CFPB's Withdrawal of Sub-Regulatory Items

Policy Statement on No Action Letters

90 FR 1970

(Jan. 10, 2025)

This policy statement outlines the CFPB’s revised framework for issuing No-Action Letters (NALs) to encourage innovation in consumer financial markets while ensuring fairness, competition, transparency, and ethical standards. The statement details new eligibility conditions for NAL applicants, including the requirement that applicants demonstrate the ability to address unmet consumer needs, prohibit marketing NAL status as an endorsement, and exclude firms with significant recent legal violations or conflicts of interest. The policy further describes procedures for public comment, regulatory coordination, rigorous application assessment, and transparency around modification, termination, and publication of NALs.

Innovation

CFPA

Policy Statement

Policy Statement on Compliance Assistance Sandbox Approvals

90 FR 1974

(Jan. 10, 2025)

This policy statement outlines the CFPB’s framework for issuing Compliance Assistance Sandbox (CAS) Approvals to facilitate consumer-beneficial innovation in financial products and services under the CFPA. The statement establishes strict conditions to ensure that approvals are granted only for innovations addressing unmet consumer needs, while also safeguarding competition, promoting transparency, and upholding ethical standards. Key provisions prohibit exclusive approvals for single firms, restrict promotional use of approval, require public comment periods, and bar applications from firms with recent enforcement actions or representation by former CFPB attorneys. The policy details procedures for application, approval, extension, modification, and termination of CAS Approvals and emphasizes coordination with other regulators, confidentiality protections, and robust public disclosure practices to ensure government accountability, market integrity, and stakeholder participation.

Innovation

CFPA

Policy Statement

Statement of Policy Regarding Prohibition on Abusive Acts or Practices

88 FR 21883

(Apr. 12, 2023)

This policy statement articulates the CFPB’s framework for identifying and evaluating "abusive acts or practices" as prohibited by the CFPA. It clarifies the statutory definitions and requirements for determining when conduct is abusive, describing two key forms of abusiveness: materially interfering with consumers’ ability to understand a term or condition of a consumer financial product or service, and taking unreasonable advantage of a lack of consumer understanding, an inability to protect one’s interests, or reasonable reliance on a provider.

General

CFPA/ UDAAP

Policy Statement

Statement on Enforcement and Supervisory Practices Relating to the Small Business Lending Rule Under the Equal Credit Opportunity Act and Regulation B

88 FR 34833

(May 31, 2023)

This policy statement outlines the CFPB’s supervisory and enforcement approach regarding the new Small Business Lending Rule under ECOA and Regulation B, as amended by Section 1071 of the CFPA. It emphasizes that the CFPB will prioritize ensuring that covered financial institutions do not discourage small business loan applicants from providing responsive data, particularly with respect to ECOA-mandated demographic information. The statement details the regulatory requirements for lenders to design data collection procedures that avoid discouragement, actively monitor and respond to potential indicators of discouragement, and maintain high response rates. The CFPB also notes that its supervisory activities will include comparing lenders’ applicant response rates to those of peer institutions to identify possible failures in data collection and compliance, thereby supporting the rule’s goal of facilitating fair lending and identifying the credit needs of minority-owned, women-owned, and small businesses.

Credit / Small Business Lending

ECOA

Policy Statement

Statement on Supervisory and Enforcement Practices Regarding the Remittance Rule in Light of the COVID-19 Pandemic

(Apr. 10, 2020)

This policy statement outlines the CFPB’s supervisory and enforcement approach to the Remittance Rule in response to the operational challenges posed by the COVID-19 pandemic. Specifically, it notifies insured depository institutions that, due to the imminent expiration of the statutory temporary exception permitting estimated disclosures for third-party fees and exchange rates, the Bureau will exercise flexibility by not citing institutions in examinations or initiating enforcement actions for continued use of estimates for remittance transfers occurring between July 21, 2020, and January 1, 2021.

Remittances

EFTA

Policy Statement

Disclosure of Consumer Complaint Narrative Data

80 FR 15572

(Mar. 24, 2015)

This policy statement outlines the CFPB’s approach for publicly disclosing consumer complaint narrative data via its Consumer Complaint Database. The document describes how only complaint narratives for which opt-in consumer consent is obtained, and from which personal information has been rigorously scrubbed using standards modeled on the HIPAA Safe Harbor Method, will be eligible for disclosure. It details the CFPB’s rationale for increasing marketplace transparency and empowering consumers, while addressing concerns about data privacy, re-identification risk, and potential impacts on companies. The policy provides for consumers’ informed consent, the ability to withdraw narratives, and structured public response options for companies, all while affirming that the guidance imposes no legal obligations or rights.

Complaints

CFPA

Policy Statement

Disclosure of Consumer Complaint Data

78 FR 21218

(Apr. 10, 2013)

This policy statement outlines the CFPB’s approach to publicly disclosing consumer complaint data related to financial products and services, collected under the CFPA. It establishes the CFPB’s intentions to expand its public complaint database beyond credit card complaints to include other consumer financial products, providing for the release of specific non-personally identifiable data fields such as product type, issue, company name, five-digit zip code, and company response, while excluding consumer and company narratives until privacy concerns are fully addressed. The statement details the procedures, criteria, and safeguards for complaint inclusion, summarizes stakeholder feedback, addresses concerns about data verification, representativeness, normalization, potential manipulation, and privacy, and clarifies that this disclosure aims to enhance market transparency, inform consumer decision-making, and foster improved consumer financial markets. The policy also identifies additional disclosure possibilities—such as narratives or additional data fields—for further study, and commits to regular reporting and continued engagement with stakeholders.

Complaints

CFPA

Policy Statement

Disclosure of Certain Credit Card Complaint Data

77 FR 37558

(June 22, 2012)

This policy statement establishes the CFPB’s approach to publicly disclosing certain non-personally identifiable data from consumer credit card complaints, as authorized under the CFPA. The statement outlines the creation of a public, searchable electronic database containing specified fields such as the nature of the complaint, the issuer involved, and company responses while excluding narrative and personally identifiable information to protect privacy.

Complaints

CFPA

Policy Statement

Use of Digital User Accounts to Access Buy Now, Pay Later Loans

89 FR 47068

(May 31, 2024)

This interpretive rule clarifies the applicability of Subpart B of Regulation Z to lenders that issue digital user accounts used to access credit, including those that market “Buy Now, Pay Later” (BNPL) loans. Specifically, it explains that these lenders are considered “card issuers” because digital user accounts function as “credit cards” under Regulation Z, making such lenders “creditors” subject to the requirements of Subpart B, including those concerning periodic statements and billing dispute resolution. The rule provides legal analysis supporting the inclusion of digital user accounts as “credit cards,” regardless of whether the underlying BNPL product is a closed-end loan payable in four or fewer interest-free installments, as long as it is not subject to a finance charge.

Credit / BNPL

TILA

Interpretive Rule

Limited Applicability of Consumer Financial Protection Act’s ‘Time or Space’ Exception to Digital Marketers

87 FR 50556

(Aug. 17, 2022)

This interpretive rule clarifies the limited applicability of the CFPA’s “time or space” exception to the definition of “service provider” in the context of digital marketing providers. The CFPB explains that while traditional media sources merely offering advertising time or space are excluded from the “service provider” definition, digital marketing providers typically fall outside of this exception when they are materially involved in identifying or selecting prospective customers and/or determining or placing advertisement content to affect consumer engagement through data analytics, algorithms, or content strategy. Such involvement goes beyond the “sole” provision of advertising time or space, thereby rendering these digital marketing providers “service providers” under the CFPA and subject to oversight. The rule provides interpretive guidance to help covered entities understand when digital marketing providers are subject to the Act's consumer protections, particularly regarding UDAAPs.

