An Active CFPB
- Frank Tian
- May 10, 2022
- 1 min read
Updated: Sep 22, 2022
A dormant authority being activated by the regulator
CFPB invokes the authority to examine non-bank companies.
This move clearly targets fintechs and bigtechs,
as the consumers served have reached a large scale.
The regulator remains active lately,
As consumer delinquency normalizes/increases
With the pandemic relief measures begin to wane.
CFPB has targeted so-called junk fees and medical debt,
Which led to some changes in the industry practices.
In April, CFPB updated the list of NSF fee policies:
Those eliminating the fee vs. have not.
It estimates that $1 billion USD savings every year
From those recent NSF policy changes.
CFPB also clarified that student loans can be discharged in bankruptcy.
It identified 5 mil borrowers at risk once the student loan payment resumes.
The payment pause has been extended multiple times and now until August.
Comments