CFPB: No-Action Letter Issued to Facilitate Housing Counseling Services for Prospective Home Buyers

The Consumer Financial Protection Bureau (Bureau) granted a no-action letter (NAL) to Bank of America, N.A. regarding the bank’s funding arrangements with housing counseling agencies (HCAs) certified by the U.S. Department of Housing and Urban Development (HUD).  NALs provide increased regulatory certainty through a statement that the Bureau will not […]

CFPB: Membership Announced for Taskforce on Federal Consumer Financial Law

The Consumer Financial Protection Bureau (CFPB) today announced four members who will serve on the Taskforce on Federal Consumer Financial Law. The Taskforce on Federal Consumer Financial Law will examine the existing legal and regulatory environment facing consumers and financial services providers and report to Director Kraninger its recommendations for […]

CFPB: Financial Literacy Annual Report Issued for 2019

The Consumer Financial Protection Bureau (Bureau) issued its Financial Literacy Annual Report for fiscal year 2019. The Bureau delivered its digital and print resources to more than 12 million consumers in fiscal year 2019.  Promoting savings has also been a key part of the agency’s work. The Bureau launched Start […]

FFIEC: Federal Banking Agencies Announce Availability of 2018 Small Business, Small Farm, and Community Development Lending Data

The three federal banking agency members of the Federal Financial Institutions Examination Council (FFIEC) with Community Reinvestment Act (CRA) responsibilities today announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations, pursuant to the CRA. The agencies releasing […]

CFPB: Federal Regulators Issue Joint Statement on the Use of Alternative Data in Credit Underwriting

Five Federal financial regulatory agencies today issued a joint statement on the use of alternative data in underwriting by banks, credit unions, and non-bank financial firms. The statement from the Federal Reserve Board (Federal Reserve), the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Office of […]

CFPB: Financial Well-Being Report Released with State-by-State Comparisons

The Consumer Financial Protection Bureau (Bureau) issued a report today with state-by-state comparisons of financial well-being scores. The scores are based on Bureau analysis of the Financial Industry Regulatory Authority Foundation’s 2018 National Financial Capability Study. The report shows that the average financial well-being scores for all adults (ages 18 […]

CFPB: Symposium Announced for Dodd-Frank and Equal Credit Opportunity Acts on November 6th

 The Consumer Financial Protection Bureau (Bureau) announced today that it will hold a symposium on Section 1071 of the Dodd-Frank Act on November 6, 2019 at 9:30 a.m. The event will be webcast on the Bureau’s website.  Section 1071 amended the Equal Credit Opportunity Act (ECOA) to require financial institutions […]

CDFB: Private Education Loan Ombudsman Issues 2019 Annual Report

The Consumer Financial Protection Bureau (Bureau) Private Education Loan Ombudsman issued today the 2019 Annual Report showing that from September 1, 2017 through August 31, 2019 the Bureau handled approximately 20,600 complaints related to private or federal student loans. Of these, there were approximately 6,700 private student loan complaints and […]

CFPB: Agency Issues Final HMDA Rule to Provide Relief to Smaller Institutions

The Consumer Financial Protection Bureau (Bureau) today issued a rule which finalizes certain aspects of its May 2019 Notice of Proposed Rulemaking under the Home Mortgage Disclosure Act (HMDA). It extends for two years the current temporary threshold for collecting and reporting data about open-end lines of credit under HMDA. […]

CFPB: Advisory Committee Members Announced

Consumer Financial Protection Bureau Director Kathleen L. Kraninger today announced the appointment of members to the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research Council (ARC). These experts advise Bureau leadership on a broad range of consumer financial issues and emerging […]