Marketing

CFPA

Interpretive Rule

The Fair Credit Reporting Act’s Limited Preemption of State Laws

87 FR 41042

(July 11, 2022)

This interpretive rule clarifies the narrow and targeted scope of the FCRA’s express preemption of state laws concerning consumer reporting, explaining that state laws are generally not preempted unless they directly concern specific subject matters or conduct explicitly regulated by certain FCRA provisions. The rule emphasizes that states retain broad authority to enact consumer reporting laws—such as those restricting the inclusion or furnishing of information about medical debt, evictions, arrest records, or rental arrears in consumer reports, or requiring disclosures in languages other than English—unless the state regulations conflict with the enumerated, specific FCRA requirements. The document provides interpretive guidance on the text, structure, and legislative intent of FCRA preemption clauses, supporting the principle that federal preemption should not be read expansively, and affirms the continued ability of states to address emerging local consumer protection issues in the credit reporting context.

Consumer Reporting

FCRA

Interpretive Rule

Authority of States to Enforce the Consumer Financial Protection Act of 2010

87 FR 31940

(May 26, 2022)

This interpretive rule clarifies the scope of authority granted to states under Section 1042 of the CFPA to enforce the provisions of the CFPA, including actions against UDAAPs and violations of federal consumer financial laws by covered persons or service providers. The rule explains that, except in specific circumstances, statutory limitations on the CFPB’s own authority—such as those found in Sections 1027 and 1029—do not restrict state enforcement under Section 1042. Additionally, the rule affirms that states may bring enforcement actions concurrently with the Bureau and are not precluded from pursuing remedies under the CFPA even when federal actions are ongoing, except where Congress has expressly provided otherwise.

Enforcement

CFPA

Interpretive Rule

Examinations for Risks to Active-Duty Servicemembers and Their Covered Dependents

86 FR 32723

(June 23, 2021)

This interpretive rule clarifies that the CFPB has statutory authority to conduct supervisory examinations of financial institutions under its jurisdiction to detect and assess risks to active-duty servicemembers and their covered dependents arising from conduct that violates the Military Lending Act (MLA). It explains how the CFPA empowers the CFPB to supervise both nonbank entities and very large banks or credit unions for risks to consumers—even where the MLA itself is not considered a “Federal consumer financial law”—and demonstrates that MLA-related risks are within the scope of these authorities due to their connection to activities governed by laws such as the Truth in Lending Act. The rule disavows earlier CFPB interpretations that questioned this authority, rebuts counterarguments based on statutory construction, and emphasizes the efficiency and importance of supervision for consumer protection, particularly for servicemembers who face unique financial risks.

Service-members

MLA

Interpretive Rule

Equal Credit Opportunity (Regulation B); Discrimination on the Bases of Sexual Orientation and Gender Identity

86 FR 14363

(Mar. 16, 2021)

This interpretive rule clarifies that the prohibition against sex discrimination under ECOA and its implementing Regulation B extends to discrimination based on sexual orientation and gender identity. Issued by the CFPB in response to legal developments such as the Supreme Court’s decision in Bostock v. Clayton County and in alignment with Executive Order 13988, the rule affirms that creditors are prohibited from discriminating against applicants not only on the basis of sex, but also for perceived nonconformity with sex-based or gender-based stereotypes, or for associations related to an applicant’s sexual orientation or gender identity. Drawing upon consistent legal interpretations of comparable anti-discrimination statutes, the rule aims to promote equitable access to credit by explicitly prohibiting discrimination or discouragement in any aspect of a credit transaction that involves sexual orientation or gender identity.

Credit / Fair Lending

ECOA

Interpretive Rule

Bulletin clarifying mortgage lending rules to assist surviving family members

79 FR 41631

(July 8, 2014)

This interpretive rule clarifies the application of the CFPB’s Ability-to-Repay (ATR) Rule under Regulation Z in situations involving successors-in-interest to a mortgage-secured dwelling. Specifically, it explains that when a successor-in-interest—such as a surviving spouse, heir, or recipient in a divorce or trust transfer—who has previously acquired title seeks to be added as an obligor or substituted for the existing obligor on an outstanding consumer credit transaction, the creditor's written acknowledgment of the successor does not trigger the ATR Rule. This is because such a transaction does not constitute an “assumption” as defined in Regulation Z § 1026.20(b), which requires that the new obligor be financing the acquisition of their principal dwelling. Consequently, creditors, servicers, and assignees are not required to determine the successor's ability to repay prior to recognizing them as obligors in these circumstances, thus providing clarity and safe harbor for industry participants in handling mortgage obligations involving successors-in-interest.

Credit / Mortgage

ECOA

Interpretive Rule

Truth in Lending (Regulation Z); Consumer Credit Offered to Borrowers in Advance of Expected Receipt of Compensation for Work

90 FR 3622

(Jan. 15, 2025)

This advisory opinion rescinds the CFPB’s November 2020 advisory opinion regarding the status of certain "earned wage access" (EWA) products under TILA and Regulation Z, finding that the previous opinion was based on flawed legal analysis and contributed to significant regulatory uncertainty. The document reviews the rapid growth and evolving market of EWA products, delineates the substantial differences and emerging similarities between employer-partnered and direct-to-consumer models, and addresses how the 2020 opinion narrowly defined non-credit EWA offerings in a manner that did not comport with state law or established legal interpretations of "credit" and "debt." By rescinding the prior guidance, the CFPB seeks to clarify that the credit status of EWA products under TILA and Regulation Z remains unsettled pending further regulatory action, thereby addressing concerns from stakeholders and government entities about the lack of clarity and preventing misapplication of the withdrawn advisory opinion.

Credit / EWA

TILA

Advisory Opinion

Fair Credit Reporting; File Disclosure

89 FR 4167

(Jan. 23, 2024)

This advisory opinion clarifies the obligations of consumer reporting agencies under Section 609(a) of FCRA regarding file disclosure to consumers. It emphasizes that consumers do not need to use specific terms such as “file” or “complete file” in order to trigger their right to a file disclosure; any generalized request suffices when proper identification is provided. The opinion also specifies that the information disclosed must include all information in the consumer’s file at the time of the request—both as provided to users and as the basis for any summaries—presented in a way that is understandable to the average consumer. Furthermore, it affirms that agencies must disclose all sources of each item of information reported, including both the original and any intermediary or vendor sources, thereby enhancing consumers' ability to identify and dispute inaccuracies.

Consumer Reporting

FCRA

Advisory Opinion

Debt Collection Practices (Regulation F); Deceptive and Unfair Collection of Medical Debt

89 FR 80715

(Oct. 4, 2024)

This advisory opinion clarifies the obligations of debt collectors under the FDCPA and Regulation F with respect to the collection of medical debt. It addresses and interprets strict prohibitions against false, deceptive, or misleading representations, as well as unfair or unconscionable means to collect or attempt to collect medical debt. The opinion outlines specific practices deemed unlawful, including collecting debts that have already been paid, collecting amounts not owed due to federal or state prohibitions, collecting amounts above legal or contractual limits, collecting for services not received (such as upcoding), misrepresenting the legal status of debts, and attempting to collect unsubstantiated medical bills without a reasonable basis. Additionally, it provides guidance on the proper substantiation required for medical debt collection, specifies the definition of “default” under the FDCPA in medical debt contexts, and emphasizes strict liability for non-compliance, aiming to ensure that debt collectors fully comply with consumer protection standards and legal requirements in medical debt collections.

