The Consumer Financial Protection Bureau today proposed extending the effective date of two recent debt collection rules to give affected parties more time to comply due to the ongoing COVID-19 pandemic.
CFPB Takes Action Against Debt Collector And Its Owner For Falsely Threatening Consumers with Legal Action
The Consumer Financial Protection Bureau (CFPB) today issued a consent order against a debt collector and its owner for harassing thousands of consumers, falsely threatening them with legal action. The CFPB found that Yorba Capital Management, LLC (Yorba) and its former owner, Daniel Portilla, Jr., violated the Consumer Financial Protection Act of 2010 (CFPA) and that Yorba violated the Fair Debt Collection Practices Act (FDCPA).
The Consumer Financial Protection Bureau (CFPB) today proposed a set of rule changes intended to help prevent avoidable foreclosures as the emergency federal foreclosure protections expire.
The Consumer Financial Protection Bureau (CFPB) today warned mortgage servicers to take all necessary steps now to prevent a wave of avoidable foreclosures this fall. Millions of homeowners currently in forbearance will need help from their servicers when the pandemic-related federal emergency mortgage protections expire this summer and fall. Servicers should dedicate sufficient resources and staff now to ensure they are prepared for a surge in borrowers needing help. The CFPB will closely monitor how servicers engage with borrowers, respond to borrower requests, and process applications for loss mitigation. The CFPB will consider a servicer’s overall effectiveness in helping consumers when using its discretion to address compliance issues that arise.
Today, the Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2020 were published on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,400 HMDA filers. The published data contain loan-level information filed by financial institutions, modified to protect privacy.
The Consumer Financial Protection Bureau (CFPB) announced today it is rescinding seven policy statements issued last year that provided temporary flexibilities to financial institutions in various consumer financial markets, including the mortgage, credit reporting, credit and prepaid card markets. The seven rescissions, effective as of April 1, 2021, provide guidance as to how financial institutions should now comply with various consumer financial laws and regulations.
CFPB Acting Director Uejio and FTC Acting Chairwoman Slaughter Issue Joint Statement on Preventing Illegal Evictions
Consumer Financial Protection Bureau Acting Director Dave Uejio and Federal Trade Commission Acting Chairwoman Rebecca Slaughter issued a joint statement regarding their agencies’ work to help stop illegal evictions and protect American consumers facing economic hardship due to COVID-19.
Five federal financial regulatory agencies are gathering insight on financial institutions’ use of artificial intelligence (AI). The agencies seek information from the public on how financial institutions use AI in their activities, including fraud prevention, personalization of customer services, credit underwriting, and other operations.
Today, the Consumer Financial Protection Bureau (CFPB) provided to Congress the Consumer Response Annual Report for 2020. The impact of the COVID-19 pandemic on the consumer financial marketplace is reflected in the increase of complaints submitted to the CFPB.
CFPB Submits 2020 Report to Congress on the Administration of the Fair Debt Collection Practices Act
The Consumer Financial Protection Bureau (CFPB) released today the 2020 annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA). The report highlights efforts by the CFPB and the Federal Trade Commission (FTC) to protect consumers, particularly those who have suffered profound financial impacts due to the COVID-19 pandemic.
Consumer Financial Protection Bureau Encourages Financial Institutions and Debt Collectors to Allow Stimulus Payments to Reach Consumers
On March 17, 2021, Consumer Financial Protection Bureau Acting Director Dave Uejio issued a statement regarding consumers’ access to Economic Impact Payment funds distributed through the American Rescue Plan.
The Consumer Financial Protection Bureau (CFPB) today sued a student loan debt relief company, its owner, and manager for allegedly charging thousands of consumers more than $3.5 million in illegal upfront fees.
Consumer Financial Protection Bureau Rescinds Abusiveness Policy Statement to Better Protect Consumers
On March 11, 2021, the Consumer Financial Protection Bureau announced it is rescinding its January 24, 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.”
CFPB Clarifies That Discrimination by Lenders on the Basis of Sexual Orientation and Gender Identity Is Illegal
On March 9, 2021, the Consumer Financial Protection Bureau issued an interpretive rule clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act and Regulation B includes sexual orientation discrimination and gender identity discrimination.
Consumer Financial Protection Bureau Takes Action Against Payment Processor and Its Former CEO for Supporting Internet-Based Technical-Support Scams
Today, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court against BrightSpeed Solutions Inc. (BrightSpeed) and its founder and former chief executive officer, Kevin Howard, for knowingly processing payments for companies engaged in internet-based technical-support fraud. Chicago-based BrightSpeed was a privately owned, third-party payment processor founded and operated by Howard in 2015 and wound down business operations in March 2019.
On March 3, 2021, the Consumer Financial Protection Bureau released a notice of proposed rulemaking (NPRM) to delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022.
New Report From Consumer Financial Protection Bureau Finds Over 11 Million Families At Risk Of Losing Housing
Today, the Consumer Financial Protection Bureau (CFPB) issued a report that warns of widespread evictions and foreclosures once federal, state, and local pandemic protections come to an end, absent additional public and private action. Over 11 million families are behind on their rent or mortgage payments: 2.1 million families are behind at least three months on mortgage payments, while 8.8 million are behind on rent. Homeowners alone are estimated to owe almost $90 billion in missed payments. The last time this many families were behind on their mortgages was during the Great Recession.
Consumer Financial Protection Bureau and Virginia, Massachusetts, and New York Attorneys General Sue Libre for Predatory Immigrant-Services Scam
On February 22, 2021, the Consumer Financial Protection Bureau - in partnership with Virginia, Massachusetts, and New York - sued Libre by Nexus, Inc., and its owners for a predatory immigrant-services scam that traps victims into paying expensive, long-term fees.
On January 19, 2021, the Consumer Financial Protection Bureau issued a final rule regarding the Bureau’s use of supervisory guidance for its supervised institutions.
Consumer Financial Protection Bureau Settles with LendUp Loans, LLC for Military Lending Act Violations
On January 19, 2021, the Consumer Financial Protection Bureau filed a proposed settlement to resolve its December 4, 2020 lawsuit against LendUp Loans, LLC alleging violations of the Military Lending Act.
On January 19, 2021, the Consumer Financial Protection Bureau issued a final rule to implement a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act.
Consumer Financial Protection Bureau Announces Partnerships with Communities Across the Country to Promote Financial Resiliency
On January 19, 2021, the Consumer Financial Protection Bureau announced that it will partner with seven communities across the country to help build financial resiliency among Americans.
Consumer Financial Protection Bureau Sues 1st Alliance Lending, LLC and Its Principals for Alleged Unlawful Mortgage Lending Practices
On January 15, 2021, the Consumer Financial Protection Bureau filed a lawsuit against 1st Alliance Lending, LLC, John Christopher DiIorio, Kevin Robert St. Lawrence, and Socrates Aramburu for allegedly engaging in various unlawful mortgage-lending practices.
Consumer Financial Protection Bureau and National Credit Union Administration Sign Memorandum of Understanding
The Consumer Financial Protection Bureau and the National Credit Union Administration announced a Memorandum of Understanding agreement to improve coordination between the agencies related to the consumer protection supervision of credit unions over $10 billion dollars in assets.
Director Kraninger’s Remarks for the Release of the Taskforce on Federal Consumer Financial Law’s Report and Recommendations
Director Kathy Kraninger's remarks on the release of the Taskforce on Federal Consumer Financial Law’s report and recommendations on improving consumer protection.