The CFPB has announced a new project as part of its Project Catalyst initiative, which the CFPB describes as ”designed to encourage consumer-friendly developments in markets for consumer financial products and services.” The...more
Democratic Congresswoman Carolyn Maloney of New York sent a letter to Director Cordray yesterday urging the CFPB to limit overdraft fees and expand opt-in requirements as part of a proposed overdraft rule.
Yesterday, the CFPB unveiled two model forms of prepaid card packaging disclosures that it is testing with consumers in Los Angeles. According to its blog post, the CFPB is developing the disclosures in connection with a...more
Director Cordray’s speech yesterday to the National Association of State Treasurers consisted primarily of his standard remarks about the CFPB’s handling of consumer complaints, financial education initiatives, and mortgage...more
The CFPB’s data collection efforts are drawing fire from the U. S. Chamber of Commerce. Those efforts became a focus of attention as a result of an April 2013 report by Carter Dougherty of Bloomberg which revealed that the...more
The CFPB has amended Regulation Z to remove the requirement that a card issuer must consider the independent ability to pay of an applicant who is 21 or older. The final rule, which will be effective upon publication in the...more
The CFPB has published a final rule in today’s Federal Register amending Regulation Z (Truth in Lending) to remove fees paid before a credit card account is opened from the scope of the 25% limit on total fees that may be...more
The CFPB is seeking information on how the CARD Act amendments to the Truth in Lending Act have impacted consumers and the credit card industry....more