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
CFPB
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? ’’
The Consumer Financial Protection Bureau (Bureau or CFPB) has issued Consumer Financial Protection Circular 2023–01, titled ‘‘Unlawful Negative Option Marketing Practices.’’ In this circular, the Bureau responds to the question, ‘‘Can 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)? ’’
The Consumer Financial Protection Bureau (CFPB) has issued Consumer Financial Protection Circular 2023–02, titled, ‘‘Reopening Deposit Accounts That Consumers Previously Closed.’’ In this circular, the CFPB responds to the question, ‘‘After consumers have closed deposit accounts, if a financial institution unilaterally reopens those accounts to process a debit (i.e., withdrawal, ACH transaction, check) or deposit, can it constitute an unfair act or practice under the Consumer Financial Protection Act (CFPA)?’’
The Consumer Financial Protection Bureau (CFPB) has issued Consumer Financial Protection Circular 2023–03, titled, ‘‘Adverse action notification requirements and the proper use of the CFPB’s sample forms provided in Regulation B.’’ In this circular, the CFPB responds to the question, ‘‘When using artificial intelligence or complex credit models, may creditors rely on the checklist of reasons provided in CFPB sample forms for adverse action notices even when those sample reasons do not accurately or specifically identify the reasons for the adverse action?’’
The Consumer Financial Protection Bureau (Bureau or CFPB) has issued Consumer Financial Protection Circular 2024–01, titled, ‘‘Preferencing and steering practices by digital intermediaries for consumer financial products or services.’’ In this circular, the Bureau responds to the question, ‘‘Can operators of digital comparison-shopping tools or lead generators violate the Consumer Financial Protection Act (CFPA) by preferencing products or services based on financial or other benefits to the operator?’’
The Consumer Financial Protection Bureau (Bureau or CFPB) has issued Consumer Financial Protection Circular 2024–02, titled, ‘‘Deceptive Marketing Practices About the Speed or Cost of Sending a Remittance Transfer.’’ In this circular, the Bureau responds to the question, ‘‘When do remittance transfer providers violate the prohibition on deceptive acts or practices in the Consumer Financial Protection Act (CFPA) in their marketing about the speed and cost of sending a remittance transfer?’’