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Category: Press release |
Published

CFPB Announces Settlement Regarding the 2019 Taskforce on Federal Consumer Financial Law

On January 14, 2022, the Consumer Financial Protection Bureau announced it has settled a lawsuit filed by the National Association of Consumer Advocates, U.S. Public Interest Research Group, and Professor Kathleen Engel. The lawsuit alleged that the Taskforce on Federal Consumer Financial Law did not comply with the Federal Advisory Committee Act.

Category: Press release |
Published

CFPB Releases Report Detailing Consumer Complaint Response Deficiencies of the Big Three Credit Bureaus

A new analysis by the Consumer Financial Protection Bureau (CFPB) reveals how changes in complaint responses provided by nationwide consumer reporting companies resulted in fewer meaningful responses and less consumer relief. In 2021, Equifax, Experian, and TransUnion together reported relief in response to less than 2% of covered complaints, down from nearly 25% of covered complaints in 2019.

Category: Press release |
Published

CFPB Shutters Lending by VC-Backed Fintech for Violating Agency Order

Today, the Consumer Financial Protection Bureau (CFPB) announced that LendUp Loans has agreed to halt making any new loans and collecting on certain outstanding loans, as well as to pay a penalty, to resolve a September 2021 lawsuit alleging that it continued to engage in illegal and deceptive marketing in violation of a 2016 CFPB order. The lawsuit also accuses LendUp of violating fair lending regulations.

Category: Press release |
Published

CFPB Takes Action Against Access Funding and Its Leadership for Misleading Consumers with Structured Settlements

Today, the Consumer Financial Protection Bureau (CFPB) took action against Access Funding and two executives for steering consumers considering signing away future structured settlement payments for lump sum payments to receive “independent advice” from an attorney, Charles Smith, who was paid directly by Access Funding, and indicating to consumers that the transactions required very little scrutiny.

Category: Press release |
Published

CFPB Report Highlights Supervisory Findings of Wide-Ranging Violations of Law in 2021

The Consumer Financial Protection Bureau (CFPB) today issued a Supervisory Highlights report, which shines a light on legal violations identified by the CFPB’s examinations in the first half of 2021. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in the first half of 2021.

Category: Director's statement |
Published

Statement of Director Rohit Chopra on the LIBOR Transition Rule

In the years leading up to the subprime crisis, one opaque and easily manipulable index, LIBOR, came to dominate adjustable rate home mortgage loan contracts. In the wake of the crisis, we learned that large international banks had conspired to set the LIBOR rate in order to conceal weaknesses in the financial system and to boost their bottom line.

Category: Director's statement |
Published

Statement by CFPB Director Rohit Chopra on HUD Guidance on Special Purpose Credit Programs

Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra issued the following statement: Earlier today, the U.S. Department of Housing and Urban Development released guidance clarifying that special purpose credit programs that conform with the Equal Credit Opportunity Act and Regulation B generally do not violate the Federal Fair Housing Act.

Category: Press release |
Published

CFPB Seeks Input on Detecting Discrimination in Mortgage Lending

The Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) to seek input on rules implementing the Home Mortgage Disclosure Act (HMDA). The CFPB plans to review recent changes to the rule and evaluate their effectiveness.

Category: Press release |
Published

CFPB Sues Pawn Lenders for Cheating Military Families

The Consumer Financial Protection Bureau (CFPB) today filed a lawsuit in a Texas federal district court against FirstCash, Inc. and Cash America West, Inc. The CFPB alleges that the two companies violated the Military Lending Act (MLA) by charging higher than the allowable 36% annual percentage rate on pawn loans to active-duty servicemembers and their dependents.