On April 15, the CFPB issued a final rule aimed at improving the way that companies submit consumer credit card agreements to the CFPB. Press Release.
On March 26, the CFPB announced that it is considering stronger consumer protections relating to payday loans, vehicle title loans, deposit advance products, and certain high-cost installment loans and open-end loans. The proposals under consideration would require lenders to take steps to make sure consumers can repay their loans and would also restrict lenders from attempting to collect payment from consumers’ bank accounts in ways that tend to rack up excessive fees. Release. Fact Sheet.
On March 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on how the credit card market is functioning and the impact of credit card protections on consumers and issuers. This public inquiry will focus on issues including credit card terms, the use of consumer disclosures, credit card debt collection practices, and rewards programs, among others. Release.
On January 29, the Consumer Financial Protection Bureau (CFPB) proposed several changes to its mortgage rules to facilitate lending in rural and underserved areas. The proposed rule would increase the number of financial institutions able to offer certain types of mortgages in rural and underserved areas. The proposed rule will be open for public comment until March 30, 2015. Release. Proposed Rule.
On January 20, CFPB finalized two minor modifications to the “Know Before You Owe” mortgage disclosure rules. The changes, which were proposed in October 2014, address when consumers will receive updated disclosures after locking in an interest rate, and how consumers receive information regarding certain construction loans. The “Know Before You Owe” mortgage disclosure rule, including the changes finalized today, will be effective August 1, 2015. Release. Final Rule.
On September 3, the CFPB warned credit card companies against deceptively marketing interest-rate promotions, over concerns about companies luring in consumers with offers of reduced or zero interest for a specific purchase or balances transferred from another credit card and then hitting them with surprise interest charges. Release.