Debt Collection

FDCPA

Advisory Opinion

Fair Credit Reporting; Background Screening

89 FR 4171

(Jan. 23, 2024)

This advisory opinion affirms the CFPB’s interpretation that consumer reporting agencies (CRAs) that prepare background screening reports must implement reasonable procedures to assure maximum possible accuracy, as required by Section 607(b) of the FCRA. Specifically, the opinion clarifies that CRAs are not meeting this standard if they fail to prevent the inclusion of duplicative information or records that have been expunged, sealed, or otherwise legally restricted from public access, and must also ensure that any available disposition information is included when reporting arrests, criminal charges, eviction proceedings, or other court filings. Additionally, the opinion highlights that the seven-year reporting period for adverse information under FCRA Section 605(a)(5) is triggered by the occurrence of the adverse event (such as an arrest or charge), and cannot be restarted by subsequent dispositions.

Consumer Reporting

FCRA

Advisory Opinion

Truth in Lending (Regulation Z); Consumer Protections for Home Sales Financed Under Contracts for Deed

89 FR 68086

(Aug. 23, 2024)

This advisory opinion affirms that consumer protections and creditor obligations under TILA and Regulation Z apply to home sales financed through contracts for deed. The CFPB interprets most contracts for deed as arrangements where the buyer acquires property rights but payment is deferred over time—as extensions of credit under TILA, and when the buyer’s dwelling secures the transaction, buyers are generally entitled to the same protections as recipients of residential mortgage loans. The opinion clarifies that sellers who regularly engage in such transactions, and whose contracts meet certain criteria—including more than four installment payments or imposition of a finance charge—are considered creditors under TILA and are thus required to provide mandated disclosures, assess a consumer’s ability to repay, and comply with additional requirements for “high-cost” or dwelling-secured loans. The guidance further explains that state law distinctions between mortgages and contracts for deed do not affect TILA coverage where the transaction operates as a secured credit extension, thereby subjecting most contract-for-deed home sales to federal consumer credit regulations.

Credit / Mortgage

TILA

Advisory Opinion

Consumer Information Requests to Large Banks and Credit Unions

88 FR 71279

(Oct. 16, 2023)

This advisory opinion interprets Section 1034(c) of the CFPA to clarify the obligations of large banks and credit unions—those with over $10 billion in assets—to promptly and fully comply with consumer requests for information regarding their accounts for consumer financial products and services. The opinion specifies that these institutions must provide requested account information and supporting documentation in a timely, accurate, and complete manner, without imposing unreasonable impediments, such as fees or excessive procedural barriers, except in limited circumstances. It further distinguishes permissible conditions—like reasonable identity verification—from practices likely to unlawfully hinder consumers' access to information, such as charging fees for basic account information, requiring repeated requests, or offering only inadequate chatbot responses.

General

CFPA

Advisory Opinion

Fair Debt Collection Practices Act (Regulation F); Time-Barred Debt

88 FR 26475

(May 1, 2023)

This advisory opinion affirms that under the FDCPA and its implementing Regulation F, debt collectors are prohibited from suing or threatening to sue consumers to collect time-barred debts, including in the context of state court foreclosure actions on dormant second mortgages. The opinion clarifies that this prohibition applies even if the debt collector neither knows nor should know that the debt is time-barred, due to the strict liability standard of Regulation F. The guidance addresses rising concerns regarding the resurgence of collection efforts and foreclosure threats on long-dormant “zombie” second mortgages, often originated during the lead-up to the 2008 financial crisis. The document further explains that the FDCPA and Regulation F’s requirements extend to other types of debt collection activities and highlights the potential applicability of additional federal mortgage servicing regulations.

Debt Collection

FDCPA

Advisory Opinion

Fair Credit Reporting; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports

87 FR 41243

(July 12, 2022)

This advisory opinion clarifies the obligations of consumer reporting agencies and users of consumer reports under Section 604 of the FCRA, emphasizing that the permissible purposes for furnishing, using, and obtaining consumer reports are strictly consumer-specific. It affirms that a consumer reporting agency may not provide a consumer report unless it has reason to believe that all included information solely pertains to the consumer who is the subject of the user's request, and it specifically rejects the sufficiency of disclaimers as a cure for insufficient matching procedures, such as name-only matching, that risk furnishing reports about unauthorized individuals. The opinion further underscores that consumer report users are strictly prohibited under FCRA Section 604(f) from obtaining or using consumer reports without a permissible purpose, highlighting both statutory requirements and potential civil or criminal liability for violations, and supports the FCRA’s central aim of protecting consumer privacy against unauthorized access or misuse of sensitive information.

Consumer Reporting

FCRA

Advisory Opinion

Debt Collection Practices (Regulation F); Pay-to-Pay Fees

87 FR 39733

(July 5, 2022)

This advisory opinion clarifies the CFPB’s interpretation of Section 808(1) of the FDCPA, affirming that debt collectors are prohibited from charging pay-to-pay or "convenience" fees—such as those imposed for making payments by phone or online—unless such fees are expressly authorized by the agreement creating the debt or expressly permitted by law. The opinion explains that general contract law or separate agreements do not suffice to authorize these fees, emphasizing that affirmative authorization is required either in the original debt agreement or through explicit legal provision. Furthermore, the advisory opinion extends this prohibition to situations where pay-to-pay fees are collected through third-party payment processors and underscores that compliance with all relevant laws remains essential, even where such fees might be contractually or legally permitted. This interpretive guidance aims to promote consumer protection and consistent enforcement within the debt collection industry.

FDCPA

FDCPA

Advisory Opinion

Equal Credit Opportunity (Regulation B); Revocations or Unfavorable Changes to the Terms of Existing Credit Arrangements

87 FR 30097

(May 18, 2022)

This advisory opinion affirms that the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, provide anti-discrimination protections not only to individuals and businesses actively seeking credit but also to those who have already received credit. The document clarifies that creditors are prohibited from discriminating against existing account holders in any aspect of a credit transaction, including revocations or unfavorable changes to the terms of existing credit arrangements. The opinion examines the statutory text, legislative history, regulatory provisions, judicial precedent, and policy rationale to support the longstanding interpretation that ECOA’s definition of "applicant" encompasses current borrowers. It underscores creditors’ obligations to provide required adverse action notices to these consumers and confirms the continued applicability of these legal protections to both the origination and ongoing servicing of credit.

Credit / Fair Lending

ECOA

Advisory Opinion

Fair Credit Reporting; Name-Only Matching Procedures

86 FR 62468

(Nov. 10, 2021)

This advisory opinion clarifies that consumer reporting agencies violate Section 607(b) of the FCRA if they use “name-only matching” procedures—identifying individuals solely by first and last name—to assemble consumer reports, as such practices do not constitute “reasonable procedures to assure maximum possible accuracy.” The CFPB explains the risks of inaccuracies and consumer harm associated with name-only matching, especially for individuals with common names or from demographic groups with less last name diversity, and details enforcement actions, industry standards, and relevant case law underscoring the inadequacy of these matching practices. The opinion emphasizes that, to comply with the FCRA, matching procedures must utilize additional identifying information beyond just names to accurately link information to the correct consumer.

