The CFPB requested information from credit card issuers, consumer groups and the public regarding credit card late fees and card issuers' revenue and expenses. An advance notice of proposed rulemaking was published in the Federal Register with a comment deadline set for July 22, 2022.
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The CFPB filed a Complaint against a payday lender, alleging that the company (i) concealed the option of a free repayment plan to consumers struggling to repay their short-term, high-cost loans and (ii) "made electronic withdrawals of consumers’ money without their authorization."
In a new report, the CFPB identified "Buy Now, Pay Later" credit program and product risks; CFPB Director Rohit Chopra directed staff to take additional action.
The CFPB charged the largest debt collectors in the United States with violations of the Consumer Financial Protection Act and the Fair Debt Collection Practices Act.
The Consumer Financial Protection Bureau ("CFPB") stated that it expects to issue proposed rules in January 2019 aimed at (i) amending the Payday, Vehicle Title, and Certain High-Cost Installment Loans rule and (ii) delaying the rule's compliance date. The CFPB clarified that it is currently planning to revisit only the ability-to-repay provisions and not the payments provisions.