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…
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…
ABA: ABA, Financial Trades and Banks File Lawsuit Against CFPB’s Overdraft Final Rule
The American Bankers Association today announced it is jointly pursuing legal action alongside the Consumer Bankers Association (CBA), America’s Credit Unions, Mississippi Bankers Association, and banks directly affected by the Consumer Financial Protection Bureau’s (CFPB) final rule on overdraft services. With its new regulation, the CFPB exceeds its regulatory authority. More importantly, the CFPB fails to appropriately…
CFPB: Agency Kicks Off Rulemaking to Help Mitigate the Financial Consequences of Domestic Violence and Elder Abuse
Survivors of abuse financially suffer when their credit reports contain loans and accounts that they were forced into The Consumer Financial Protection Bureau (CFPB) launched a rulemaking to address the harmful effects of inaccurate credit reporting affecting survivors of domestic violence, elder abuse, and other forms of financial abuse. The agency is issuing an advance notice of…
Agencies Issue Statement on Elder Financial Exploitation
Five federal financial regulatory agencies, the Financial Crimes Enforcement Network (FinCEN), and state financial regulators issued a statement today to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation. Older adults who experience financial exploitation can lose their life savings and financial security and face other…