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CFPB Releases Report on Issues Facing Users of International Money Transfers

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A report released by the Consumer Financial Protection Bureau, or CFPB, recommends principles for maximizing consumers’ ability to receive and use exchange rate information when making remittance transfers, and examines the incentives and challenges related to using remittance data in credit scores. Remittance Transfers and Exchange Rates The Dodd-Frank Act... Read More

Topics: Banking, Consumer Protection

CFPB Report Examines Differences Between Credit Scores Consumers and Lenders Receive

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The Consumer Financial Protection Bureau, or CFPB, released a report examining the differences between credit scores sold to consumers and scores used by lenders to make credit decisions. The Dodd-Frank Wall Street Reform and Consumer Protection Act required the CFPB to study the differences between credit scores consumers purchase and... Read More

Topics: Banking, Consumer Protection

CFPB Outlines Bank Supervision Approach

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The Consumer Financial Protection Bureau, or CFPB, has outlined the agency’s approach to supervising large depository institutions to ensure compliance with federal consumer financial protection laws.  The supervisory process that will begin on July 21, 2011. The consumer agency will conduct examinations to help ensure that consumer financial practices at... Read More

Topics: Banking, Consumer Protection

Federal Reserve and FTC Issue Final Rules to Implement the Credit Score Disclosure Requirements of the Dodd-Frank Act

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The Federal Reserve Board and the Federal Trade Commission have issued final rules to implement the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If a credit score is used in setting material terms of credit or in taking adverse action, the statute requires... Read More

Topics: Banking, Consumer Protection

CFPB Stakes Out Turf

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Section 1063(i) of the Consumer Financial Protection Act of 2010 (“Act”), which is otherwise known as Title X of the Dodd-Frank Act, requires the Bureau of Consumer Financial Protection to publish in the Federal Register a list of the rules and orders that will be enforced by the CFPB. The... Read More

Topics: Consumer Protection

Federal Reserve Proposes Rule under Regulation E to Create New Consumer Protections for Remittance Transfers

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The Federal Reserve Board has requested public comment on a proposed rule that would create new protections for consumers who send remittance transfers to recipients located in a foreign country. The proposed rule would require that remittance transfer providers make certain disclosures to senders of remittance transfers, including information about... Read More

Topics: Banking, Consumer Protection