Consumer Reporting

FCRA

Advisory Opinion

Truth in Lending (Regulation Z); Earned Wage Access Programs

85 FR 79404

(Dec. 10, 2020)

This advisory opinion clarifies that certain earned wage access (EWA) programs—specifically those meeting defined criteria such as no employee fees or tips, advance access only to wages already earned, recovery of advances strictly through employer-facilitated payroll deductions, and no recourse to the employee in case of shortfall—do not constitute “credit” under Regulation Z, which implements the Truth in Lending Act (TILA). The CFPB explains that such programs merely facilitate early access to the employee's own accrued wages and lack features characteristic of credit transactions, such as the imposition of debt obligations, fees, interest, or credit risk assessment. By resolving regulatory uncertainty as to the status of these EWA programs under federal law, the advisory opinion aims to assist compliance efforts and confirms that covered programs are not subject to TILA or Regulation Z’s credit requirements, provided they conform fully to the criteria described in the opinion.

Credit / EWA

TILA

Advisory Opinion

Truth in Lending (Regulation Z); Private Education Loans

85 FR 79400

(Dec. 10, 2020)

This advisory opinion clarifies that loan products offered by private creditors to refinance or consolidate a consumer's existing federal, or federal and private, education loans qualify as “private education loans” under TILA and Regulation Z. The CFPB interprets TILA and Regulation Z to require that such consolidation and refinance loans—when used to satisfy loans originally intended expressly for postsecondary educational expenses—are themselves considered to be issued expressly for postsecondary educational expenses, even if they replace federal loans. As a result, these loans are subject to the disclosure, consumer protection, and other requirements specified in Subpart F of Regulation Z, including special disclosures, prohibition on school co-branding, 30-day decision period, and cancellation rights.

Credit / Student Loans

TILA

Advisory Opinion

Consumer Financial Protection Circular 2024-06: Background Dossiers and Algorithmic Scores for Hiring, Promotion, and Other Employment Decisions

89 FR 88875

(Nov. 12, 2024)

This guidance document clarifies that employers who rely on background dossiers, algorithmic scores, or other third-party consumer reports for hiring, promotion, or other employment decisions are subject to the requirements of FCRA. It explains that such reports, frequently generated by consumer reporting agencies using public records, employment history, worker performance data, or algorithmic assessments—including those utilizing artificial intelligence—meet the definition of “consumer reports” under the FCRA when used for employment purposes. The document outlines key FCRA obligations for employers and report providers, such as the need to obtain worker consent, provide pre- and post-adverse action notifications, ensure data accuracy, allow workers access to their reports, and limit the use of reports to permissible purposes. The guidance emphasizes that recent technological advancements and increased workplace data monitoring do not exempt employers or third parties from FCRA compliance.

Consumer Reporting

FCRA

Other Guidance

Consumer Financial Protection Circular 2024-05: Improper Overdraft Opt-in Practices

89 FR 80075

(Oct. 2, 2024)

This guidance document clarifies that financial institutions may violate EFTA and Regulation E if they cannot provide proof that a consumer affirmatively consented—opted in—before being charged overdraft fees for ATM and one-time debit card transactions. The circular emphasizes that the law requires explicit opt-in, not opt-out, and institutions must maintain records demonstrating such consent, which may take forms appropriate to the enrollment channel, such as signed forms, call recordings, or electronic signatures. The document outlines common violations identified in CFPB supervision, reiterates the necessity for robust recordkeeping, and provides regulatory and procedural context.

Overdrafts

EFTA

Other Guidance

Consumer Financial Protection Circular 2024-04: Whistleblower protections under CFPA Section 1057

89 FR 65170

(Aug. 9, 2024)

This guidance document clarifies the CFPB’s position that requiring employees to sign broad confidentiality agreements can violate Section 1057 of the CFPA, which protects whistleblower rights. The document explains that while confidentiality agreements may serve legitimate business purposes, overly broad or ambiguously worded agreements can reasonably be perceived by employees as threats of retaliation for disclosing suspected violations of federal consumer financial law to government authorities. Such agreements, particularly in contexts involving potential wrongdoing or internal investigations, may impede whistleblowing, undermine enforcement efforts, and thus constitute unlawful discrimination under Section 1057. The CFPB urges covered entities to ensure their agreements do not discourage or prohibit lawful communications with enforcement agencies and reminds employers that provisions waiving whistleblower rights are unenforceable.

Whistle-blowers

CFPA

Other Guidance

Consumer Financial Protection Circular 2024-03: Unlawful and unenforceable contract terms and conditions

89 FR 51955

(June 21, 2024)

This guidance document clarifies that the inclusion of unlawful or unenforceable terms and conditions—such as those purporting to waive consumer rights—within contracts for consumer financial products or services may constitute a deceptive act or practice in violation of the CFPA. The guidance explains that covered persons and service providers who present such prohibited provisions mislead consumers into believing these terms are valid and enforceable, thereby materially affecting their behavior and rights. The document references a range of federal and state laws, as well as prior enforcement actions and supervisory findings, to illustrate the risks and legal consequences associated with deceptive contractual clauses. It also emphasizes that disclaimers such as “subject to applicable law” or “except where unenforceable” do not cure this deception.

General / Contracts

CFPA/ UDAAP

Other Guidance

Consumer Financial Protection Circular 2024-02: Deceptive marketing practices about the speed or cost of sending a remittance transfer

89 FR 27357

(Apr. 17, 2024)

This guidance document clarifies when remittance transfer providers may violate the prohibition on deceptive acts or practices under the CFPA through their marketing of the speed or cost of remittance transfers. Specifically, it explains that providers can be held liable for misleading claims—such as advertising faster delivery times or lower/no fees than are actually offered, or promoting “free” or discount pricing without clearly disclosing limitations or hidden costs—even if they otherwise comply with regulatory disclosure requirements. The document details how misrepresentations or insufficiently clear terms about transfer speed, costs, promotional conditions, or “free” remittances can materially mislead consumers, thus breaching federal consumer protection laws. It also emphasizes that such deceptive practices can encompass both explicit falsehoods and insufficiently prominent disclaimers, and that enforcement of these standards applies regardless of the medium used for marketing. The circular offers guidance to federal and state enforcers.

Remittances

CFPA/ UDAAP

Other Guidance

Consumer Financial Protection Circular 2024-01: Preferencing and steering practices by digital intermediaries for consumer financial products or services

89 FR 17706

(Mar. 12, 2024)

This guidance document clarifies that operators of digital comparison-shopping tools and lead generators for consumer financial products or services may violate the CFPA if they steer or preference products based on financial or other benefits to themselves rather than the interests of consumers. The CFPB explains that such practices can be considered abusive when consumers reasonably rely on these digital intermediaries to act in their interests, and the intermediaries take unreasonable advantage of that reliance by prioritizing compensation over consumer choice and benefit. The document provides detailed analysis and examples of abusive steering or preferencing practices, including self-preferencing, enhanced product placement, or rankings influenced by provider payments, and sets forth considerations for assessing whether compensation arrangements result in prohibited conduct. The guidance is intended to promote consistency among enforcement agencies and advises all supervisory and enforcement partners.

