FDIC: Update on Supervisory Approach Regarding Changes to HMDA’s Closed-End Mortgage Loan Volume Reporting Threshold

The Federal Deposit Insurance Corporation (FDIC) is issuing this Financial Institution Letter to inform supervised institutions of recent changes regarding the Home Mortgage Disclosure Act (HMDA) reporting threshold for closed-end mortgage loans and the FDIC’s supervisory approach for enforcing related requirements. For FDIC-supervised institutions that meet Regulation C’s coverage requirements, […]

CFPB: Public Input Sought on Consumer Credit Market

Feedback from consumers, industry, advocates will help inform biennial credit card market report The Consumer Financial Protection Bureau (CFPB) issued a request for information today seeking public feedback on how the consumer credit market is functioning as part of a biennial review of the industry. The CFPB is seeking more […]

CFPB: Guidance Issued to Root Out Tactics Which Charge People Fees for Subscriptions They Don’t Want

New circular addresses dark patterns and other tricks used by companies to confuse and deceive consumers enrolled in subscription services The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that companies offering “negative option” subscription services must comply with federal consumer financial protection law. Negative option programs include […]

CFPB: Rule Proposed to Establish Public Registry of Terms & Conditions in Form Contracts That Claim to Waive or Limit Consumer Rights & Protections

Companies can use terms and conditions in non-negotiable form contracts to try to hide consumer harm, to stifle criticism about products and services, and to undermine consumer financial protection law Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to establish a public registry of supervised nonbanks’ terms and […]

CFPB: New Report Issued on Complaints Regarding TransUnion, Experian, and Equifax

Analysis of nearly half a million complaints reveals ongoing challenges Today, the Consumer Financial Protection Bureau (CFPB) released an annual report that details improvements and deficiencies in the nationwide consumer reporting companies’ responses to consumer complaints transmitted by the CFPB. Today’s report includes considerations for the nationwide consumer reporting companies to improve […]

CFPB: New Report Finds Household Financial Health is Declining after Several Years of Increased Savings

Annual survey of consumer financial health shows downtrends in ability to repay debts Today, the Consumer Financial Protection Bureau (CFPB) released a new Making Ends Meet report covering the financial health of American households. Since 2019, the annual Making Ends Meet consumer surveys showed improvement in financial health during the first few […]

FHFA and CFPB: Updated Data from the National Survey of Mortgage Originations Released for Public Use

Data Highlights Borrowers’ Experiences Obtaining a Mortgage During the Pandemic The Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) today published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). The data also provide updated mortgage performance and credit information […]