CFPB: Major Actions Taken on Bait-and-Switch Credit Card Rewards Tactics
Agency warns companies against illegal devaluation of rewards and other unlawful practices, highlights issues with retail credit cards, and launches a tool to help find cards with lower rates The Consumer Financial Protection Bureau (CFPB) announced major actions today to protect consumers from illegal credit card practices and help people save money on interest and…
OCC: Mortgage Performance Report Released for Third Quarter of 2024
The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the third quarter of 2024. The OCC Mortgage Metrics Report, Third Quarter 2024 showed that 97.4 percent of mortgages included in the report were current and performing at the end of the quarter, a slight…
CFPB: New Report Finds Mortgage Companies Create Obstacles for Homeowners After Death or Divorce
Surviving family members or spouses report being caught in a customer service doom loop Today, the Consumer Financial Protection Bureau (CFPB) issued a report on the experiences of homeowners dealing with their mortgage company after divorce or the death of an original borrower. Many homeowners report that their servicers push them to take on new, higher-interest loans…
CFPB: Final Rule Issued to Protect Homeowners on Solar Panel Loans and Other Home Improvement Loans Paid Back Through Property Taxes
Lenders offering ‘PACE products’ banned from setting borrowers up to fail on clean energy and disaster readiness loans Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule mandated by Congress that applies existing residential mortgage protections to Property Assessed Clean Energy (PACE) loans. PACE loans are used by homeowners for clean energy upgrades and disaster readiness…
CFPB: New Report Summarizes Illegal Practices Across Student Loan Refinancing, Servicing, and Debt Collection
Report addresses issues faced by borrowers with federal and private loans Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights describing a range of unlawful activities identified by CFPB examiners across student loan markets. The report covers violations related to student loan refinancing, private lending and servicing, debt collection, and federal…
CDFI Fund: FY 2025 Bond Guarantee Program Application Period Now Open
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today opened the fiscal year (FY) 2025 application period for the CDFI Bond Guarantee Program. A total of up to $500 million in bond guarantee authority is estimated to be available for Eligible Community Development Financial Institutions (Eligible CDFIs) in FY 2025,…
CDFI Fund: Public Data Released on CDFI/NAC and RRP Recipients through 2023
The Community Development Financial Institutions Fund (CDFI Fund) is releasing the fiscal year (FY) 2022 snapshot report and public data file based on Transaction Level Report (TLR) and Consumer Loan Report (CLR) data. This data was reported in FY 2023 by active Community Development Financial Institutions Program (CDFI Program) and Native American Community Assistance Program…
CFPB: Report Finds Significant Drop in Annual Mortgage Applications and Originations in 2023
High interest rates have contributed to a significant drop in homebuying volume Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on trends in the residential mortgage lending market. 2023 showed a significant decline in mortgage lending activities, with loan applications and originations dropping by about a third from 2022. The decline was…
CFPB: Final Rule Issued to Close Overdraft Loophole to Save Americans Billions in Fees
Final rule to save up to $5 billion each year Today, the Consumer Financial Protection Bureau (CFPB) took actionto close an outdated overdraft loophole that exempted overdraft loans from lending laws. The agency’s final rule on overdraft fees applies to the banks and credit unions with more than $10 billion in assets that dominate the U.S….
CFPB: Indian Health Service and CFPB Issue Joint Letter Regarding Protecting Approved Purchased or Referred Care Program Patients from Improper Bills
The Consumer Financial Protection Bureau (CFPB) and the Indian Health Service (IHS) remind you of your responsibilities to protect IHS-approved purchased/referred care (PRC) program patients from improper bills and collection on improper bills under the Indian Health Care Improvement Act (IHCIA),1 the Fair Debt Collection Practices Act (FDCPA),2 and the Fair Credit Reporting Act (FCRA).3 Today, the…