Marketing

CFPA/ UDAAP

Other Guidance

Consumer Financial Protection Circular 2023-03: Adverse action notification requirements and the proper use of the CFPB’s sample forms provided in Regulation B

89 FR 27361

(Apr. 17, 2024)

This guidance document clarifies the requirements for creditors under ECOA and Regulation B regarding adverse action notifications, particularly when artificial intelligence or complex credit models are used in credit decisions. The CFPB emphasizes that creditors may not fulfill their legal obligations by relying solely on the pre-populated checklist of reasons in the CFPB’s sample adverse action forms if those reasons do not accurately and specifically reflect the principal factors for the adverse action taken. Instead, creditors must provide clear, specific, and accurate explanations that directly relate to the actual considerations underlying the credit decision, even if those factors arise from complex or nontraditional data sources. The circular also warns against the use of vague or overly broad language that could obscure the true reasons for adverse action, underscoring the critical role of transparency for consumer understanding and to ensure fairness and prevent discrimination.

Credit / Fair Lending

ECOA

Other Guidance

Consumer Financial Protection Circular 2023-02: Reopening deposit accounts that consumers previously closed

88 FR 33545

(May 24, 2023)

This guidance document addresses the CFPB’s position on the unilateral reopening of deposit accounts that consumers have previously closed, clarifying that such actions by financial institutions may constitute an unfair act or practice under the CFPA. The document explains the substantial risks and injuries to consumers that can result when closed accounts are reopened without consumer authorization or timely notice—such as exposure to unexpected fees, unauthorized third-party access to funds, negative impacts on consumer credit reports, and limited ability for consumers to avoid these harms. It further argues that the potential injuries from this practice are unlikely to be offset by any real consumer or competitive benefits and notes that consumers generally lack the power to negotiate or avoid standard account agreements permitting such practices.

Deposits

CFPA/ UDAAP

Other Guidance

Consumer Financial Protection Circular 2023-01: Unlawful negative option marketing practices

88 FR 5727

(Jan. 30, 2023)

This guidance document clarifies that entities engaging in negative option marketing practices—where a consumer's silence or failure to cancel results in recurring product or service charges—must comply with the CFPA’s prohibitions on UDAAPs. The CFPB emphasizes that violations may occur if sellers misrepresent or fail to clearly disclose material terms, do not obtain consumers’ informed consent, or impose unreasonable barriers to cancellation. Drawing upon case examples, coordination with the Federal Trade Commission (FTC), and consumer complaints, the circular outlines how inadequate disclosures, lack of consent, and obstructive cancellation processes may lead to CFPA liability. It also reinforces the need for alignment across federal and state enforcement agencies and underscores that negative option marketing that incorporates digital “dark patterns” can exacerbate consumer harm.

Marketing

CFPA/ UDAAP

Other Guidance

Consumer Financial Protection Circular 2022-07: Reasonable investigation of consumer reporting disputes

87 FR 71507

(Nov. 23, 2022)

This guidance document clarifies the obligations of consumer reporting agencies and information furnishers under FCRA regarding the reasonable investigation of consumer reporting disputes. It affirms that neither consumer reporting agencies nor furnishers may impose additional requirements—such as demanding specific forms or documentation beyond what the law stipulates—that could deter consumers from submitting disputes. Additionally, the document explains that while consumer reporting agencies are not mandated to provide original copies of supporting documents to furnishers, they must transmit all relevant information, including electronic images of primary evidence if necessary, to fulfill their investigative duties. The CFPB underscores that failure to comply with these requirements may result in enforcement actions and emphasizes the importance of these processes in ensuring the accuracy and fairness of consumer credit reporting.

Consumer Reporting

FCRA

Other Guidance

Consumer Financial Protection Circular 2022-06: Unanticipated overdraft fee assessment practices

87 FR 66935

(Nov. 7, 2022)

This guidance document addresses the circumstances under which the assessment of overdraft fees by financial institutions may constitute an unfair act or practice under the CFPA, even when those institutions are in compliance with TILA/Regulation Z and EFTA/Regulation E. The document specifically focuses on “unanticipated overdraft fees,” such as those incurred in authorize positive, settle negative (APSN) scenarios, where consumers are assessed fees on transactions that they would not reasonably expect to generate such charges due to complex and non-transparent transaction processing practices. The guidance explains how these unanticipated fees often cause substantial injury to consumers, are not reasonably avoidable, and are unlikely to be outweighed by countervailing benefits to consumers or competition—thereby likely meeting the legal standard for unfairness under the CFPA. The document provides illustrative examples of such potentially unlawful practices and encourages supervisors and enforcers to evaluate whether specific overdraft fee assessments contravene federal consumer financial law.

Overdrafts

CFPA/ UDAAP

Other Guidance

Consumer Financial Protection Circular 2022-05: Debt collection and consumer reporting practices involving invalid nursing home debts

87 FR 57375

(Sept. 20, 2022)

This guidance document clarifies that debt collection and consumer reporting practices involving nursing home debts deemed invalid under the Nursing Home Reform Act may violate FDCPA and FCRA. It explains that federal law prohibits nursing facilities participating in Medicaid or Medicare from requiring third-party guarantees of payment, rendering related contractual terms illegal and unenforceable. The document highlights that attempting to collect such debts or reporting them to consumer reporting agencies as personal liabilities of third parties can constitute false or misleading representations under the FDCPA and result in the furnishing of inaccurate information under the FCRA. The CFPB emphasizes the responsibilities of debt collectors and consumer reporting agencies to ensure the accuracy and legality of reported debts, warns of the legal risks of misrepresenting invalid debts, and informs enforcers and the broader public of applicable rules and coordination with other regulatory bodies.

Debt Collection / Consumer Reporting

FDCPA, FCRA

Other Guidance

Consumer Financial Protection Circular 2022-04: Insufficient data protection or security for sensitive consumer information

87 FR 54346

(Sept. 6, 2022)

This guidance document clarifies that entities subject to the CFPA may violate the CFPA’s prohibition on unfair acts or practices if they fail to implement sufficient data protection or information security for sensitive consumer information. The circular analyzes how inadequate measures—such as failing to require multi-factor authentication, neglecting proper password management, or not applying timely software updates—can result in substantial risks or actual harm to consumers, are not reasonably avoidable by consumers, and are unlikely to be justified by countervailing benefits. Drawing on enforcement precedents, including actions involving Equifax and other notable data breaches, the document explains that actual injury is not required for a finding of unfairness; a significant risk of harm due to poor data security practices is sufficient.

Data Security

CFPA/ UDAAP

Other Guidance

Consumer Financial Protection Circular 2022-03: Adverse action notification requirements in connection with credit decisions based on complex algorithms

87 FR 35864

(June 14, 2022)

This guidance document clarifies that creditors who make credit decisions using complex algorithms, including so-called “black-box” or uninterpretable models, remain fully subject to ECOA’s requirement to provide applicants with a statement of specific reasons when adverse credit actions are taken. It emphasizes that reliance on opaque or technically advanced decision-making systems does not excuse creditors from clearly articulating the principal factors leading to a credit denial, adverse account changes, or other adverse actions. The document further explains that general statements or references to internal policies or credit scoring systems are insufficient; instead, the notice must accurately reflect the actual reasons considered by the creditor.

