Reviews of products and services help to promote fair, transparent, and competitive markets. When firms frustrate the ability of consumers to post honest reviews of products and services that they use, they may be engaged in conduct prohibited by the Consumer Financial Protection Act (CFPA). The Consumer Financial Protection Bureau (Bureau) is issuing this bulletin to remind regulated entities of the CFPA’s requirements and explain how the Bureau intends to exercise its enforcement and supervisory authorities on this issue.
CFPB
A Returned Deposited Item is a check that a consumer deposits into their checking account that is returned to the consumer because the check could not be processed against the check originator’s account. Blanket policies of charging Returned Deposited Item fees to consumers for all returned transactions irrespective of the circumstances or patterns of behavior on the account are likely unfair under the Consumer Financial Protection Act (CFPA).
The Consumer Financial Protection Bureau (CFPB) is issuing this Compliance Bulletin and Policy Guidance (Bulletin) to address the treatment of certain private student loans (student loans) following bankruptcy discharge. In order to secure a discharge of ‘‘qualified education loans’’ in bankruptcy, borrowers must demonstrate that the loans would impose an undue hardship if not discharged. Student loans that are not ‘‘qualified education loans’’ (nonqualified student loans), however, are discharged under standard bankruptcy discharge orders.
The Consumer Financial Protection Bureau (Bureau or CFPB) has issued Consumer Financial Protection Circular 2022–01, titled, ‘‘System of Consumer Financial Protection Circulars to Agencies Enforcing Federal Consumer Financial Law.’’ In this circular, the Bureau outlines its efforts to promote consistency among enforcers and fair competition in the market by launching a new system to provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB intends to enforce Federal consumer financial law.
The Consumer Financial Protection Bureau (Bureau or CFPB) has issued Consumer Financial Protection Circular 2022–02, titled, ‘‘Deceptive representations Involving the FDIC’s Name or Logo or Deposit Insurance.’’ In this circular, the Bureau responds to the question, ‘‘When do representations involving the name or logo of the Federal Deposit Insurance Corporation (FDIC) or about deposit insurance constitute a deceptive act or practice in violation of the Consumer Financial Protection Act (CFPA)? ’’
The Consumer Financial Protection Bureau (Bureau or CFPB) has issued Consumer Financial Protection Circular 2022–03, titled, ‘‘Adverse Action Notification Requirements in Connection with Credit Decisions Based on Complex Algorithms.’’ In this circular, the Bureau responds to the question, ‘‘When creditors make credit decisions based on complex algorithms that prevent creditors from accurately identifying the specific reasons for denying credit or taking other adverse actions, do these creditors need to comply with the Equal Credit Opportunity Act’s requirement to provide a statement of spec
The Consumer Financial Protection Bureau (Bureau or CFPB) has issued Consumer Financial Protection Circular 2022–04, titled, ‘‘Insufficient Data Protection or Security for Sensitive Consumer Information.’’ In this circular, the Bureau responds to the question, ‘‘Can entities violate the prohibition on unfair acts or practices in the Consumer Financial Protection Act (CFPA) when they have insufficient data protection or information security?’’
The Consumer Financial Protection Bureau (Bureau or CFPB) has issued Consumer Financial Protection Circular 2022–05, titled, ‘‘Debt collection and consumer reporting practices involving invalid nursing home debts.’’ In this circular, the Bureau responds to the question, ‘‘Can debt collection and consumer reporting practices relating to nursing home debts that are invalid under the Nursing Home Reform Act violate the Fair Debt Collection Practices Act (FDCPA) and Fair Credit Reporting Act (FCRA)?’’
The Consumer Financial Protection Bureau (Bureau or CFPB) has issued Consumer Financial Protection Circular 2022–06, titled, ‘‘Unanticipated Overdraft Fee Assessment Practices.’’ In this Circular, the Bureau responds to the question, ‘‘Can the assessment of overdraft fees constitute an unfair act or practice under the Consumer Financial Protection Act (CFPA), even if the entity complies with the Truth in Lending Act (TILA) and Regulation Z, and the Electronic Fund Transfer Act (EFTA) and Regulation E?’’
The Consumer Financial Protection Bureau (Bureau or CFPB) has issued Consumer Financial Protection Circular 2022–07, titled, ‘‘Reasonable Investigation of Consumer Reporting Disputes.’’ In this circular, the Bureau responds to the questions, ‘‘1. Are consumer reporting agencies and the entities that furnish information to them (furnishers) permitted under the Fair Credit Reporting Act (FCRA) to impose obstacles that deter submission of disputes? ’’ and ‘‘2. Do consumer reporting agencies need to forward to furnishers consumer-provided documents attached to a dispute? ’’