CFPB: Advisory Committee Appointments Announced
Today, the Consumer Financial Protection Bureau (CFPB) announced the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. The Dodd-Frank Wall Street Reform and Consumer Protection Act charges the CFPB with establishing a Consumer Advisory Board to provide advice on a variety of…
CFPB: Mortgage Report Finds Jumps in Closing Costs and Denials for Insufficent Income; Growing Proportion of Cash-Out Refinances
Overall mortgage lending falls amid significant rise in interest rates and discount points Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending activity and trends. In 2022, mortgage applications and originations declined markedly from the prior year, while rates, fees, discount points, and other costs increased. Overall affordability declined…
CFPB: New Proposed Rulemaking Announced to Remove Medical Bills from Credit Reports
Proposals under consideration would help end coercive debt collection tactics, clean up inaccurate data, and improve credit score predictiveness The Consumer Financial Protection Bureau (CFPB) today announced it is beginning a rulemaking process to remove medical bills from Americans’ credit reports. The CFPB outlined proposals under consideration that would help families financially recover from medical…
CFPB: New Guidance Issued on Credit Denials by Lenders Using Artificial Intelligence
Consumers must receive accurate and specific reasons for credit denials Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models. The guidance describes how lenders must use specific and accurate reasons when taking adverse actions against consumers. This means…
CFPB: Report Finds College Tuition Payment Plans Can Put Student Borrowers At Risk
Some payment plans can be confusing, carry expensive fees, and lead students further into debt The Consumer Financial Protection Bureau (CFPB) issued a new report finding that students face risk when entering into agreements with colleges to spread the upfront cost of tuition into several, interest-free loan payments. The report, which looks at tuition payment…
CFPB: New Report Highlights Role of Big Tech Firms in Mobile Payments
Apple and Google set regulations on “tap-to-pay” which can impact innovation and competition The Consumer Financial Protection Bureau (CFPB) published a new issue spotlight highlighting the impacts of Big Tech companies’ policies and practices that govern tap-to-pay on mobile devices like smartphones and watches. Apple currently forbids banks and payment apps from accessing the tap-to-pay…
Agencies to Host Roundtable on Special Purpose Credit Programs on September 12th
Four federal agencies will host a roundtable discussion September 12, 2023, at 3:00 p.m. EDT regarding the availability of special purpose credit programs to help meet the credit needs of eligible individuals. The event will be open to the public via livestream. U.S. Department of Housing and Urban Development Secretary Marcia L. Fudge, Acting Comptroller…
ABA & TBA Call on CFPB to Extend 1071 Stay to All FDIC-Insured Banks
In a new letter to CFPB Director Rohit Chopra, the Texas Bankers Association (TBA) and American Bankers Association (ABA) called on the Consumer Financial Protection Bureau to extend U.S. District Court Judge Randy Crane’s recent court order pausing the CFPB’s 1071 Final Rule implementation to all FDIC-insured banks. “As you know, we requested relief for every entity subject to…
CFPB: Exams Find Unfair, Deceptive and Abusive Practices Across a Wide Array of Consumer Financial Product Lines at Nonbanks
Supervisory Highlights report also details new examinations on nonbanks Today, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report which found unfair, deceptive, and abusive acts or practices across many consumer financial products. For example, auto lenders have originated loan balances above the real value of the car being purchased and engaged in…
CFPB: New Report Shows Workers Face Risks from Employer-Driven Credit
Report follows launch of public inquiry into the challenges and prevalence of employer-driven debt Today, the Consumer Financial Protection Bureau (CFPB) published a report highlighting the risks employer-driven debt poses to workers. After a review of responses to the CFPB’s public inquiry, the analysis describes the growing prevalence of employer-driven debt and challenges workers and consumers…