Credit / Fair Lending

ECOA

Other Guidance

Consumer Financial Protection Circular 2022-02: Deceptive representations involving the FDIC's name or logo or deposit insurance

87 FR 35866

(June 14, 2022)

This guidance document clarifies the CFPB’s position on when representations involving the FDIC’s name, logo, or deposit insurance constitute deceptive acts or practices under the CFPA. It establishes that covered persons and service providers likely violate the CFPA's prohibition on deception if they misuse FDIC identifiers or make false or misleading claims to consumers about deposit insurance, regardless of intent. The document emphasizes the importance of truthful advertising, especially concerning new financial products and technologies, such as digital assets and crypto-assets, and highlights that material misrepresentations about FDIC insurance status can harm consumers and disadvantage honest institutions.

Deposits

CFPA/ UDAAP

Other Guidance

Consumer Financial Protection Circular 2022-01: System of Consumer Financial Protection Circulars to agencies enforcing federal consumer financial law

87 FR 35868

(June 14, 2022)

This guidance document establishes the CFPB’s new system of Consumer Financial Protection Circulars, designed to provide guidance to agencies responsible for enforcing federal consumer financial law. It outlines the CFPB’s goal of promoting consistent enforcement and fair competition across the marketplace by clarifying the Bureau’s approach and expectations, and increasing transparency for both regulatory partners and the public. The circular details the CFPB’s central role in enforcing consumer financial laws, while acknowledging the involvement of various state and federal agencies. By articulating policy positions and background on applicable law, these circulars aim to foster aligned enforcement among multiple agencies, reduce inconsistencies, and create a level playing field for regulated entities subjected to oversight by different regulators.

General / Enforcement

CFPA

Other Guidance

Bulletin 2023-01: Unfair Billing and Collection Practices After Bankruptcy Discharges of Certain Student Loan Debts

88 FR 17366

(Mar. 23, 2023)

This guidance document addresses the CFPB’s expectations for the handling of private student loans following bankruptcy discharge, particularly emphasizing the distinction between “qualified education loans” and other private student loans that are discharged under standard bankruptcy orders. The CFPB found that some servicers improperly classified and returned non-qualified student loans to repayment after bankruptcy, continuing to bill and collect payments on debts that had been legally discharged, in violation of the CFPA’s prohibition on UDAAPs. The bulletin directs servicers to cease collection on such discharged loans, conduct multi-year lookbacks, and refund affected borrowers, while also outlining supervisory and enforcement priorities focused on ensuring that servicers have adequate processes for identifying and properly handling loans discharged in bankruptcy.

Credit / Student Loans / Debt Collection

CFPA/ UDAAP

Other Guidance

Bulletin 2022-06: Unfair Returned Deposited Item Fee Assessment Practices

87 FR 66940

(Nov. 7, 2022)

This guidance document addresses the CFPB’s policy regarding the assessment of fees by depository institutions for returned deposited items—checks deposited by consumers that are later returned unpaid. It explains that blanket policies of charging consumers fees for all such returned transactions, regardless of the individual circumstances or consumer behavior, are likely to constitute unfair practices under the CFPA because they can cause substantial monetary injury that consumers cannot reasonably avoid and that is not outweighed by benefits to consumers or competition. The bulletin provides background on common returned check scenarios, analyzes the consumer harm and limits of fee disclosure as a remedy, discusses relevant legal standards and economic research on fee structures, and clarifies that fee assessment practices should be tailored to circumstances consumers can actually control to avoid unfairness.

Deposits

CFPA/ UDAAP

Other Guidance

Bulletin 2022-05: Unfair and Deceptive Acts or Practices That Impede Consumer Reviews

87 FR 17143

(Mar. 28, 2022)

This guidance document outlines the CFPB’s expectations and enforcement intentions regarding unfair and deceptive acts or practices that impede consumers’ ability to post honest reviews of financial products and services. It explains that contractual restrictions or penalties in form contracts that prohibit, limit, or penalize consumer reviews are void under the Consumer Review Fairness Act, and that inclusion or enforcement of such provisions may constitute deceptive or unfair practices under the CFPA. The document further addresses deceptive practices related to misrepresenting consumer reviews, such as manipulating which reviews are displayed or fabricating reviews, and emphasizes the importance of consumer reviews in ensuring transparency, fair competition, and informed consumer choice in the marketplace.

General / Marketing

CFPA/ UDAAP

Other Guidance

Bulletin 2022-04: Mitigating Harm from Repossession of Automobiles

87 FR 11951

(Mar. 3, 2022)

This guidance document outlines the CFPB’s policies and expectations for mitigating harm related to the repossession of automobiles, particularly in the context of rising demand and prices for used vehicles. The bulletin details how certain practices by auto lenders, loan holders, and servicers—such as wrongful repossessions after consumer action to prevent them, misrepresentations about amounts due, improper application of payments, and the imposition of unlawful fees pre- and post-repossession—may violate the Dodd-Frank Act’s prohibitions on UDAAPs. Drawing on supervisory and enforcement findings, the document identifies specific examples of unlawful conduct, discusses the substantial consumer injury that can result, and clarifies the CFPB’s intent to hold entities accountable for such violations.

Auto Lending

CFPA/ UDAAP

Other Guidance

Bulletin 2022-03: Servicer Responsibilities in Public Service Loan Forgiveness Communications

87 FR 11286

(Mar. 1, 2022)

This guidance document outlines the CFPB’s supervision and enforcement expectations for federal student loan servicers regarding their responsibilities in communicating with borrowers about Public Service Loan Forgiveness (PSLF), especially in light of the Department of Education’s Limited PSLF Waiver announced in October 2021. It details how the waiver temporarily expands PSLF eligibility and emphasizes the need for servicers to provide accurate and complete information to borrowers, avoid UDAAPs, and proactively support eligible borrowers in accessing PSLF benefits. The bulletin identifies common servicing failures, describes compliance management program expectations, prioritizes oversight of PSLF-related communications, and clarifies that robust compliance—including proactive borrower outreach and timely processing—may influence the CFPB’s supervisory and enforcement actions.

Credit / Student Loans

CFPA/ UDAAP

Other Guidance

Bulletin 2022-01: Medical Debt Collection and Consumer Reporting Requirements in Connection with the No Surprises Act

87 FR 3025

(Jan. 20, 2022)

This guidance document reminds debt collectors, consumer reporting agencies, and information furnishers of their obligations under FDCPA and FCRA when collecting, reporting, or furnishing information about medical debts covered by the No Surprises Act. Specifically, it emphasizes the prohibition of false, deceptive, or misleading practices in debt collection, as well as the requirement for accuracy and appropriate dispute resolution in consumer reporting, particularly in cases where medical charges may exceed amounts permitted by the No Surprises Act. The bulletin highlights the unique risks and complexities associated with medical debt, such as billing errors and consumer confusion, and clarifies that violations related to misrepresenting or inaccurately reporting debts that contravene legal limits may result in enforcement action.

Consumer Reporting

FCRA,

FDCPA

Other Guidance

Enforcement Compliance Bulletin 2021-03: Consumer Reporting of Rental Information

86 FR 35595

(July 7, 2021)

This guidance document addresses the heightened risks to renters arising from inaccuracies in consumer reporting of rental information as pandemic-related protections expire, and outlines the CFPB’s expectations for consumer reporting agencies (CRAs) and furnishers under the FCRA and Regulation V. It emphasizes the importance of accurate and complete reporting of rental data, including eviction and arrearage information, and stresses the need for reasonable procedures to match public record data to the correct consumers, prevent duplicate or misleading report entries, and account for COVID-19-related government assistance or legal protections. The document notes disparities affecting low-income and minority renters, highlights recurrent issues in tenant-screening reports, and warns that the Bureau will closely monitor industry compliance—taking enforcement action as needed—to ensure that inaccurate rental reporting does not undermine renters’ access to housing or economic recovery.

