The CFPB (Consumer Financial Protection Bureau) has taken several significant actions to protect consumers in the credit industry. Here are the five most impactful initiatives, ranked by importance:

1. Medical Debt Removal from Credit Reports

• Credit bureaus agreed to remove most medical debts under CFPB pressure
• Eliminated 70% of medical debt from credit reports
• Removed debts that were paid, under $500, or less than a year old
• New rule for complete removal currently on hold

2. Stay-at-Home Spouse Credit Access

• 2013 regulation allowed consideration of joint household income
• Enabled stay-at-home parents to qualify for their own credit cards
• Improved credit-building opportunities for non-working spouses
• Enhanced financial independence and security

3. Credit Repair Company Enforcement

• $1.8 billion distributed to 4.3 million affected consumers
• Targeted companies like Lexington Law and CreditRepair.com
• Protected vulnerable consumers from deceptive practices
• Enforced Telemarketing Sales Rule violations

4. Credit Card Late Fee Caps

• Proposed $8 cap on late fees (down from $32 average)
• Would have saved consumers $10 billion annually
• Currently blocked by court injunction
• Some issuers already adjusted other fees in response

5. Rewards Program Protection

• Addressed "bait-and-switch" rewards tactics
• Highlighted concerns about program devaluations
• Encouraged frequent reward redemption
• Conducted joint hearings with Department of Transportation

Current Status and Future Outlook:

• CFPB enforcement activities significantly reduced
• State-level consumer protection becoming more important
• Massachusetts leading with anti-junk fee regulations
• Consumers advised to seek help from state regulators when needed

For unresolved financial protection issues, contact your state attorney general's office or state financial services department for assistance.

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