CFPB: Rule Proposed to Stop Data Brokers from Selling Sensitive Personal Data
Rule seeks to protect Americans from crime and illegal foreign surveillance The Consumer Financial Protection Bureau (CFPB) today proposed a rule to rein in data brokers that sell Americans’ sensitive personal and financial information. The proposed rule would limit the sale of personal identifiers like Social Security Numbers and phone numbers collected by certain companies…
CFPB: Rule Finalized on Federal Oversight of Popular Digital Payment Apps to Protect Personal Data, Reduce Fraud, and Stop Illegal “Debanking”
Final rule brings supervision to Big Tech and other widely used digital payment apps handling over 50 million transactions annually The Consumer Financial Protection Bureau (CFPB) today finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. The rule will help the CFPB to ensure that these companies…
CFPB: Report Details Student Borrower Harms from Servicing Failures and Program Disruptions
Analysis of 18,000 borrower complaints reveals payment processing errors, inaccurate bills and repayment information, and unhelpful customer service The Consumer Financial Protection Bureau (CFPB) today released the annual report of the CFPB Student Loan Ombudsman, highlighting the severe difficulties reported by student borrowers due to persistent loan servicing failures and program disruptions. The report details how millions…
CFPB: Survey Reveals Impacts of Student Loan Debt Relief and Repayment Challenges
Debt relief recipients report being able to make beneficial changes in their lives; many borrowers still unaware of repayment options Today the Consumer Financial Protection Bureau (CFPB) issued its first 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…
CFPB: Pilot Study Finds Differential Treatment in Small Business Lending Markets
Lenders less likely to encourage Black entrepreneurs and more often steer them toward alternative financing Today, the Consumer Financial Protection Bureau (CFPB) released a study revealing significant disparities in how lenders treat Black and white small business owners seeking loans. The research found that Black entrepreneurs received less encouragement to apply for a loan and…
CFPB: Report Details Carveouts for Financial Institutions in State Data Privacy Laws
Gaps in consumer protections pose risks as companies increasingly build business models to make money from personal financial data The Consumer Financial Protection Bureau (CFPB) today 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…
CFPB: CMS and CFPB Take Action to Stop Illegal Billing of Lowest-Income Medicare Recipients Living at or below the Poverty Line
New statement warns healthcare providers, Medicare Advantage plans, and debt collectors about improper billing and collections Today, the Consumer Financial Protection Bureau (CFPB) and the Centers for Medicare & Medicaid Services (CMS) issued a joint statement to protect millions of people with Medicare living at or below the poverty line from unlawful medical bills. These people in…
CFPB: Personal Financial Data Rights Rule Finalized to Boost Competition, Protect Privacy, and Give Families More Choice in Financial Services
Rule will help lower prices on loans and empower people to more easily fire financial companies that provide bad service Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule that will give consumers greater rights, privacy, and security over their personal financial data. The rule requires financial institutions, credit card issuers, and other financial providers to…
CFPB: Action Taken Against Wrongful Auto Repossessions and Loan Servicing Breakdowns
Consumers given inaccurate loan disclosures and charged for add-on products without consent Today, the Consumer Financial Protection Bureau (CFPB) published a new edition of Supervisory Highlights describing the agency’s supervisory findings related to illegal practices in auto finance, including lenders repossessing consumers’ cars after the borrower made timely payments or received loan extensions. Other illegal conduct detailed…
Agencies Announce Dollar Thresholds for Applicability of Truth in Lending and Consumer Leasing Rules for Consumer Credit and Lease Transactions
The Consumer Financial Protection Bureau and the Federal Reserve Board today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2025 are subject to certain protections under Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). By law, the agencies are required to adjust the thresholds annually based…