On October 19, the CFPB proposed a rule that would require depository and nondepository entities to make available to consumers and authorized third parties certain data relating to consumers’ transactions and accounts (see our previous post on this rulemaking here and here).
The CFPB recently issued an Advisory Opinion that provides guidance on Section 1034(c) of the CFPA, which generally requires large banks and credit unions with over $10 billion in assets to comply in a timely manner with consumer requests for information, including supporting written documentation, concerning their accounts for financial products and services.
The agency is being pressed by some Republican members of Congress to fully pursue deliquent, pandemic-era loans handed to small borrowers. The SBA says it isn't cost effective.
CFPB – On Oct. 11, the CFPB issued an advisory opinion which generally prohibits banks and credit unions from imposing unreasonable obstacles on customers, such as charging excessive fees, for basic information about their own accounts, stating that such obstacles will violate Section 1034(c) of the Dodd-Frank Act. Section 1034(c) of the CFPA requires large financial institutions to comply with consumer requests for information concerning their accounts in a timely manner.
SACRAMENTO – In a continuation of a yearlong crackdown on unscrupulous debt collectors, the California Department of Financial Protection and Innovation (DFPI) announced today that it has issued enforcement actions against four entities for unlicensed debt collection activity under the Debt Collection Licensing Act (DCLA) and unfair, deceptive, or abusive acts or practices (UDAAP) in violation of the California Consumer Financial Protection Law (CCFPL) and related federal laws and regulations.
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