CFPB: Threshold for Smaller Loan Exemption for Appraisal Requirements for Higher-Priced Mortgage Loans Announced for 2023

The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000. The threshold amount will be effective January 1, 2023, […]

CFPB: Dollar Thresholds in Regulation Z and Regulation M for Exempt Consumer Credit and Lease Transactions Announced for 2023

The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2023 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). By law, the agencies are required to adjust the thresholds […]

CFPB: New Report Finds High Fees Charged on Student Banking Products Endorsed by Colleges

Some financial institutions and colleges may be steering students to more expensive financial products The Consumer Financial Protection Bureau (CFPB) published a report on terms and fees associated with banking products marketed in partnership with colleges to  students. The report raises questions about whether some marketing deals between colleges and […]

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’ […]