CFPB

CFPB: 2022 HMDA Data on Mortgage Lending Released for HMDA Filers

The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2022 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for approximately 4,394 HMDA filers. The published data contain loan-level information filed by financial institutions and modified to protect consumer privacy. To increase public accessibility, the annual loan-level…

CFPB: Agency Heightens Scrutiny on Unlawful Collection of Payments on Discharged Student Loans

CFPB examiners found servicers engaging in unfair practices in trying to collect on loans discharged in bankruptcy Today, the Consumer Financial Protection Bureau (CFPB) released a bulletin warning servicers of their obligation to halt unlawful conduct with respect to private student loans that have been discharged by bankruptcy courts. The bulletin details recent findings by…

CFPB: Inquiry Launched into the Business Practices of Data Brokers

Public input will help to inform planned rulemaking under the Fair Credit Reporting Act The Consumer Financial Protection Bureau (CFPB) has launched an inquiry into companies that track and collect information on people’s personal lives. In issuing this new Request for Information, the CFPB wants to understand the full scope and breadth of data brokers…

CFPB: Research Uncovers Illegal Junk Fees on Bank Accounts, Mortgages, Student Loans, and Auto Loans

Many companies are updating practices and making consumers whole based on supervisory findings Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday lending. These unlawful fees corrode…

CFPB: NLRB and CFPB Announce Information Sharing Agreement to Protect American Consumers and Workers from Illegal Practices

The agreement will help the agencies address unlawful practices involving employer surveillance and employer driven debt The Consumer Financial Protection Bureau (CFPB) and the National Labor Relations Board (NLRB) today signed an information sharing agreement, creating a formal partnership between the two agencies to better protect American families and to address practices that harm workers…

CFPB: New Findings Published on Financial Profiles of Buy Now, Pay Later Borrowers

Report finds consumers using Buy Now, Pay Later were more likely to be using credit cards, payday loans, and other high-interest financial services The Consumer Financial Protection Bureau (CFPB) has published a new report analyzing the financial profiles of Buy Now, Pay Later borrowers. While many Buy Now, Pay Later borrowers use the product without…

CFPB: New CFPB Issue Spotlight Examines High Fees that Chip Away at Public Benefits

Recipients of public cash assistance programs can be subjected to inadequate customer service and fees that cut into benefits The Consumer Financial Protection Bureau (CFPB) released a new issue spotlight examining how the financial products used to deliver public benefits, like Social Security and unemployment compensation, affect individuals’ ability to fully access the assistance provided…

CFPB: New Advisory Committee Member Appointments Announced

The Consumer Financial Protection Bureau (CFPB) announced today the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. The Dodd-Frank Wall Street Reform and Consumer Protection Act charges the CFPB with establishing a Consumer Advisory Board to provide advice on a variety of…

CFPB: New Report Finds One-Third Decline in Collections Items on Consumer Credit Reports

Report underscores ongoing concerns about accuracy of collections data, particularly with respect to medical debt Today, the Consumer Financial Protection Bureau (CFPB) released a report examining trends in credit reporting of debt in collections from 2018 to 2022. The report found the total number of collections tradelines on credit reports declined by 33%, from 261…

CFPB: New Guidance Issued to Protect Mortgage Borrowers from Pay-to-Play Digital Comparison-Shopping Platforms

Financial arrangements that influence or manipulate search results are illegal Today, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion to protect Americans from double dealing on digital mortgage comparison-shopping platforms. Companies operating these digital platforms appear to shoppers as if they provide objective lender comparisons, but may illegally refer people to only those…