CFPB: Guidance Issued to Root Out Tactics Which Charge People Fees for Subscriptions They Don’t Want
New circular addresses dark patterns and other tricks used by companies to confuse and deceive consumers enrolled in subscription services The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that companies offering “negative option” subscription services must comply with federal consumer financial protection law. Negative option programs include subscription services that automatically renew…
CFPB: Rule Proposed to Establish Public Registry of Terms & Conditions in Form Contracts That Claim to Waive or Limit Consumer Rights & Protections
Companies can use terms and conditions in non-negotiable form contracts to try to hide consumer harm, to stifle criticism about products and services, and to undermine consumer financial protection law Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to establish a public registry of supervised nonbanks’ terms and conditions in “take it or…
CFPB: New Report Issued on Complaints Regarding TransUnion, Experian, and Equifax
Analysis of nearly half a million complaints reveals ongoing challenges Today, the Consumer Financial Protection Bureau (CFPB) released an annual report that details improvements and deficiencies in the nationwide consumer reporting companies’ responses to consumer complaints transmitted by the CFPB. Today’s report includes considerations for the nationwide consumer reporting companies to improve compliance with consumer financial protection…
CFPB: New Report Finds Household Financial Health is Declining after Several Years of Increased Savings
Annual survey of consumer financial health shows downtrends in ability to repay debts Today, the Consumer Financial Protection Bureau (CFPB) released a new Making Ends Meet report covering the financial health of American households. Since 2019, the annual Making Ends Meet consumer surveys showed improvement in financial health during the first few years of the COVID-19 pandemic,…
FHFA and CFPB: Updated Data from the National Survey of Mortgage Originations Released for Public Use
Data Highlights Borrowers’ Experiences Obtaining a Mortgage During the Pandemic The Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) today published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). The data also provide updated mortgage performance and credit information for a nationally representative sample…
CFPB: New Registry to Detect Repeat Non-Bank Financial Firm Offenders Proposed
Registry of company and court order information will help the agency identify and mitigate risks to American households Today, the Consumer Financial Protection Bureau (CFPB) proposed requiring certain nonbank financial firms to register with the CFPB when they become subject to certain local, state, or federal consumer financial protection agency or court orders. The CFPB…
CFPB: Research Finds Members of Reserves and National Guard Paying Millions of Dollars in Extra Interest Each Year
Companies can take steps to better respect military borrower rights and ease financial burdens, particularly in higher interest rate environment Today, the Consumer Financial Protection Bureau (CFPB) released research revealing that Reserve and National Guard members called to active duty are paying an extra $9 million in interest every year because they are not always…
CFPB: Supervisory Examinations Find Credit Reporting Failures, Junk Fees and Mishandling of COVID-19 Protections
Agency examiners find legal violations across consumer financial products and services Today, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022. The report details key findings across consumer financial products and services, including how consumer reporting companies…
CFPB: New Report Highlights Problems with Tenant Background Checks
Errors and false information in tenant background checks raise costs and barriers to quality rental housing Today, the Consumer Financial Protection Bureau (CFPB) issued two reports on the tenant background check industry. The reports describe how errors in these background checks contribute to higher costs and barriers to quality rental housing. Too often, these background…
CFPB: New Bulletin Published Analyzing Rise in Crypto-Asset Complaints
“Pig butchering” and other scams lead list of crypto-asset complaints Today, the Consumer Financial Protection Bureau (CFPB) released a new complaint bulletin that highlights complaints the CFPB received related to crypto-assets. Consumers most commonly reported being victimized by frauds, theft, account hacks, and scams. Consumers also had issues with executing transactions and transferring assets between exchanges. Many…