Smaller banks are urging the CFPB to consider a more gradual technological shift and weigh their cost burdens, as the regulator crafts a new “open banking” rule to ease consumers’ sharing of financial information. The Consumer Financial Protection Bureau’s open banking proposal aims to allow consumers to seamlessly switch between financial service providers by requiring banks and credit card companies to develop technology that consumers can use to share their financial data with fintechs and other upstart competitors. Public comments on the CFPB outline for its plans were due on Jan. 25.
n January 12, the CFPB released a report that identified an uptick in identity theft reported by servicemembers. The report found that military consumers (defined as active duty servicemembers, veterans, and military family members) reported almost 50,000 cases of identity theft to the FTC in 2021. Additionally, military consumer complaints to the CFPB for debts resulting from identity theft increased from about 200 in 2014 to more than 1,000 in 2022.
ACA International and coalition partners continue to support updates to the Federal Communications Commission’s call authentication framework that ensure legitimate calls are getting through, as noted in supplemental comments (PDF) to the FCC on call authentication solutions.
Consumer credit scores improved during the COVID-19 pandemic, suggesting that pandemic-era mortgage forbearances, the federal student loan repayment pauses, and federal cash transfers that improved some consumers’ financial wellbeing drove the overall credit score increases, according to a report from the Consumer Financial Protection Bureau’s (CFPB) Office of Research.
EVERETT, Wash. — Washington State Attorney General Bob Ferguson said a hearing is set for Friday, January 27 in a legal case alleging Providence hospitals used medical payment methods. unfair and deceptive” for low-income patients.
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