FHFA: CFPB and FHFA Release Additional Data from the National Survey of Mortgage Originations for Public Use
Details Borrower’s Experiences Obtaining a Mortgage The Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) today released additional loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). The data provide insights into borrowers’ experiences in getting a residential mortgage. The NSMO is a component of the National Mortgage…
CFPB: U.S. Department of Education and CFPB Sign Memorandum of Understanding to Better Serve Student Loan Borrowers
The Consumer Financial Protection Bureau (Bureau) and the U.S. Department of Education (ED) announced a new coordination agreement in order to better serve student loan borrowers. Under the newly signed Memorandum of Understanding (MOU) the agencies will share complaint information from borrowers and meet quarterly to discuss observations about the nature of complaints received, characteristics…
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 bring a supervisory or enforcement…
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 ways to improve and strengthen…
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 Small, Save Up, an initiative…
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 the data are the Board…
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 the Comptroller of the Currency…
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 and older) in the United…
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 to collect, report, and make…
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 13,900 federal student loan complaints….