Jan. 27: CFPB Updates This Week

NASCUS Summary: CFPB Request for Information Regarding Consumer Credit Card Market
Section 502(a) of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act or Act) requires the Consumer Financial Protection Bureau (CFPB) to conduct a review of the consumer credit card market, within limits of its existing resources available for reporting purposes. In connection with conducting that review, and in accordance with Section 502(a) of the Act, the CFPB is soliciting information from the public about a number of aspects of the consumer credit card market. Click here to read the NASCUS Summary. (Log-in required)

Comments must be received no later than April 24, 2023. The RFI can be accessed here

NASCUS Summary: CFPB Circular 2023-01 – “Unlawful negative option marketing practices”

The Consumer Financial Protection Bureau issued a circular that asked if “persons” that engage in negative option marketing practices violate the prohibition on unfair, deceptive, or abusive acts or practices in the Consumer Financial Protection Act (CFPA). Click here to read the NASCUS Summary. (Log-in required)

The circular was issued on January 19, 2023, and can be accessed here.

JAN 25, 2023

Office of Research blog: Credit score transitions during the COVID-19 pandemic

The distribution of credit score tiers shifted upward during the pandemic. Individuals in all credit score tiers were more likely to move up at least one tier or remain in their own tier during the pandemic, but upward mobility was especially improved for consumers with subprime credit scores.

JAN 24, 2023

CFPB Seeks Public Input on Consumer Credit Card Market

The Consumer Financial Protection Bureau (CFPB) issued a request for information today seeking public feedback on how the consumer credit market is functioning as part of a biennial review of the industry. The CFPB is seeking more and current information on various aspects of the consumer experience with credit cards. Congress enacted the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) to establish fair and transparent practices related to the extension of credit in the credit card market. The CARD Act mandates the CFPB to conduct a review of the credit card industry every two years and report to Congress.

JAN 20, 2023

For many struggling mortgage borrowers with home equity, selling their home could be an alternative to foreclosure

Mortgage servicers have direct communication with homeowners. Servicers may remind homeowners that one option to avoid foreclosure is selling the home. Servicers may recommend homeowners speak with a real estate agent for a free estimate of the home’s current value. Servicers can also direct struggling homeowners to HUD-approved housing counseling agencies.

Related topics: CFPB, week of Jan. 27 2023

Jan. 27: CFPB Updates This Week

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