Consumer Reporting

FCRA

Other Guidance

Bulletin 2021-02: Supervision and Enforcement Priorities Regarding Housing Insecurity

86 FR 17897

(Apr. 7, 2021)

This guidance document outlines the CFPB’s supervision and enforcement priorities regarding housing insecurity as the COVID-19 foreclosure moratoriums and forbearances come to an end. It emphasizes the heightened risks to consumers needing loss mitigation assistance and details the Bureau's expectations for mortgage servicers, including the need to dedicate sufficient resources and staff to ensure clear borrower communication, effective management of assistance requests, and promotion of loss mitigation to reduce avoidable foreclosures. The document explains that the CFPB will closely monitor servicers' compliance with Regulation X, ECOA, and other relevant laws, focusing on areas such as information clarity, outreach to borrowers, timely application processing, non-discrimination, handling of communications with borrowers of limited English proficiency, and accurate credit reporting.

Credit / Mortgage

RESPA

Other Guidance

Policy Guidance on Supervisory and Enforcement Priorities Regarding Early Compliance with the 2016 Amendments to the 2013 Mortgage Rules Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)

82 FR 29713

(June 30, 2017)

This guidance document outlines the CFPB’s supervisory and enforcement approach regarding early compliance with the 2016 amendments to the 2013 mortgage servicing rules under RESPA/Regulation X and TILA/Regulation Z. Recognizing industry concerns about operational challenges due to the midweek effective dates of the amendments, the CFPB indicates it does not intend to take supervisory or enforcement action against servicers who comply with the 2016 amendments up to three days before the official effective dates. This non-binding policy, effective from June 27, 2017, aims to facilitate a smoother transition and minimize risk for both servicers and consumers by allowing implementation over the weekend prior to the rule changes, without imposing new recordkeeping or reporting requirements.

Credit / Mortgage

RESPA, TILA

Other Guidance

Bulletin 2016-03: Detecting and Preventing Consumer Harm from Production Incentives

82 FR 5541

(Jan. 18, 2017)

This guidance document outlines the CFPB’s expectations and recommended controls for supervised entities that employ production incentives tied to benchmarks such as sales, product referrals, or account enrollments. Recognizing both the potential benefits and significant risks of such incentive programs, the bulletin synthesizes past CFPB guidance and enforcement actions that have identified substantial consumer harm resulting from poorly managed incentives, such as unauthorized account openings and deceptive marketing practices. It details the key compliance management steps entities should take to mitigate these risks, including robust board and management oversight, transparent policies and procedures, comprehensive training, ongoing monitoring, consumer complaint management, and independent audits. The document emphasizes that incentive programs must be carefully designed and monitored to prevent violations of federal consumer financial law and protect consumers from UDAAPs.

General

CFPA/ UDAAP

Other Guidance

Bulletin 2015-07 re: in-person collection of consumer debt

CFPB Bulletin 2015-07

(Dec. 16, 2015)

This guidance document provides creditors, debt buyers, and third-party collectors with compliance guidance regarding in-person collection of consumer debt, focusing on the heightened risks such practices pose under the CFPA and FDCPA. It addresses how in-person visits—especially to consumers’ homes or workplaces—can result in UDAAPs, such as the unauthorized disclosure of debt to third parties and harassment or inconvenience to consumers. The bulletin highlights relevant legal prohibitions, including communicating at inconvenient times or locations, contacting consumers at workplaces where such interactions are prohibited, and disclosing debt information to third parties, and underscores recent enforcement actions and supervisory findings illustrating these risks.

Debt Collection

FDCPA, CFPA/ UDAAP

Other Guidance

Bulletin 2015-02 re: Section 8 housing choice voucher homeownership program

CFPB Bulletin 2015-02

(May 11, 2015)

This guidance document reminds creditors of their obligations under ECOA and Regulation B to provide non-discriminatory access to credit for mortgage applicants who use income from the Section 8 Housing Choice Voucher (HCV) Homeownership Program. It highlights that creditors may not exclude, refuse to consider, or automatically discount income derived from the Section 8 HCV Homeownership Program during mortgage application and underwriting processes, as such treatment constitutes prohibited discrimination based on source of income. The bulletin clarifies that mortgage assistance provided under the HCV Homeownership Program qualifies as income from a public assistance program and must be evaluated based on the applicant’s actual circumstances, not merely its source. The guidance further warns that discriminatory practices can include restricting the use of such voucher income to certain loan products or channels or using underwriting policies that disproportionately impact protected groups without legitimate justification. Finally, it encourages institutions to clearly articulate underwriting policies, provide robust staff training, and monitor compliance to manage fair lending risks and promote increased credit access for low-income, first-time homebuyers utilizing Section 8 HCV Homeownership Program benefits.

Credit / Mortgage / Fair Lending

ECOA

Other Guidance

Bulletin 2014-02 re: marketing of credit card promotional APR offers

CFPB Bulletin 2014-02

(Sept. 3, 2014)

This guidance document explains the Consumer Financial Protection Bureau’s (CFPB) expectations and concerns regarding the marketing of credit card promotional annual percentage rate (APR) offers, warning issuers of the risks of engaging in deceptive or abusive acts and practices under the Dodd-Frank Act. The document highlights that certain promotional offers—such as balance transfers, convenience checks, and deferred interest rate purchases—may mislead consumers if marketing materials do not clearly and prominently disclose that accepting such offers and continuing to make purchases may result in the loss of the grace period on new purchases, leading to unexpected interest charges. The guidance further outlines the legal standards for deceptive and abusive practices, examines disclosure requirements under Regulation Z, and clarifies that issuers must go beyond regulatory minimums to ensure consumers are adequately informed. The CFPB emphasizes that issuers should implement robust compliance systems and internal controls to prevent consumer harm and regulatory violations, ensuring all marketing materials accurately describe costs, conditions, limitations, and the impact of promotional offers on the grace period.

Credit / Credit Cards / Marketing

ECOA

Other Guidance

Bulletin 2014-01 re: FCRA requirement that furnishers conduct investigations

CFPB Bulletin 2014-01

(Feb. 27, 2014)

This guidance document clarifies the obligations of furnishers—such as debt buyers and collectors—under FCRA and Regulation V to investigate information in consumer reports that is disputed by consumers. The bulletin emphasizes that simply instructing a credit reporting agency (CRA) to delete disputed items without conducting a proper investigation does not satisfy the FCRA’s requirements, and that thorough investigations play a vital role in ensuring the accuracy of furnished data and potentially identifying systemic issues. The guidance warns furnishers that failing to fulfill their investigative duties can harm consumers and may result in violation of federal law, prompting supervisory and enforcement actions by the CFPB.

Consumer Reporting

FCRA

Other Guidance

Bulletin 2013-09 re: the FCRA’s requirement to investigate disputes and review “all relevant” information

CFPB Bulletin 2013-09

(Sept. 4, 2013)

This guidance document outlines the obligations of furnishers under FCRA to fully investigate consumer credit disputes and to review all relevant information provided by consumer reporting agencies (CRAs) regarding such disputes. It emphasizes that furnishers must establish and maintain reasonable systems and technologies for receiving and processing dispute notifications and supporting documentation from CRAs, diligently review all relevant information—including both the materials submitted by the CRA and their own records—and take appropriate actions based on the investigation’s findings. The document also details the CFPB’s expectations for full compliance, including reporting investigation results, correcting inaccurate information, and modifying or deleting unverifiable data, while warning that failure to meet these standards may result in supervisory or enforcement actions and consumer remediation.

