CFPB: Statement of CFPB Director Chopra on the Notice of Proposed Rulemaking Regarding the CRA
Today, the Board of Directors of the Federal Deposit Insurance Corporation is voting to seek public comment on a Notice of Proposed Rulemaking to update the Community Reinvestment Act framework for certain state-chartered banks.1 I am voting in favor of the Notice of Proposed Rulemaking, particularly because of the potential it holds to assist rural…
CFPB: Supervisory Report Finds Unlawful Auto Repossessions and Breakdowns in Credit Report Disputes
Agency examiners identify improper practices across consumer financial products and services Today, the Consumer Financial Protection Bureau (CFPB) released its Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the second half of 2021. The report details key findings across consumer financial products and services. “While most entities act in good…
CFPB: Agency Invokes Dormant Authority to Examine Nonbank Companies Posing Risks to Consumers
Bureau Seeks Comment on Updated Procedures The Consumer Financial Protection Bureau (CFPB) announced that it is invoking a largely unused legal provision to examine nonbank financial companies that pose risks to consumers. The CFPB believes that utilizing this dormant authority will help protect consumers and level the playing field between banks and nonbanks. The CFPB…
CFPB: Report Spotlights Medical Billing Challenges
Consumer complaints show coercive credit reporting and privacy intrusions based on unverified and inaccurate medical billing A report issued today by the Consumer Financial Protection Bureau (CFPB) examines the financial consequences of medical billing and collections endured by individuals and families across the country. The report draws from the rising volume of medical billing and…
CFPB: New Report Released on Financial Challenges Facing Rural Communities
Many rural communities are “banking deserts” Today the Consumer Financial Protection Bureau (CFPB) issued a report on the challenges faced by Americans in rural communities. The report highlights that many of these communities lack access to physical bank branches, are more likely to seek credit from nonbanks, and are heavily affected by medical bills. The…
ABA: Comment Letter Issued to CFPB on Request for Information on Fees Charged by Financial Service Providers
In a detailed comment letter filed today, the American Bankers Association and all 51 state bankers associations directly challenge the basic premise behind the Consumer Financial Protection Bureau’s Request for Information on fees charged by financial service providers in the U.S. The letter reads in part: “The CFPB has long pledged to be a ‘data-driven’ agency that…
CFPB: New Proposed Rule Seeks to Halt Negative Credit Reporting for Survivors of Human Trafficking
Proposed rule will aid survivors seeking to open bank accounts, access credit, and gain employment Today, the Consumer Financial Protection Bureau (CFPB) is using its rulemaking authority to propose that consumer reporting agencies (CRAs) do not prevent survivors of human trafficking from achieving financial independence. The proposed rule would protect survivors of human trafficking by…
CFPB: Research Finds Payday Borrowers Continue to Pay Significant Rollover Fees Despite State-Level Protections and Payment Plans
Research suggests deceptive industry practices drive cycles of costly reborrowing A report published today by the Consumer Financial Protection Bureau (CFPB) shows few payday loan borrowers are benefiting from no-cost extended payment plans, which are required to be offered to borrowers in the majority of states that do not prohibit payday lending. Instead of using…
CFPB: New Report Finds Credit Card Companies Charged $12 Billion in Late Fee Penalties in 2020
The Consumer Financial Protection Bureau (CFPB) issued a report today showing that credit card issuers charged $12 billion in late fees in 2020. Late fee penalties are charged in addition to interest when a cardholder does not make the minimum payment by the due date. “Many credit card issuers have made late fee penalties a…
CFPB: 2021 HMDA Data on Mortgage Lending Now Available
The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2021 are now available on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,316 HMDA filers. The published data contain loan-level information filed by financial institutions, modified to protect consumer privacy. To increase public accessibility, the annual loan-level (LAR) data…