The CFPB recently issued several press releases that could impact compliance departments in the future. These include a proposal for removing medical bills from credit reports, initiating a process to set standards for open banking, a warning against the use of fine print in contracts, and the creation of a registry for organizations that have multiple compliance violations.
There is nothing that needs to be at this time, but we’ll keep an eye on these issues and let you know as these initiatives gain traction and make their way through the system.
June 11, 2024: CFPB Proposes to Ban Medical Bills from Credit Reports
The CFPB proposed a new rule aimed at removing medical bills from credit reports. This initiative addresses the issue of medical debt affecting consumers’ credit scores, often leading to long-term financial difficulties. The proposal seeks to prevent medical bills from being factored into credit decisions, ensuring that medical emergencies do not unfairly impact creditworthiness.
June 5, 2024: CFPB Launches Process to Recognize Open Banking Standards
To advance the financial industry’s shift towards open banking, the CFPB is initiating a process to recognize open banking standards. This effort aims to enhance competition, innovation, and consumer choice in financial services. By establishing clear guidelines and standards for open banking, the CFPB hopes to foster a more transparent and competitive financial ecosystem, where consumers have better control over their financial data.
June 4, 2024: CFPB Warns Against Deception in Contract Fine Print
This warning against the use of deceptive fine print in contracts for financial products and services, highlights the illegal nature of terms that mislead consumers into waiving their rights. In the press release, the CFPB iterates their commitment to enforcing laws that protect consumers from such deceptive practices, ensuring transparency and fairness in financial agreements.
June 3, 2024: CFPB Creates Registry to Detect Corporate Repeat Offenders
To crack down on corporate misconduct, the CFPB has introduced a registry designed to identify and monitor companies that are repeat offenders. This registry will track firms with a history of violating consumer financial laws, promoting accountability and deterring future infractions. By keeping a close watch on these entities, the CFPB aims to protect consumers from continuous harmful practices.
COMPLIANCE RESOURCE is committed to keeping you up-to-date and will continue to share insights from regulators.
In the meantime, if you have any questions, you can always connect with us through support@mycomplianceresource.com or post any questions you may have to the forum.