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…
CDFI Fund: FY 2025 Bond Guarantee Program Application Period Now Open
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today opened the fiscal year (FY) 2025 application period for the CDFI Bond Guarantee Program. A total of up to $500 million in bond guarantee authority is estimated to be available for Eligible Community Development Financial Institutions (Eligible CDFIs) in FY 2025,…
CDFI Fund: Public Data Released on CDFI/NACA and RRP Recipients through 2023
The Community Development Financial Institutions Fund (CDFI Fund) is releasing the fiscal year (FY) 2022 snapshot report and public data file based on Transaction Level Report (TLR) and Consumer Loan Report (CLR) data. This data was reported in FY 2023 by active Community Development Financial Institutions Program (CDFI Program) and Native American Community Assistance Program…
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rule to save up to $5 billion each year Today, the Consumer Financial Protection Bureau (CFPB) took actionto close an outdated overdraft loophole that exempted overdraft loans from lending laws.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…
ABA: Statement on CFPB’s Final Overdraft Rule
“We’re deeply disappointed that the CFPB has chosen to finalize this misguided rule at a time when every other federal bank regulator has stopped issuing new regulations. By taking this action, the Bureau has once again chosen to prioritize demonizing highly regulated and transparent bank fees over its mission to help consumers. This rule, and…
ABA: New Analysis Shows Vast Majority of Commenters Oppose Federal Reserve’s Changes to Debit Card Regulations
Nearly 80% of commenters find Fed’s debit card rule will negatively impact community financial institutions and consumers Nearly 80% of commenters – including academics, activists, banks and credit unions, consultants and fintechs, individuals, non-profits, payment card networks, and trade associations – oppose the Federal Reserve’s proposed rule that would lower the cap on debit card…
FEMA: Territories and Tribal Nations Designated to Receive Targeted Assistance for Disaster Resilience
Today, FEMA is announcing the designation of 275 census tracts in territories and on Tribal Nation lands as Community Disaster Resilience Zones. These zones will be eligible for increased federal support to become more resilient to natural hazards and extreme weather. Congress directed FEMA to designate these zones in the Community Disaster Resilience Zones Act of…