Newsroom | Consumer Financial Protection Bureau

Press release |

Published SEP 27, 2023

CFPB Mortgage Report Finds Jumps in Closing Costs and Denials for Insufficient Income, Growing Proportion of Cash-Out Refinances

Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending activity and trends.

Director's statement |

Published SEP 27, 2023

Statement of CFPB Director Rohit Chopra on Mortgage Market Activity and Trends

Today, the CFPB issued its annual report on Home Mortgage Disclosure Act data.

Consumer advisories |

Published SEP 22, 2023

Consumer advisory: People have the right to cancel credit repair services

Under a recent CFPB enforcement action, customers who signed up for credit repair services that were marketed to them through telemarketing can cancel their credit repair services anytime.

Press release |

Published SEP 21, 2023

CFPB Kicks Off Rulemaking to Remove Medical Bills from Credit Reports

The Consumer Financial Protection Bureau (CFPB) today announced it is beginning a rulemaking process to remove medical bills from Americans’ credit reports.

Director's statement |

Published SEP 21, 2023

Prepared Remarks of CFPB Director Rohit Chopra on Medical Debt at a Press Call Hosted by Vice President Kamala Harris

The Consumer Financial Protection Bureau is launching a rulemaking to block medical debt collectors from weaponizing the credit reporting system to coerce patients into paying bills they may not even owe.

Press release |

Published SEP 19, 2023

CFPB Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence

Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models.

Press release |

Published SEP 14, 2023

CFPB Report Finds College Tuition Payment Plans Can Put Student Borrowers at Risk

The Consumer Financial Protection Bureau (CFPB) issued a new report finding that students face risk when entering into agreements with colleges to spread the upfront cost of tuition into several, interest-free loan payments

Student loans

Op-ed | Speech |

Published SEP 13, 2023

Prepared Remarks of CFPB Director Rohit Chopra at the Better Markets Conference on the 15th Anniversary of the Collapse of Lehman Brothers and the Onset of the Global Financial Crisis

Director Chopra delivered remarks discussing the implosion of Lehman Brothers and the regulatory framework implemented by the CFPB.

Op-ed | Speech |

Published SEP 11, 2023

Prepared Remarks of CFPB Director Rohit Chopra at The Mortgage Collaborative National Conference

Director Chopra delivered prepared remarks on the CFPB’s mortgage rules.

Press release |

Published SEP 11, 2023

CFPB Orders Leasing Company Tempoe to Provide $36 Million in Penalties and Relief for Tricking Consumers and Hiding Contract Terms

The CFPB took action against Tempoe, LLC for tricking consumers into expensive leasing agreements by concealing the contract terms and costs, and failing to provide legally required disclosures.

Press release |

Published SEP 07, 2023

CFPB Report Highlights Role of Big Tech Firms in Mobile Payments

The CFPB published a new issue spotlight highlighting the impacts of Big Tech companies’ policies and practices that govern tap-to-pay on mobile devices like smartphones and watches.

Op-ed | Speech |

Published SEP 07, 2023

Prepared Remarks of CFPB Director Rohit Chopra at the Federal Reserve Bank of Philadelphia’s Annual Fintech Conference

Like transportation, telecommunications, and energy, banking and payments are critical infrastructure of the economy that impacts all of us.

By Rohit Chopra

Consumer advisories |

Published AUG 30, 2023

Consejos para el Consumidor: Actúe Cuando le Cancelen el Seguro de Vivienda o el Costo Suba

El seguro de vivienda podría ser ponerse más caro o no ser renovado. Los prestatarios hiporecarios pueden buscar opciones más baratas.

Consumer advisories |

Published AUG 30, 2023

Consumer advisory: Take action when home insurance is cancelled or costs surge

Homeowners insurance might get more expensive, or not be renewed at all. Mortgage borrowers can take steps to find more affordable options.

Director's statement |

Published AUG 29, 2023

Statement of CFPB Director Rohit Chopra Member, FDIC Board of Directors Regarding Proposals to Improve the FDIC’s Options for Managing Large Bank Failures

Last month, the FDIC Board of Directors voted to propose a rule that would reduce the risk of bailouts and financial crises stemming from large bank failures.

Press release |

Published AUG 28, 2023

CFPB Reaches Multibillion Dollar Settlement with Credit Repair Conglomerate

Largest credit repair brands in America, including Lexington Law and CreditRepair.com, perpetrated years long scheme to illegally harvest billions in fees

Press release |

Published AUG 24, 2023

Agencies to Host Roundtable on Special Purpose Credit Programs

Four federal agencies will host a roundtable discussion September 12, 2023, at 3:00 p.m. EDT regarding the availability of special purpose credit programs (SPCP) to help meet the credit needs of eligible individuals.

Press release |

Published AUG 22, 2023

CFPB Sues Installment Lending Conglomerate for Illegally Churning Loans to Harvest Hundreds of Millions in Loan Costs and Fees

A CURO Group Holdings Company, Heights Finance, formerly known as Southern Management Corporation, induced struggling customers into a fee-harvesting and loan-churning scheme.

Press release |

Published AUG 17, 2023

CFPB Penalizes Freedom Mortgage and Realty Connect for Illegal Kickbacks

Lender provided incentives to Realty Connect and other brokerages in exchange for mortgage referrals

Director's statement |

Published AUG 15, 2023

Remarks of CFPB Director Rohit Chopra at White House Roundtable on Protecting Americans from Harmful Data Broker Practices

The United States has a long history of recognizing the sanctity of protecting against unwanted intrusions into our homes and our lives.

Press release |

Published AUG 02, 2023

CFPB Sues USASF Servicing for Illegally Disabling Vehicles and for Improper Double-Billing Practices

The CFPB filed a lawsuit in federal court against auto-loan servicer USASF Servicing for a host of illegal practices that harmed individuals with auto loans.

Director's statement |

Published JUL 28, 2023

Statement of CFPB Director Rohit Chopra at the Financial Stability Oversight Council

This weekend, 118 million Americans could be living somewhere with a heat index above 100 degrees.

Homebuying

Director's statement |

Published JUL 27, 2023

Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, Regarding the Proposal to Strengthen the Resilience of America’s Largest Banks

Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, Regarding the Proposal to Strengthen the Resilience of America’s Largest Banks.

Banking

Press release |

Published JUL 26, 2023

CFPB Exams Find Unfair, Deceptive, and Abusive Practices Across a Wide Array of Consumer Financial Product Lines

Today, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report which found unfair, deceptive, and abusive acts or practices across many consumer financial products.

Speech |

Published JUL 25, 2023

Prepared Remarks of Director Rohit Chopra for Community Table on White House Blueprint for a Renters Bill of Rights

Director Chopra provided prepared remarks at an event hosted by the U.S. Department of Housing and Urban Development on tenant rights.