WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights describing the agency’s actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. CFPB examinations found servicers charging illegal junk fees, such as prohibited property inspection fees; sending deceptive notices to homeowners; and violating loss mitigation rules that help struggling borrowers stay in their homes. In response to the CFPB’s findings, financial institutions refunded junk fees to borrowers and stopped their illegal practices.
While the U.S. Supreme Court’s decision on the constitutionality of the Consumer Financial Protection Bureau’s funding structure is pending, members of Congress discussed the topic in an agency audit hearing, “Reviewing CFPB Financial Reporting and Transparency.”
BOSTON — Amidst a widespread increase in businesses’ use of artificial intelligence and algorithmic decision-making systems (“AI”), including in consumer-facing contexts, Attorney General Andrea Joy Campbell today issued an advisory to provide guidance to developers, suppliers, and users of AI regarding their obligations under state consumer protection, anti-discrimination, and data security laws.
On April 16, the CFPB issued a procedural rule to change how the Bureau will designate nonbanks for supervision. Under the CFPA, the CFPB was authorized to supervise a nonbank covered person if the Bureau had reasonable cause to determine if the nonbank covered person was engaged in financial services-related conduct that posed a risk to consumers.
I write on behalf of the Consumer Financial Protection Bureau (CFPB) regarding Senate Bill 395 as amended (SB395), which would prohibit health care providers in Connecticut from reporting medical debt to consumer reporting agencies for use in a consumer report.
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