CFPB: New Report Details Family Finances and Debt in Rural Appalachia
Appalachians Face Higher Debt Burdens and Worse Credit Conditions than Most Other Parts of Rural America The Consumer Financial Protection Bureau (CFPB) has issued the first in a series of reports focusing on the finances of consumers living in rural areas. Today’s report focuses on rural Appalachians, who tend to earn less than consumers in…
CFPB: New Final Rule Issued with Credit Reporting Protections to Aid Survivors of Human Trafficking
CFPB Helps Survivors Mitigate the Financial Consequences of Human Trafficking Today, the Consumer Financial Protection Bureau (CFPB) issued a final rule to help survivors avoid some of the financial consequences of human trafficking. The CFPB has established, among other things, a method for survivors of trafficking to submit documentation to credit reporting companies that identifies…
CFPB: New Report Highlights Experience of Military Families with Medical Billing, Credit Reporting, and Debt Collection
Servicemembers and veterans report problems with coercive credit reporting and false medical bill collections Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing servicemembers, veterans, and military families, based on the complaints they submitted to the CFPB. Servicemembers told the CFPB about billing inaccuracies and that debt…
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: 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: Annual List of Consumer Reporting Companies Released
Updated list names financial surveillance companies that people can use to access their own files and sue if they violate the Fair Credit Reporting Act Today, the Consumer Financial Protection Bureau (CFPB) released its annual list of consumer reporting companies. The list identifies dozens of specialty reporting companies that collect and sell access to people’s data,…
CFPB: New Report Released Detailing Consumer Complaint Response Deficiencies of the Big Three Credit Bureaus
Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors A new analysis by the Consumer Financial Protection Bureau (CFPB) reveals how changes in complaint responses provided by nationwide consumer reporting companies resulted in fewer meaningful responses and less consumer relief. In 2021, Equifax, Experian, and TransUnion together reported relief in response…
CFPB: Action Taken to Stop False Identification in Background Screens by Consumer Reporting Companies
Mistaken identity matching undermines housing and labor market recoveries The CFPB today issued an advisory opinion affirming that consumer reporting companies, including tenant and employment screening companies, are violating the law if they engage in shoddy name-matching procedures. Regulators are concerned about the significant harms caused by false identity matching, where an applicant is disqualified…
FHFA: Inclusion of Rental Payment History in Fannie Mae’s Underwriting Process Announced
To expand access to credit in a safe and sound manner, the Federal Housing Finance Agency (FHFA) today announced that Fannie Mae will consider rental payment history in its risk assessment processes. With the update to Fannie Mae’s systems, future borrowers will have the benefit of a positive rental payment history being included in an…
ABA: Foundation Launches 2021 Financial Education Campaign, Unveils New Free Resources for Banks
New materials will help banker volunteers lead virtual and in-person lesson plans for their communities The American Bankers Association Foundation today launched its 2021 financial education campaign and called on America’s banks and their more than two million employees across the nation to participate in this innovative, industry-wide effort to promote consumer financial readiness. This…