Latest developments from the CFPB (Consumer Financial Protection Bureau), regulator of consumer protection actions among financial institutions and other organizations.
Alleging that student loan borrowers were illegally sued for private student loan debt that the companies which made the loans couldn’t prove was owed or was too old to sue over, the Consumer Financial Protection […]
Calling it a “first,” the CFPB has issued a “no-action” letter to a California company that evaluates loan applications using “alternative data” rather than traditional methods in the agency’s efforts to learn more about how […]
The recovery from the housing meltdown of 2007-10 has been “uneven and painful” for communities of color, and it may take generations to restore what was lost, the director of the CFPB said Tuesday. In […]
Banks, auto lenders, credit card companies, debt collectors, mortgage lenders, and more are singled out for “illegal practices” against consumers in a CFPB report summarizing the bureau’s recoveries in the first half of the year. […]
The threshold for collecting and reporting data about open-end lines of credit will increase for some financial institutions for a two-year period, beginning Jan. 1, according to a final rule scheduled to be published by […]
Comments about an extension of time to collect information about the small business lending market are due Thursday (Sept. 14) to the CFPB. In May, the bureau issued a request for information about small business […]
Comments on CFPB quarterly data collection on aggregated student loan servicing metrics and borrower outcomes from student loan servicers are due Oct. 10, under a notice published Wednesday in the Federal Register. The bureau, in […]
Establishment of low-risk checking or prepaid accounts at banks and credit unions, and use of “alternative data” in building credit records, continue to be goals of the Consumer Financial Protection Bureau (CFPB) in battling financial […]
Concerned about financial services and other companies that are “tricking consumers” into paying expensive fees for remitting by phone, the CFPB issued a warning today about charging the fees. The bureau also issued guidance that […]
A proposal clarifying the information financial institutions are required to collect and report about their mortgage lending – helping them, in turn, comply with Home Mortgage Disclosure Act (HMDA) rules – was issued today by […]
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