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CFPB Proposes Rule on Prepaid Products to Extend Certain Credit Requirements and Mandate Disclosures
The Consumer Financial Protection Bureau released last week a proposed rule that would impose an array of new requirements on prepaid accounts. The proposed new definition of “prepaid account” would include general…
CFPB Director Cordray Testifies Before House Financial Services Committee
CFPB Director Richard Cordray testified before the House Financial Services Committee today, fielding questions and comments on an array of issues from the CFPB’s data collection practices to the Qualified Mortgage…
CFPB Director Addresses Enforcement Strategy for New Mortgage Rules before Senate Banking Committee
On Tuesday November 12, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing on the fourth Semi-Annual Report of the Consumer Financial Protection Bureau (CFPB or Bureau). The hearing came amid…
CFPB Releases Advanced Notice of Proposed Rulemaking on Debt Collection Practices
On Wednesday November 6, the CFPB released an Advanced Notice of Proposed Rulemaking (ANPR) seeking comment on debt collection practices and noting that the Bureau is considering proposing rules regarding debt…
FTC Settles FCRA Charges Against Certegy for $3.5 Million
The FTC announced today that Certegy Check Services, Inc. will pay $3.5 million to settle allegations that Certegy violated the Fair Credit Reporting Act (FCRA) by failing to follow proper dispute procedures and…