On January 5, 2021, the Consumer Financial Protection Bureau Taskforce on Federal Consumer Financial Law released a report with recommendations on how to improve consumer protection in the financial marketplace.
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Consumer Financial Protection Bureau Settles with Omni Financial of Nevada, Inc. for Violations of the Military Lending Act, Electronic Fund Transfer Act, and Consumer Financial Protection Act
On December 30, 2020, the Consumer Financial Protection Bureau issued a consent order against Omni Financial of Nevada, Inc.
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Consumer Financial Protection Bureau Issues Approval Order to Facilitate the Use of Dual Usage Credit Cards
On December 30, 2020, the Consumer Financial Protection Bureau issued a compliance assistance sandbox approval order to Synchrony regarding their proposal to develop a “dual-feature credit card.”
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Consumer Financial Protection Bureau Issues an Approval Order to Facilitate Employee Access to Earned but Unpaid Wages
On December 30, 2020, the Consumer Financial Protection Bureau issued a compliance assistance sandbox approval order to PayActiv regarding specific aspects of some of its earned wage access products.
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Consumer Financial Protection Bureau Settles with Santander Consumer USA Inc. for Credit Reporting Violations in Connection with Its Auto Loans
On December 22, 2020, the Consumer Financial Protection Bureau issued a consent order against Santander Consumer USA Inc. to address the Bureau’s finding that it violated the Fair Credit Reporting Act.
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Consumer Financial Protection Bureau Settles with Student Loan Servicers Discover Bank, The Student Loan Corporation, and Discover Products, Inc. for Violating a Bureau Consent Order and Other Unlawful Practices
On December 22, 2020, the Consumer Financial Protection Bureau issued a consent order against Discover Bank, The Student Loan Corporation, and Discover Products, Inc. based on violations of a prior Bureau order, the Electronic Fund Transfer Act, and the Consumer Financial Protection Act of 2010.
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Consumer Financial Protection Bureau Issues Advisory Opinion to Help Expand Fair, Equitable, and Nondiscriminatory Access to Credit
On December 21, 2020, the Consumer Financial Protection Bureau issued an advisory opinion to address regulatory uncertainty regarding Regulation B, which implements the Equal Credit Opportunity Act, as it applies to certain aspects of special purpose credit programs.
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CFPB Welcomes Deputy Chief of Staff & Assistant Director for Office of Innovation
On December 21, 2020, the Consumer Financial Protection Bureau announced the addition of a Deputy Chief of Staff and an Assistant Director for the Office of Innovation.
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Consumer Financial Protection Bureau Settles with Remittance Transfer Provider for Remittance Transfer Rule Violations
On December 21, 2020, the Consumer Financial Protection Bureau announced a settlement with Envios de Valores La Nacional based on the finding that La Nacional violated the Electronic Fund Transfer Act and the Remittance Transfer Rule.
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Consumer Financial Protection Bureau Settles with Mortgage Servicer for Illegal Practices that Impeded Borrowers’ Attempts to Avoid Foreclosure
On December 18, 2020, the Consumer Financial Protection Bureau issued a consent order against Seterus, Inc. and Kyanite Services, Inc., as Seterus’s successor in interest, based on the Bureau’s finding that Seterus violated the Consumer Financial Protection Act of 2010 and Regulation X.
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Consumer Financial Protection Bureau Issues Final Rule on Consumer Disclosures Related to Debt Collection
On December 18, 2020, the Consumer Financial Protection Bureau issued a final rule to implement Fair Debt Collection Practices Act (FDCPA) requirements regarding certain disclosures for consumers.
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Consumer Financial Protection Bureau Releases Report on Implementing the Dodd-Frank Act’s Small Business Lending Data Collection Requirement
On December 15, 2020, the Consumer Financial Protection Bureau released a panel report as part of its rulemaking process under Dodd-Frank Act Section 1071 governing the collection and reporting of small business lending data.
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Consumer Financial Protection Bureau and Arkansas Attorney General Settle with Home-Alarm Company for Using Consumers’ Credit Scores Without Proper Notice
On December 11, 2020, the Consumer Financial Protection Bureau and the Arkansas Attorney General settled with Alder Holdings, LLC, resolving their allegations that Alder failed to provide proper notices under the Fair Credit Reporting Act.
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Kraninger Marks Second Year as Director of the Consumer Financial Protection Bureau
On December 11, 2020, Consumer Financial Protection Bureau Director Kathleen L. Kraninger made a statement regarding her second-year anniversary leading the Bureau.
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Consumer Financial Protection Bureau Issues Two Final Rules to Promote Access to Responsible, Affordable Mortgage Credit
On December 10, 2020, the Consumer Financial Protection Bureau issued final rules related to qualified mortgage (QM) loans.
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