CFPB Update – New Developments and Emerging Themes
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Description
The Consumer Financial Protection Bureau (CFPB) has been active on numerous fronts over the last several months. Mayer Brown partner Ori Lev and associates Christa Bieker and Brian Stief discuss: The CFPB’s efforts to expand the scope and uses of its statutory authorities Trends in the CFPB’s supervisory and enforcement activity The CFPB’s recent focus on fees and consumer reporting The new Office of Competition and Innovation
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On March 5, the Consumer Financial Protection Bureau issued a Final Rule that would significantly restrict late fees that consumer credit card issuers may charge to a mere $8—representing approximately a 75% reduction from current levels. Within two days, the Final Rule faced a challenge in the...
Published 04/11/24
Published 04/11/24
The CFPB has launched an aggressive campaign against so-called “junk fees.” This year the CFPB has released proposed rules targeting overdraft and non-sufficient funds fees and a final rule targeting credit card late fees. Along the same lines, two of the three latest editions of the Bureau’s...
Published 03/25/24