Consumer Reporting

FCRA

Other Guidance

Bulletin 2013-07 re: prohibition of unfair, deceptive, or abusive acts or practices in the collection of consumer debts

CFPB Bulletin 2013-07

(July 10, 2013)

This guidance document clarifies the obligations of covered persons and service providers under the Dodd-Frank Act to refrain from engaging in UDAAPs in the collection of consumer debts. It outlines the statutory definitions and legal standards for what constitutes unfair, deceptive, and abusive conduct, drawing on precedents from the Federal Trade Commission Act and the Fair Debt Collection Practices Act, and provides non-exhaustive examples of debt collection practices that may violate these standards—such as charging unauthorized fees, misrepresenting the status of debts, and revealing debts to third parties. The document emphasizes that these UDAAP prohibitions apply in addition to existing debt collection laws and advises that the CFPB will closely scrutinize debt collection activities for potential violations, using supervisory and enforcement tools as necessary to protect consumers from harm.

Debt Collection

FDCPA, CFPA/ UDAAP

Other Guidance

Bulletin 2013-01 re: indirect auto lending and compliance with the Equal Credit Opportunity Act

CFPB Bulletin 2013-01

(Mar. 21, 2013)

This guidance document outlines the CFPB’s interpretation of the obligations of indirect auto lenders under ECOA and Regulation B, specifically addressing the fair lending risks associated with dealer interest rate markups and compensation policies. It explains that indirect auto lenders—those who purchase retail installment contracts from dealers—are considered creditors under ECOA if they participate in credit decisions, making them potentially liable for discriminatory pricing practices that result in prohibited disparities, whether through disparate treatment or disparate impact. The bulletin warns that allowing dealer discretion in setting interest rates, coupled with compensation based on the markup, creates substantial risk of unlawful discrimination based on race, national origin, or other protected characteristics. It recommends that lenders mitigate these risks through measures such as limiting or eliminating dealer discretion, implementing robust fair lending compliance management programs, monitoring loan data for disparities, and taking corrective action when discrimination is identified, thereby ensuring equitable and non-discriminatory access to auto credit.

Credit / Auto Lending / Fair Lending

ECOA

Other Guidance

Bulletin 2012-09 re: FCRA’s streamlined process requirement for consumers to obtain free annual reports

CFPB Bulletin 2012-09

(Nov. 29, 2012)

This guidance document outlines the requirements under FCRA and its implementing Regulation V for nationwide specialty consumer reporting agencies (NSCRAs) to establish a streamlined process enabling consumers to obtain free annual disclosures of their consumer reports. It emphasizes that NSCRAs must make these reports accessible via a published toll-free telephone number and clearly display this information on relevant websites, while ensuring the process can handle anticipated consumer volume and provides clear instructions. The document further specifies the necessity for NSCRAs to collect only the minimum personal information needed for consumer identification, use personally identifiable information only as permitted by law, and assist consumers who may use other methods to request disclosures.

Consumer Reporting

FCRA

Other Guidance

Bulletin 2012-08 re: implementation of the remittance rule (Regulation E, Subpart B)

CFPB Bulletin 2012-08

(Nov. 27, 2012)

This guidance document announces the CFPB’s intent to propose targeted amendments to the remittance transfer rule (Subpart B of Regulation E), specifically addressing error resolution for incorrect account numbers provided by senders, disclosure requirements for certain foreign taxes and third-party fees, and limitations on the obligation to disclose sub-national foreign taxes. The Bureau outlines plans to issue a notice of proposed rulemaking that will refine these aspects of the rule, offer additional guidance, and propose an extension of the rule’s effective date to provide providers sufficient time to comply with any new requirements. The guidance emphasizes the CFPB’s goal of facilitating industry compliance while preserving robust consumer protections, and alerts stakeholders to the forthcoming opportunity for public comment on the proposed changes.

Remittances

EFTA

Other Guidance

Bulletin 2012-06 re: marketing of credit card add-on products

CFPB Bulletin 2012-06

(July 18, 2012)

This guidance document outlines the CFPB’s expectations for the marketing and sale of credit card add-on products, such as debt protection and identity theft protection, by institutions under its supervision. It addresses prevalent industry practices that have resulted in consumer harm, such as deceptive marketing, inadequate disclosures, unauthorized enrollment, and billing for unprovided services. The bulletin emphasizes compliance with federal consumer financial laws, including the Dodd-Frank Act, TILA (Regulation Z), and ECOA (Regulation B), and discusses the standards for preventing deceptive acts or practices. The CFPB provides recommendations for robust compliance management systems, including accurate and transparent marketing, employee training, quality assurance, complaint resolution, and oversight of third-party service providers, to mitigate legal and consumer risks associated with these products.

Marketing / Credit Cards

ECOA, TILA, CFPA/ UDAAP

Other Guidance

Bulletin 2012-04 re: lending discrimination

CFPB Bulletin 2012-04

This Bulletin was issued to reaffirm the CFPB’s use of the disparate impact doctrine as part of the Bureau’s enforcement of the Equal Credit Opportunity Act and Regulation B. The CFPB indicates its acceptance of the Policy Statement on Discrimination adopted by the 1994 Interagency Task Force on Fair Lending which recognized evidence of disparate impact as a method for proving lending discrimination.

Credit / Fair Lending

ECOA

Other Guidance

Bulletin 2012-02 re: the payment of compensation to loan originators

CFPB Bulletin 2012-02

(Apr. 2, 2012)

This guidance document clarifies the application of the loan originator compensation rules under Regulation Z, 12 C.F.R. § 1026.36, specifically addressing whether financial institutions may make contributions to qualified profit-sharing, 401(k), and employee stock ownership plans ("Qualified Plans") for loan originators from profits derived from mortgage loan originations. The CFPB responds to industry inquiries by confirming that such employer contributions to Qualified Plans are permitted under the current Compensation Rules, as long as they are not based on the terms or conditions of individual mortgage transactions. The bulletin explains that while the rules prohibit compensating loan originators based on transaction-specific terms, they do not prohibit profit-based contributions to Qualified Plans. The CFPB also notes ongoing regulatory developments under the Dodd-Frank Act and advises that further guidance on non-qualified profit-sharing arrangements will be provided in future rulemaking.

Credit / Mortgage

TILA

Other Guidance

Bulletin 11-2 re: the Interstate Land Sales Full Disclosure Act

CFPB Bulletin 2011-02

(July 21, 2011)

This guidance document outlines interim administrative procedures following the transfer of consumer protection functions related to the Interstate Land Sales Full Disclosure Act (ILS) from HUD to the CFPB as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, effective July 21, 2011. It clarifies that entities subject to ILS must now submit required documents, payments, and requests to the CFPB rather than HUD, and provides specific addresses and detailed instructions for submission of materials, requests for advisory opinions, and payment methods during the transitional period before revised regulations are issued. The guidance ensures compliance by allowing continued operation under existing rules and specifies that entities following these instructions will be considered in compliance with ILS requirements, thereby preventing CFPB enforcement actions for noncompliance with outdated HUD-specific requirements.

Credit / Mortgage

ILSFDA

Other Guidance