Tag : CFPB

American Express Launches New Cash Flow Management Hub, Expanding Its Powerful Backing for Small Businesses
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The CFPB Finds Illegal Junk Fees On Bank Accounts, Mortgages, Student Loans, And Auto Loans.

Fintech Staff Writer
by Fintech Staff Writer0
A special edition of Supervisory Highlights, published by the Consumer Financial Protection Bureau (CFPB) today, details illegal trash fees discovered in deposit accounts and across a variety of loan servicing sectors, including mortgage, student loan, and payday lending. Even for consumers who are financially knowledgeable, it can be difficult to......
B2B Insights News Technology

CFPB And NLRB Launch Information Sharing Agreement To Safeguard American Consumers And Workers From Unlawful Practices

Fintech Staff Writer
by Fintech Staff Writer0
In order to better protect American families and address practises that hurt workers in the “gig economy” and other labour markets, the Consumer Financial Protection Bureau (CFPB) and the National Labor Relations Board (NLRB) signed an information sharing agreement today. This formalised their partnership. Employer monitoring and debt created by......
New CFPB Issue Spotlight Examines High Fees that Chip Away at Public Benefits
Credit Bureaus Finance News

New CFPB Issue Spotlight Examines High Fees that Chip Away at Public Benefits

Fintech News Desk
by Fintech News Desk0
Recipients of public cash assistance programs can be subjected to inadequate customer service and fees that cut into benefits The Consumer Financial Protection Bureau (CFPB) released a new issue spotlight examining how the financial products used to deliver public benefits, like Social Security and unemployment compensation, affect individuals’ ability to......
B2B Lending News

CFPB Floats Guidance To Protect Mortgage Borrowers

Fintech Staff Writer
by Fintech Staff Writer0
The Consumer Financial Protection Bureau (CFPB) has issued an advisory opinion to protect Americans from double dealing on digital mortgage comparison-shopping platforms. Companies operating these digital platforms appear to shoppers as if they provide objective lender comparisons, but may illegally refer people to only those lenders paying referral fees. When......
Winston & Strawn Expanding Miami Office Adds Two Partners: A Leading Corporate/Financial Services Lawyer and an Experienced Litigator
Lifestyle Markets News

CFPB To Establish Public Registry In Form Contracts For Consumer Rights And Protections

Fintech Staff Writer
by Fintech Staff Writer0
The Consumer Financial Protection Bureau proposed a rule to establish a public registry of supervised nonbanks’ terms and conditions in “take it or leave it” form contracts that claim to waive or limit consumer rights and protections, like bankruptcy rights, liability amounts, or complaint rights. In some cases, terms and......
Fintech Web Ads Should Comply with Federal Consumer Finance Protections
Compliance management Consumer protection laws Fintech Primers

Fintech Web Ads Should Comply with Federal Consumer Finance Protections

Sudipto Ghosh
by Sudipto Ghosh0
Are fintech marketers overlooking Consumer Finance laws? Would it cost fintech money and reputation if they were found to be neglecting, or worse, exploiting the gaps in way fintech web ads are monitored? In this article, we have highlighted the reasons why CFPB had to sternly warn fintech web ads......
CFPB and Justice Department Caution Auto Finance Companies about Servicemember Protections
Consumer protection laws Featured

CFPB and Justice Department Caution Auto Finance Companies about Servicemember Protections

Fintech Staff Writer
by Fintech Staff Writer0
The Department of Justice and the Consumer Financial Protection Bureau (CFPB) issued a joint letter las week, reminding auto finance companies of their responsibilities to recognize important legal protections for military families under the Servicemembers Civil Rights Act (SCRA). While servicemembers have the same rights as non-military borrowers, the SCRA......
Players Health Launches Breakthrough Sports Insurance Product on Socotra’s Modern Policy Core Platform
Compliance management Consumer protection laws Credit Bureaus Featured

Latest Advisory to Protect Privacy When Companies Compile Personal Data

Fintech Staff Writer
by Fintech Staff Writer0
Advisory affirms that “permissible purposes” are required to use and share personal data linked with credit reports and background reports Today, the Consumer Financial Protection Bureau (CFPB) issued a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the......
CFPB Acts to Protect the Public from Black-Box Credit Models Using Complex Algorithms
Compliance management Consumer protection laws Featured

CFPB Acts to Protect the Public from Black-Box Credit Models Using Complex Algorithms

Sudipto Ghosh
by Sudipto Ghosh0
Companies relying on complex algorithms must provide specific and accurate explanations for denying applications The Consumer Financial Protection Bureau (CFPB) confirmed that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying an application for credit or taking other adverse actions, even if the creditor is......
CFPB Announces Steps to Prevent the Weaponization of Credit Reporting SystemCFPB Announces Steps to Prevent the Weaponization of Credit Reporting System
Consumer protection laws Credit Bureaus debt collection Featured

CFPB Announces Steps to Prevent the Weaponization of Credit Reporting System

Sudipto Ghosh
by Sudipto Ghosh0
To prevent the weaponization of existing credit rating systems by debt collectors and insurance agents, the CFPB has taken stringent steps. CFPB has released a report on how various agents are misusing credit rating systems to coerce people. Amid COVID-19, there is a total outstanding of around $88 billion USD......
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