CFPB: New Study Reveals Heavy Buy Now, Pay Later Use Among Borrowers with High Credit Balances and Multiple Pay-in-Four Loans
More than 60 percent of users had simultaneous loans, borrowers held higher balances on other credit lines, and most loans went to consumers with subprime or lower credit scores Today, the Consumer Financial Protection Bureau (CFPB) released a study of Buy Now, Pay Later (BNPL) borrowers, finding that more than one-fifth of consumers with a…
CFPB: New Report Finds Hundreds of Thousands of Mortgages in Southeast and Central Southwest U.S. Likely Underinsured Against Flood Risk
Homeowners facing flooding from rivers and creeks more likely to be underinsured than coastal residents Today, the Consumer Financial Protection Bureau (CFPB) issued a new report that found significant differences in the likelihood that homeowners with a mortgage are adequately insured against flooding based both on location and on income and assets. According to findings,…
CFPB: Rule Proposed to Ban Contract Clauses that Strip Away Fundamental Freedoms
Rule would forbid fine print that seeks to censor speech or wipe away rights enshrined in law Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would stop financial companies from forcing Americans to choose between participating in the financial system or giving up their rights, including those guaranteed by the Constitution. The…
CFPB: Input Sought on Digital Payment Privacy and Consumer Protections
Agency invites public to comment on financial surveillance concerns and how to apply existing laws to emerging consumer payment mechanisms Today, the CFPB announced that it is seeking public input on strengthening privacy protections and preventing harmful surveillance in digital payments, particularly those offered through large technology platforms. The agency is requesting comment on implementing…
CFPB: Application Approved from Financial Data Exchange to Issue Standards for Open Banking Under Personal Financial Data Rights Rule
Agency also issues updated procedures for companies requesting special regulatory treatment Today, the Consumer Financial Protection Bureau (CFPB) issued an order recognizing Financial Data Exchange, Inc. (FDX) as a standard setting body under the CFPB’s Personal Financial Data Rights rule. The order of recognition is the first to be issued under the rule. The Personal Financial Data…
CFPB: Rule Finalized to Remove Medical Bills from Credit Reports
Final rule will remove billions of dollars of medical bills from credit reports and end coercive debt collection practices that weaponize the credit reporting system Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule that will remove an estimated $49 billion in medical bills from the credit reports of about 15 million Americans. The CFPB’s action…
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…
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…