CFPB Issue Spotlight Analyzes “Artificial Intelligence” Chatbots in Banking
The Consumer Financial Protection Bureau (CFPB) today released a new issue spotlight on the expansive adoption and use of chatbots by financial institutions.
Newsroom
CFPB Finds that Billions of Dollars Stored on Popular Payment Apps May Lack Federal Insurance
The Bureau published an issue spotlight on digital payment apps heavily used by consumers and businesses.
Consumer advisory: Your money is at greater risk when you hold it in a payment app, instead of moving it to an account with deposit insurance
Keeping money inside your nonbank payment app might feel the same as a keeping money in a traditional bank account. But the money in your app might not be held in an account at an FDIC member bank or NCUA member credit union and may not offer federal deposit insurance.
Agencies Request Comment on Quality Control Standards for Automated Valuation Models Proposed Rule
Six federal regulatory agencies today requested public comment on a proposed rule designed to ensure the credibility and integrity of models used in real estate valuations.
CFPB Orders Installment Lender OneMain to Pay $20 Million for Deceptive Sales Practices
The Consumer Financial Protection Bureau (CFPB) has ordered installment lender OneMain Financial to pay $20 million in redress and penalties for failing to refund interest charged to 25,000 customers who cancelled purchases within a purported “full refund period,” and for deceiving borrowers about needing to purchase add-on products to receive a loan.
CFPB Action to Require Citizens Bank to Pay $9 Million Penalty for Unlawful Credit Card Servicing
Today, the Consumer Financial Protection Bureau (CFPB) reached a settlement to resolve CFPB’s allegations that Citizens Bank violated consumer financial protection laws and rules that protect individuals when they dispute credit card transactions.
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Proposed Special Deposit Insurance Assessment on Large Banks
Statement of CFPB Director Rohit Chopra on the FDIC’s Proposed Special Deposit Insurance Assessment on Large Banks
CFPB Issues Guidance to Rein in Creation of Fake Accounts to Harvest Fees
The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that a bank may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it.
Prepared Remarks of General Counsel and Senior Advisor to the Director Seth Frotman at the Innovative Payments Conference
Prepared Remarks of General Counsel and Senior Advisor to the Director Seth Frotman at the Innovative Payments Conference
Prepared Remarks of CFPB Director Rohit Chopra at the 2023 American Economic Liberties Project Anti-Monopoly Summit
Director Chopra delivered keynote remarks on May 4, 2023 at the Anti-Monopoly Summit in Washington, DC hosted by the American Economic Liberties Project.
Prepared Remarks of Director Rohit Chopra at the American Association of Healthcare Administration Management
Director Chopra delivered remarks at the May 4, 2023, meeting of the American Association of Healthcare Administration Management's Government Relations Committee and Executive Board
CFPB Report Highlights Costly Credit Cards and Loans Pushed on Patients
Today, the Consumer Financial Protection Bureau (CFPB) published a report on high-cost specialty financial products, such as medical credit cards, that are sold to patients as a way to alleviate the growing costs of medical care.
CFPB Proposes New Consumer Protections for Homeowners Seeking Clean Energy Financing
The Consumer Financial Protection Bureau (CFPB) proposed a rule to implement a Congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans.
CFPB Issues Rule to Facilitate Orderly Wind Down of LIBOR
Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule amending the agency’s 2021 LIBOR transition rule.
CFPB Issues Guidance to Protect Homeowners from Illegal Collection Tactics on Zombie Mortgages
Today, the Consumer Financial Protection Bureau (CFPB) issued guidance on debt collectors, covered by the Fair Debt Collection Practices Act, threatening to foreclose on homes with mortgages past the statute of limitations.
CFPB Joins Other Financial Regulatory Agencies in Issuing Statement on Completing the LIBOR Transition
Today, the Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies, along with state bank and state credit union regulators, in issuing a statement that the use of United States Dollar LIBOR (USD LIBOR) panels will end on June 30, 2023.
Prepared Remarks of Director Rohit Chopra on Zombie Mortgage Debt
Director Chopra hosted a discussion with local community organizations, advocates, leaders, and members of the public about “zombie” second mortgages and other debt collection issues.
Director Chopra’s Prepared Remarks on the Interagency Enforcement Policy Statement on “Artificial Intelligence”
Director Chopra provided remarks on an interagency press conference to announce the Joint Statement on Enforcement Efforts Against Discrimination and Bias in Automated Systems
Prepared Remarks of Director Rohit Chopra at the April 2023 Financial Literacy and Education Commission
Director Chopra delivered remarks at the April 25, 2023, meeting of the Financial Literacy and Education Commission.
CFPB and Federal Partners Confirm Automated Systems and Advanced Technology Not an Excuse for Lawbreaking Behavior
Four federal agencies jointly pledged today to uphold America’s commitment to the core principles of fairness, equality, and justice as emerging automated systems, including those sometimes marketed as “artificial intelligence” or “AI,” have become increasingly common in our daily lives.
Statement of CFPB Director Rohit Chopra on the Proposed Restoration of the Financial Stability Oversight Council’s Authority and Regulatory Credibility
Prepared remarks of CFPB Director Rohit Chopra on the proposed restoration of the FSOC’s authority to prevent shadow bank bailouts.
Written Testimony of James S. Rice, Assistant Director, Office of Servicemember Affairs, before the U.S. Senate Committee on Veterans’ Affairs
CFPB Office of Servicemember Affairs Assistant Director Jim Rice discusses recent CFPB efforts to understand the veteran financial experience, enforce the law, and coordinate efforts across the federal government and in the states.
Director Chopra’s Prepared Remarks at Justice Department Interagency Event in Newark, New Jersey to Highlight Efforts to Combat Modern-Day Redlining
Director Chopra delivered prepared remarks on modern-day redlining at Seton Hall University.
CFPB Announces Revised Methodology for Determining Average Prime Offer Rates
Today, the Consumer Financial Protection Bureau (CFPB) announced a revised version of its “Methodology for Determining Average Prime Offer Rates.”
Testimony of CFPB Senior Advisor Brian Shearer on Junk Fees Before the Pennsylvania House of Representatives Consumer Protection, Technology, and Utilities Committee
Testimony of CFPB Senior Advisor Brian Shearer on Junk Fees Before the Pennsylvania House of Representatives Consumer Protection, Technology, and Utilities Committee