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  • Frank Tian

An Active CFPB

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.

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