New research from the CFPB revealed that when consumer reporting companies and furnishers fail to investigate disputed information, consumers are left paying higher interest rates and face greater difficulty finding housing, employment, and more.
Read More »Feds Aim to Return Financial Data Rights to Consumers
A new document outlines a list of proposals and alternatives under consideration for the Consumer Finance Protection Bureau’s data rights rulemaking—strengthening consumers’ access and rights to their financial data—through updates to the Dodd-Frank Act.
Read More »Fifth Circuit Finds CFPB Funding Strategy Unconstitutional
A three-judge panel of the 5th U.S. Circuit Court of Appeals ruled in a case brought by a payday lending group against the CFPB's 2017 payday lending rule, resulting in the court's decision to deem their funding structures unconstitutional.
Read More »CFPB Seeks to Expand Homebuyer Options
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 benefit from refinancing, especially for ...
Read More »LL 100 Issues White Paper on Fair Debt Collection Practices Act
Members of LL 100’s Special Initiative Working Group examine the CFPB’s amendments to Regulation F of the Fair Debt Collection Practices Act and their implications on the mortgage servicing industry.
Read More »CFPB Warns Mortgage Industry About Legal Responsibilities in Disclosure
Federal anti-discrimination laws in banking are supposed to protect consumers from credit companies from denying an application for credit or taking other adverse actions without just cause or a clear explanation on why the action was taken. Companies have long used ...
Read More »CFPB Opens New Office to Spur Competition and Innovation
The Consumer Finance Protection Bureau (CFPB) announced the creation of a new office, thus forth called “the Office of Competition and Innovation,” to “spur innovation in financial services by promoting competition and stumbling blocks for new market entrants.” The creation ...
Read More »CFPB Issues New Interpretive Rule
The Consumer Financial Protection Bureau (CFPB) has issued a new interpretive rule that describes individual states’ authorities to pursue lawbreaking companies and individuals that violate the provisions of federal consumer financial protection law. This announcement is part of the CFPB’s ...
Read More »Homeowners Continue to Face Challenges After the Pandemic
“While many mortgage servicers are successfully assisting borrowers to avoid foreclosure, today's report highlights that some servicers are lagging their peers and are less well-equipped to assist borrowers who have exited pandemic housing protections,” said Rohit Chopra, CFPB Director.
Read More »CFPB Seeks to Examine More Nonbank Financial Companies
The Consumer Financial Protection Bureau (CFPB), created in 2010 as part of the Dodd-Frank Act, has invoked an unused portion of its legal power to examine nonbank financial companies that pose risks to consumers. The CPFB believes that using this ...
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