CFPB Archives - The Industry Spread

CFPB, FTC and States Announce Settlement with Equifax Over 2017 Data Breach

The Consumer Financial Protection Bureau (Bureau), the Federal Trade Commission (FTC), and 48 states, the District of Columbia and Puerto Rico announced a global settlement today with Equifax that would provide up to $700 million in monetary relief and penalties. In a complaint and proposed stipulated judgment filed in federal district court in the Northern District of Georgia, the Bureau alleges that Equifax engaged in unfair and deceptive practices in connection with the 2017 data breach of Equifax’s systems that impacted approximately 147 million consumers.

CFPB To Hold First Symposium On June 25

The Consumer Financial Protection Bureau announced today that its first symposium will be held on June 25 at 9 a.m. The symposium, part of a series announced earlier this year, will focus on the Dodd-Frank Act’s prohibition on abusive acts or practices. The symposium will be webcast on the Bureau’s website. 

CFPB Highlights of Director Kraninger’s First Six Months

CFPB Highlights  June 11th marks the first six months of Director Kathleen L. Kraninger leading the Consumer Financial Protection Bureau. Launched an initiative, Start Small, Save Up, to increase emergency savings among consumers;
Expanded the Misadventures in Money Management financial education tool for active-duty servicemembers; 
Educated consumers about mortgage closing scams; 

CFPB Proposes Regulations to Implement the FDCPA

Today the Consumer Financial Protection Bureau (Bureau) issued a Notice of Proposed Rulemaking (NPRM) to implement the Fair Debt Collection Practices Act (FDCPA). The proposal would provide consumers with clear protections against harassment by debt collectors and straightforward options to address or dispute debts. Among other things, the NPRM would set clear, bright-line limits on the number of calls debt collectors may place to reach consumers on a weekly basis; clarify how collectors may communicate lawfully using newer technologies, such as voicemails, emails and text messages, that have developed since the FDCPA’s passage in 1977; and require collectors to provide additional information to consumers to help them identify debts and respond to collection attempts.

House Fin Democrats Target Trump Agenda

House of Democrats appear like they are using the House Financial Services Committee to fight proxy wars with President Donald Trump. That may not be such a bad thing for traders.

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