On August 8, 2022, the Consumer Financial Protection Bureau (CFPB) announced live and virtual technical conversations about software used by financial institutions to facilitate compliance with the CFPB’s small business lending rulemaking (referred to as 1071). The CFPB 1071 technical team will share insights into how the CFPB generally builds regulatory compliance systems for the intake of submitted information from financial institutions, such as Home Mortgage Disclosure Act (HMDA) reporting system. The team will also […]
Tag: CFPB
CFPB INTERPRETATIVE RULE FOR DIGITAL MARKETERS
On August 10, 2022, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection law. Digital marketers: That are involved in the identification or selection of prospective customers or the selection or placement of content to affect consumer behavior are typically service providers for purposes of the law. Acting as service providers can be held liable by the CFPB […]
CFPB UPDATES DEBT COLLECTION RULE FAQS
On July 27, 2022, the Consumer Financial Protection Bureau (CFPB)added 15 new questions and answers to its Debt Collector Rule FAQs. The expanded sections include: Prohibitions on Third-Party Communications; Electronic Communication; Electronic Communication: Opt-out Notice; and Unusual or Inconvenient Times or Places.
TRIDENT MORTGAGE TO PAY $22 MILLION FOR DISCRIMINATION VIOLATIONS
On July 27, 2022, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) took action to end Trident Mortgage Company’s intentional discrimination against families living in majority-minority neighborhoods in the greater Philadelphia area. The CFPB and DOJ allege Trident redlined majority-minority neighborhoods through its marketing, sales, and hiring actions. Specifically, Trident’s actions discouraged prospective applicants from applying for mortgage and refinance loans in the greater Philadelphia area’s majority-minority neighborhoods. If entered by […]
CFPB ISSUES FCRA ADVISORY OPINION
On July 7, the Consumer Financial Protection Bureau (CFPB) published a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the Fair Credit Reporting Act (FCRA). The CFPB’s new advisory opinion makes clear that credit reporting companies and users of credit reports have specific obligations to protect the public’s data privacy. The advisory also reminds covered entities of potential criminal liability for certain misconduct. […]