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The Consumer Financial Protection Bureau (CFPB) finalized a rule on Oct. 22, to help consumers transfer their information from one financial provider to another, free of charge.
The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector.CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, for-profit colleges, and other financial companies operating in the ...
The government watchdog also proposed a rule in February 2023 to reign in excessive credit card late fees. Companies currently charge customers as much as $41 for each missed payment, which costs ...
The Consumer Financial Protection Bureau on Thursday issued a finalized version of a rule saying it will soon supervise nonbank firms that offer financial services likes payments and wallet apps ...
The CFPB was created after the financial crisis of 2007–2008 as part of the Dodd–Frank Wall Street Reform and Consumer Protection Act.While initially aimed to protect consumers from bad mortgage lenders that had partially created the financial crisis, the CFPB has also involved itself in other areas at high risk of fraudulent activity that harm consumers, such as credit cards, credit ...
The Volcker Rule restricts how banks can invest, and the Office of Credit Ratings was charged with ensuring reliable credit ratings. The act also strengthened the existing whistleblower program. Under the Trump administration, many of the more stringent provisions were rolled back in 2018 due to pressure from critics and the affected industries.
The new CFPB regulation would require large banks and credit unions to either charge just $5 for overdrafts or, alternatively, pick an amount no higher than the cost of offering overdraft protection.
The Fair Debt Collection Practices Act (FDCPA), Pub. L. 95-109; 91 Stat. 874, codified as 15 U.S.C. § 1692 –1692p, approved on September 20, 1977 (and as subsequently amended), is a consumer protection amendment, establishing legal protection from abusive debt collection practices, to the Consumer Credit Protection Act, as Title VIII of that Act.