CFPB: Violations of Federal Law by Student Loan Services and University-Owned Lenders Found

Blanket withholding of academic transcripts to pressure borrowers to pay cited as unlawful Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of Supervisory Highlights on recent examination findings covering the practices of student loan servicers, and schools that lend to students directly. The exams found that these schools had […]

ABA: ABA Sues CFPB for Abuse of Statutory Authority

The American Bankers Association today joined the U.S. Chamber of Commerce, Longview Chamber of Commerce, Texas Bankers Association, Independent Bankers Association of Texas, Texas Association of Business and the Consumer Bankers Association in filing a lawsuit against the Consumer Financial Protection Bureau and Rohit Chopra in his official capacity as director of […]

CFPB: New Effort Launched to Spur New Opportunities for Homeowners in the Mortgage Market

Agency seeks information on refinances, mortgage products to promote competition and support household financial stability The Consumer Financial Protection Bureau (CFPB) is asking for public input on ways to spur new mortgage products that help households. The CFPB seeks insights on ways to improve mortgage refinances for homeowners who would […]

CFPB: Annual Report of 2021 Mortgage Market Activity Reveals End to Refinancing Boom and Increase in Home Purchase Loans

Asian, Black, and Hispanic white shares of home purchase loans increased Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending activity and trends for 2021. The report’s data are submitted by thousands of the nation’s lending institutions under the Home Mortgage Disclosure Act (HMDA). […]

CFPB: New Study Details the Rapid Growth of “Buy Now, Pay Later” Lending

Today, the Consumer Financial Protection Bureau (CFPB) published a report offering key insights on the Buy Now, Pay Later industry. The report, Buy Now, Pay Later: Market trends and consumer impacts, finds that industry grew rapidly during the pandemic, but borrowers may receive uneven disclosures and protections. The five firms surveyed […]

CFPB: Agencies Take Action to Protect Caregivers and Families from Illegal Nursing Home Debt Collection Practices

New report, circular, and joint letter with CMS remind facilities and debt collectors of their responsibilities for nursing home admission and debt collection under multiple laws Today, the Consumer Financial Protection Bureau (CFPB) released an Issue Spotlight highlighting some of the difficulties and experiences heard from caregivers about being pursued over friends’ […]

CFPB: Agency Takes Action to Protect the Public from Unsafe Data Security Practices

Financial companies may be held liable for unfairly putting customers’ data at risk The Consumer Financial Protection Bureau (CFPB) confirmed in a circular published today that financial companies may violate federal consumer financial protection law when they fail to safeguard consumer data. The circular provides guidance to consumer protection enforcers, […]

CFPB: Agency Warns that Digital Marketing Providers Must Comply with Federal Consumer Finance Protections

Tech firms that use behavioral targeting of individual consumers regarding financial products are liable for violations Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection law. Digital marketers that are involved in […]

CFPB: Justice Department and CFPB Caution Auto Finance Companies about Servicemember Protections

Joint Letter Reminds Auto Finance Companies of Key Federal Protections The Department of Justice and the Consumer Financial Protection Bureau (CFPB) issued a joint letter today reminding auto finance companies of their responsibilities to recognize important legal protections for military families under the Servicemembers Civil Relief Act (SCRA). While servicemembers […]