An article appearing in CNN on March 3, 2023 answers the questions: What is the CFPB? How does its work affect your wallet? And why is its future potentially at risk? It [the CFPB] has completely changed the consumer financial marketplace. Overall it has had a tremendous impact on making it more fair and transparent,”…
Read More about CNN: "CFPB: What it does and why its future is in question"
BOSTON – In reaction to today’s release by the Consumer Financial Protection Bureau (CFPB)’s of a report detailing improvements and deficiencies in the responses of the Big Three credit bureaus [Equifax, Experian and TransUnion] to complaints filed with CFPB, Chi Chi Wu, staff attorney at National Consumer Law Center, issued the following statement: “Today’s CFPB…
Read More about CFPB Report Shows Progress in Taming Credit Bureaus’ Mistreatment of Consumers
The substantive decision that the CFPB’s independent funding mechanism violates the Appropriations Clause is radical and unprecedented. But even more extreme is the decision that the remedy for this unconstitutional funding mechanism is that the CFPB’s Payday Lending Rule must be found invalid because it was promulgated using unconstitutional funding.
5th Circuit Decision Jeopardizes a Decade of Consumer Protections WASHINGTON – In an outrageous opinion that endangers efforts to protect American consumers from big banks and predatory actors, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit ruled this week that the funding mechanism of the Consumer Financial Protection Bureau (CFPB)…
Read More about Appeals Court Ruling on CFPB Threatens to Perpetuate Predatory Financial Practices
A recent lawsuit by industry trade groups, including the U.S. Chamber of Commerce, the American Bankers Association, and the Consumer Bankers Association, seeks to prevent the Consumer Financial Protection Bureau (CFPB) from using its unfair, deceptive, or abusive acts and practices (UDAAP) authority to combat discriminatory practices in banking and other financial services. It is…
Read More about NCLC Statement on U.S. Chamber of Commerce Lawsuit Against the CFPB
The CFPB rule would have had an enormous impact on returning to consumers remedies they had lost through the widespread use of arbitration clauses with class action bans. Nevertheless, consumers have a number of ways to defeat an arbitration requirement, as set out below.
This article examines practice implications of three recent CFPB interpretations of the Fair Credit Reporting Act, including: tenant and background screening companies’ use of name-only matching violates the FCRA; users are strictly liable for permissible use violations; and state law can limit when medical debt, evictions, rental arrears, and criminal records can first be reported.
Read More about CFPB Issues Three FCRA Interpretations with Widespread Implications
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