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📑CFPB Proposes Standard for Nonbank Supervision and Consumer Risks

The Consumer Financial Protection Bureau (Bureau or CFPB) is proposing to adopt a standard definition of "risks to consumers with regard to the offering or provision of consumer financial products or services" that will bind the Bureau in proceedings to designate nonbank covered persons for Bureau supervision. This will ensure that the Bureau acts within the bounds of its statutory authority and provide clarity to institutions about the standard the Bureau applies.

🔒CFPB Personal Financial Data Rights Proposed Rulemaking Overview

The Consumer Financial Protection Bureau (CFPB or Bureau) is seeking comments and data to inform its consideration of four issues related to implementation of section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). These issues are: the proper understanding of who can serve as a "representative" making a request on behalf of the consumer; the optimal approach to the assessment of fees to defray the costs incurred by a "covered person" in responding to a customer driven request; the threat and cost-benefit pictures for data security associated with section 1033 compliance; and the threat picture for data privacy associated with section 1033 compliance.

💵CFPB Considers Changes to International Money Transfer Regulations

The Consumer Financial Protection Bureau (CFPB or Bureau) is seeking information to assist it in considering whether to propose a rule to amend the test to define larger participants in the international money transfer market established by the Bureau's Defining Larger Participants of the International Money Transfer Market Final Rule published on September 9, 2014 (International Money Transfer Larger Participant Rule or 2014 Rule).

🛡️CFPB Modifies Privacy Act System of Records Notice

The purpose of the Supervision and Examination Records system of record is to enable the Consumer Financial Protection Bureau (CFPB) to carry out its responsibilities with respect to supervised entities to ensure compliance with Federal consumer protection laws and identify unfair, deceptive, or abusive acts and practices in connection with consumer financial products and services. The CFPB's use of records covered by this system of records to conduct and coordinate examinations and reports, supervisory evaluations and analyses, and enforcement actions (including both CFPB activities and collaborations with other financial regulatory agencies); to track and store examination and inspection documents created during the performance of CFPB's statutory duties; and for administrative purposes to ensure quality control, performance, and improving management processes.

💳CFPB Withdraws Proposed Rule on Electronic Fund Transfers

The Consumer Financial Protection Bureau (Bureau) is withdrawing a proposed interpretive rule, Electronic Fund Transfers Through Accounts Established Primarily for Personal, Family, or Household Purposes Using Emerging Payment Mechanisms. The Bureau will not take any further action on this proposed interpretive rule.

📉CFPB Proposes Rescission of Nonbank Registry Rule

The Consumer Financial Protection Bureau (Bureau or CFPB) is proposing to rescind its rule requiring certain types of nonbank covered persons subject to certain final public orders obtained or issued by a government agency in connection with the offering or provision of a consumer financial product or service to report the existence of the orders and related information to a Bureau registry.

📜Regulation V

📑CFPB Rescinds Guidance on Earned Wage Products

The Consumer Financial Protection Bureau (CFPB) is issuing this advisory opinion to rescind an advisory opinion it issued in November 2020 that described how one particular type of "earned wage" product does not involve the offering or extension of "credit" as that term is defined in the Truth in Lending Act and Regulation Z.

📜CFPB Proposes Rule to Ban Unfair Contract Terms in Financial Services

The Consumer Financial Protection Bureau (CFPB) is proposing to prohibit certain contractual provisions in agreements for consumer financial products or services. The proposal would prohibit covered persons from including in their contracts any provisions purporting to waive substantive consumer legal rights and protections (or their remedies) granted by State or Federal law. The proposal would also prohibit contract terms that limit free expression, including with threats of account closure, fines, or breach of contract claims, as well as other contract terms. The proposal would also codify certain longstanding prohibitions under the Federal Trade Commission's (FTC) Credit Practices Rule.

🚫New CFPB Rule Prohibits Medical Debt in Credit Decisions

The Consumer Financial Protection Bureau (CFPB) is issuing a final rule amending Regulation V, which implements the Fair Credit Reporting Act (FCRA), concerning medical information. The FCRA prohibits creditors from considering medical information in credit eligibility determinations. The CFPB is removing a regulatory exception that had permitted creditors to obtain and use information on medical debts notwithstanding this statutory limitation. The final rule also provides that a consumer reporting agency generally may not furnish to a creditor a consumer report containing information on medical debt that the creditor is prohibited from using.