On November 18, 2022, the CFPB published an article about how using CFPB complaint data can help cities and counties protect the public from unfair, deceptive, or abusive acts or practices. The Bureau has recently created the CFPB’s Government Portal where local, state, and federal government agencies can have access to more granular information about consumers’ complaints and companies’ responses through a secure interface.

On November 17, 2022, the CFPB took action against Carrington Mortgage Services for deceptive acts or practices under the Consumer Financial Protection Act in connection with mortgage forbearances. According to the CFPB, Carrington failed to implement many protections, provided to borrowers with federally backed mortgage loans who were experiencing financial hardship, during the COVID-19 public health emergency.

On November 16, 2022, the CFPB released a new Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022. The report details key findings across consumer financial products and services, including how consumer reporting companies and data furnishers continued to violate the Fair Credit Reporting Act (FCRA) by failing to promptly address and update incorrect information on credit reports. The CFPB’s 28th edition of Supervisory Highlights also underscores instances where mortgage servicers charged impermissible fees when homeowners went to make their mortgage payments.

On November 15, 2022, the CFPB issued two reports on the tenant background check industry, describing how errors in these background checks contribute to higher costs and barriers to quality rental housing. The CFPB’s analysis of more than 24,000 complaints highlighted the renter challenges associated with the industry’s failures to remove wrong, old, or misleading information and to provide adequate investigations of disputed information.

On November 10, 2022, the CFPB released a new complaint bulletin that highlights complaints the CFPB received related to crypto-assets. According to the CFPB, consumers most commonly reported being victimized by frauds, theft, account hacks, and scams. Other complaints include issues in executing transactions and transferring assets between exchanges, issues with accessing funds in their account and poor customer service.

On November 10, 2022, the CFPB issued a circular to affirm that neither consumer reporting companies nor information furnishers can skirt dispute investigation requirements. The circular outlines how federal and state consumer protection enforcers, including regulators and attorneys general, can bring claims against companies that fail to investigate and resolve consumer report disputes.

On November 8, 2022, the FTC published an advanced notice of proposed rulemaking to address certain deceptive or unfair acts or practices relating to fees. The Commission is seeking public comment, data, and argument concerning the need for such a rulemaking to prevent persons, entities, and organizations from imposing such fees on consumers.

On October 31, 2022, the CFPB announced that it will re-open the public comment regarding the Bureau’s inquiry into big tech payment platforms. It can be recalled that on October 21, 2021, the CFPB ordered six large technology companies operating payments systems in the United States to provide information about certain of their business practices.

On October 27, 2022, the CFPB published an outline of proposals and alternatives under consideration for the required rulemaking on personal financial data rights. The CFPB outlined options to strengthen consumers’ access to, and control over, their financial data as a first step before issuing a proposed data rights rule that would implement section 1033 of the Dodd-Frank Act. Under the options the CFPB is considering, consumers would be able to more easily and safely walk away from companies offering bad products and poor service and move towards companies competing for their business with alternate or innovative products and services.