The Consumer Financial Protection Bureau (CFPB) rule requiring lenders to gather demographic information about small business borrowers has leapt another legal hurdle. A federal judge rejected a banking industry-backed challenge that argued that the rule’s data collection method was flawed, Reuters reported Monday (Aug. 26). U.S. District...
The Consumer Financial Protection Bureau (CFPB) launched a beta platform for the small business lending data collection rule under section 1071 of the Dodd-Frank Act. “We invite the participation of financial institutions and their technology partners to test the beta platform and share feedback with...
Since 2013, Credit Repair Cloud has sold software and products to credit repair businesses. But according to the Consumer Financial Protection Bureau (CFPB), the company and its CEO also helped those companies charge illegal advance fees to consumers. The CFPB on Thursday (Aug. 8) filed an order to resolve...
The Consumer Financial Protection Bureau (CFPB) has accused rent-to-own company Acima of tricking customers into high-cost financing agreements. The CFPB on Friday (July 26) sued Acima — owned by Upbound, formerly known as Rent-a-Center — alleging that the company disguised many of its credit agreements...
Junk fees are taking a toll on lower-income parents trying to pay for school lunches. So says the Consumer Financial Protection Bureau (CFPB), which released a report Thursday (July 25) on the payment processing companies that help school districts process students’ school lunch payments. “These...
The Consumer Financial Protection Bureau (CFPB) is intensifying its scrutiny of SoLo Funds, a lending startup backed by tennis star Serena Williams. The CFPB has introduced a proposed rule that would restrict the way SoLo charges its customers. This action follows a lawsuit filed by...
Regulators are painting several types of lending products with a broad brush, bringing an ever-widening swath of lenders under federal purview. Fresh off its rulemaking on buy now, pay later (BNPL) loans, the Consumer Financial Protection Bureau has proposed a new classification for paycheck advance...
The banking industry wants more time to comply with a new rule governing consumer financial data. The open banking regulation in question is the Consumer Financial Protection Bureau (CFPB)’s “Proposed Required Rulemaking on Personal Financial Data Rights,” which is designed to implement section 1033 of...
The Consumer Financial Protection Bureau (CFPB) aims to require mortgage servicers to do more to help struggling homeowners before foreclosing. The regulator issued a proposed rule on this issue Wednesday (July 10) and will accept public comment on it until Sept. 9, the CFPB said...
