CFPB: New Report Finds Credit Card Companies Charged $12 Billion in Late Fee Penalties in 2020
The Consumer Financial Protection Bureau (CFPB) issued a report today showing that credit card issuers charged $12 billion in late fees in 2020. Late fee penalties are charged in addition to interest when a cardholder does not make the minimum payment by the due date. “Many credit card issuers have made late fee penalties a…
CFPB: 2021 HMDA Data on Mortgage Lending Now Available
The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2021 are now available on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,316 HMDA filers. The published data contain loan-level information filed by financial institutions, modified to protect consumer privacy. To increase public accessibility, the annual loan-level (LAR) data…
CFPB: Supervisory Guidance Updated to Target Unfair Discrimination in Consumer Finance
Discrimination or improper exclusion can trigger liability under ban on unfair acts and practices Today the Consumer Financial Protection Bureau (CFPB) announced changes to its supervisory operations to better protect families and communities from illegal discrimination, including in situations where fair lending laws may not apply. In the course of examining banks’ and other companies’…
CFPB: Agency Estimates $88 Billion In Medical Bills on Credit Reports
Inaccurate medical billing data contaminates credit reporting system The Consumer Financial Protection Bureau (CFPB) today released a report highlighting the complicated and burdensome nature of the medical billing system in the United States. The report reveals that the U.S. healthcare system is supported by a billing, payments, collections, and credit reporting infrastructure where mistakes are…
CFPB: Agency Takes Action to Thwart Illegal Auto Repossessions
High Car Prices Increase Risk of Improper Repossession by Lenders, Servicers, and Investors The Consumer Financial Protection Bureau (CFPB) is moving to thwart illegal repossessions in the heated auto market. A compliance bulletin issued today reveals conduct observed during CFPB examinations and enforcement actions, including the illegal seizure of cars, sloppy record keeping, unreliable balance…
CFPB: New Standards Issued to Outline Options to Prevent Algorithmic Bias in Home Valuations
Standards will help protect homebuyers and owners during the valuation process The Consumer Financial Protection Bureau (CFPB) today outlined options to ensure that computer models used to help determine home valuations are accurate and fair. The options will now be reviewed to determine their potential impact on small businesses. “It is tempting to think that…
Interagency Statment Released on Special Purpose Credit Programs Under ECOA and Regulation B
The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB or Bureau), the Department of Housing and Urban Development (HUD), the Department of Justice (DOJ), and the Federal…
CFPB: Scrutiny of Student Loan Servicers and Public Service Loan Forgiveness Stepped Up
Bulletin Follows Findings That Servicers Made Deceptive Statements to Borrowers About Loan Cancellation for Public Service Today the Consumer Financial Protection Bureau (CFPB) released a bulletin detailing student loan servicers’ obligation to halt unlawful conduct regarding borrowers’ eligibility and benefits under the Public Service Loan Forgiveness (PSLF) Waiver. The bulletin recommends actions servicers should consider…
CFPB: New Way Launched for the Public to Petition Agency for Action
Reforms Will Help the Public to Exercise their Constitutional Rights The Consumer Financial Protection Bureau (CFPB) today made it easier for the public to meaningfully engage with the agency and request regulatory changes. Starting today, members of the public can submit petitions for rulemaking directly to the CFPB. The petitions will be posted on public dockets…
CFPB: New Report Reviews Financial Issues Facing People and Families in Contact with the Criminal Justice System
Report Finds Products and Services Rife with Burdensome Fees and Lack of Choice The Consumer Financial Protection Bureau (CFPB) today published a review of the financial issues facing people and families who come in contact with the criminal justice system. The report, “Justice-Involved Individuals and the Consumer Financial Marketplace,” describes an ecosystem rife with burdensome fees and…