Read our recap of some of the CFPB’s recent bulletins and reports.
04/10/2023 3:10 P.M.
2.5 minute read
The Consumer Financial Protection Bureau continues to issue enforcement actions, research reports and bulletins on a regular basis.
Here are a few of the bureau’s updates you should know about this week:
2022 Consumer Response Annual Report Issued
The CFPB has issued its report documenting consumers’ challenges in the financial marketplace from Jan. 1 – Dec. 31, 2022. During the year, the CFPB received approximately 1.3 million consumer complaints and sent more than 820,000 of those to approximately 3,300 companies to review and response.
Consumers’ complaints about credit reporting and checking and savings accounts increased during the year, the CFPB notes in its executive summary of the report. Student loan complaints are a small percentage of total consumer complaints, but did “increase significantly” in 2022 according to the CFPB.
Debt collection complaints declined by 5% from 2021 to 2022 and represent 9% of all complaints.
Data Brokers and FCRA Rulemaking
The CFPB is seeking public and market input on the activities of data brokers as part of plans to issue a rulemaking under the Fair Credit Reporting Act.
The CFPB is interested in information about “the business models and practices of the data broker market, including details about the types of data the brokers collect and sell and the sources they rely upon,” it reports.
The RFI includes questions for market-level inquiries, 22 in total, and seven questions for individual inquiries.
To file comments:
Email: [email protected]. Include the document title and Docket No. CFPB-2023-0020 in the subject line of the message.
Visit the federal eRulemaking portal, https://www.regulations.gov/commenton/CFPB-2023-0020-0001, and follow the instructions for submitting comments.
The public and market input will help the CFPB “gain a better understanding about the current state of business practices in this area. The CFPB is also interested in hearing about people’s direct experiences with these companies, including when individuals attempt to remove, correct, or regain control of their data,” according to the news release.
Read the complete RFI here.
Compliance Resources on Small Business Lending Data Collection
The Consumer Financial Protection Bureau has released its final rule required by Congress on small business data lending data collection.
To help financial institutions implement and comply with the rule, the CFPB is offering a program called SBL Help.
Financial institutions can submit questions about the rule to the CFPB here, and the bureau also created a small business lending implementation and guidance webpage, which provides an overview of regulatory implementation, and a small business lending data webpage.
Additional compliance resources will be made available, according to the CFPB, and it has a video on the rule implementation, compliance support and timeline the materials will be released.
Do you have an item to submit for the Regulatory Recap? Share it with us at [email protected], Attn: Lori Bowes.
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