CFPB Moves to Thwart Illegal Auto Repossessions
WASHINGTON, D.C. – 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…
CFPB Estimates $88 Billion in Medical Bills on Credit Reports
WASHINGTON, D.C. – 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…
CFPB Targets Unfair Discrimination in Consumer Finance
WASHINGTON, D.C. — 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…
CFPB Issues Policy on Contractual ‘Gag’ Clauses and Fake Review Fraud
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) issued policy guidance regarding potentially illegal practices related to consumer reviews. The CFPB seeks to ensure that customers can write…
CFPB Director Chopra Statement on Appraisal Task Force Report
WASHINGTON, D.C. — Consumer Financial Protection Bureau Director Rohit Chopra issued a statement regarding the final report of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE). “Today’s…
2021 HMDA Data on Mortgage Lending Now Available
WASHINGTON, D.C. — 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…
CFPB Finds Credit Card Companies Charged $12 Billion in Late Fee Penalties in 2020
WASHINGTON, D.C. — 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…
CFPB Sanctions Edfinancial for Lying about Student Loan Cancellation
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today sanctioned Edfinancial Services, a student-loan servicer, for making deceptive statements to student loan borrowers and misrepresenting their forgiveness and repayment…
CFPB Finds Payday Borrowers Continue to Pay Significant Rollover Fees Despite State-Level Protections and Payment Plans
A report published today by the Consumer Financial Protection Bureau (CFPB) shows few payday loan borrowers are benefiting from no-cost extended payment plans, which are required to be offered to…
CFPB Seeks to Halt Negative Credit Reporting for Survivors of Human Trafficking
Today, the Consumer Financial Protection Bureau (CFPB) is using its rulemaking authority to propose that consumer reporting agencies (CRAs) do not prevent survivors of human trafficking from achieving financial independence.…