial Protection Bureau (CFPB) has proposed rules for business enterprises such as banks and retailers that provide prepaid cards and mobile and peer-to-peer payment systems...
This rule would have far-reaching implications. For one, redefining data brokers as consumer reporting agencies would subject virtually every company with a digital presence and a data collection operation to a host of new regulations under the FCRA. Any company that harvests and sells or disclose...
In Section 1033 of Title X of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, Congress directed the CFPB to issue rules requiring covered financial institutions to provide consumers with access and portability options for their financial data,1and also directed the CFPB to issue...
The CFPB is in the initial stages of developing rules to address financial abuse and is looking to the public for insights on the true effects of coerced debt on credit scores, as well as potential barriers that may prevent victims from receiving aid. ...
If any sector in the consumer financial space needs modernization and gap-filling, it’s debt collection. The CFPB recognized this in its many years of preparing theNotice of Proposed Rulemakingfor debt collection. While the proposed rules provide a road towards using some modern modes of communic...
President Joe Biden's consumer watchdog agency is going down guns blazing, issuing new rules and regulations at a furious pace, although many of them could be reversed by the incoming Trump administration. The final days of a presidential administration after the election of a s...
consumers’ complaints about financial services is to learn more about “business practices that may pose risks to consumers.” In addition, the agency states, “Complaints help with our work to supervise companies,enforce federal consumer financial laws, and write better rules and regulations.” ...