In a new report, the CFPB asserted that credit bureaus Equifax, Experian and TransUnion did not comply with statutory obligations to respond to consumer complaints submitted through the CFPB's complaint process.
The CFPB ordered five companies to provide information regarding their "buy now, pay later" credit programs. The CFPB expects to publish findings on the risks of these programs concerning accumulation of debt, regulatory arbitrage and data harvesting.
The CFPB highlighted findings from supervisory examinations completed between January 2021 and June 2021. The examinations covered, among other things, credit card account management, debt collection, deposits, fair lending, mortgage servicing and payday lending.
The FDIC refuted a joint statement made by CFPB Director Rohit Chopra and FDIC Board member Martin J. Gruenberg that the FDIC Board had approved a request for information and comment on bank merger transaction rules, guidance and statements.
The FDIC established a new Office of Supervisory Appeals to "consider and decide appeals of material supervisory determinations." The new Office replaces the Supervision Appeals Review Committee and is intended to enhance the independence of the appeals process and ensure accountability in the examination process.