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Category: Press release |
Published

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.

Category: Press release |
Published

CFPB Finalizes Rule to Create a New Data Set on Small Business Lending in America

The Consumer Financial Protection Bureau (CFPB) has finalized a rule required by Congress to increase transparency in small business lending, promote economic development, and combat unlawful discrimination.

Category: Press release |
Published

La CFPB Finaliza Normativa para Crear un Nuevo Conjunto de Datos para el Crédito a la Pequeña Empresa en el País

CFPB finaliza normativa exigida por el Congreso para aumentar transparencia en el crédito a la pequeña empresa, promover desarrollo y combatir discriminación.

Category: Press release |
Published

CFPB Helps Survivors Mitigate the Financial Consequences of Human Trafficking

Today, the Consumer Financial Protection Bureau (CFPB) issued a final rule to help survivors avoid some of the financial consequences of human trafficking. The CFPB has established, among other things, a method for survivors of trafficking to submit documentation to credit reporting companies that identifies any adverse item of information that resulted from human trafficking. The rule prohibits credit reporting companies from providing a report containing the adverse items of information.

Category: Press release |
Published

CFPB Seeks to Halt Negative Credit Reporting for Survivors of Human Trafficking

Today, the Consumer Financial Protection Bureau (CFPB) is using its rulemaking authority to propose that consumer reporting agencies (CRAs) do not prevent survivors of human trafficking from achieving financial independence. The proposed rule would protect survivors of human trafficking by preventing CRAs from including negative information resulting from abuse. Congress required the CFPB to issue rules as part of the recently-enacted Debt Bondage Repair Act.

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 Finds Credit Report Disputes Far More Common in Majority Black and Hispanic Neighborhoods

The Consumer Financial Protection Bureau (CFPB) today released research finding that consumers in majority Black and Hispanic neighborhoods, as well as younger consumers and those with low credit scores, are far more likely to have disputes appear on their credit reports.

Category: Press release |
Published

CFPB Proposes Rule to Shine New Light on Small Businesses’ Access to Credit

The Consumer Financial Protection Bureau (CFPB) today proposed a new rule designed to help small businesses gain access to the credit they need and deserve by increasing transparency in the lending marketplace.

Category: Press release |
Published

Mortgage refinance loans drove an increase in closed-end originations in 2020, new CFPB report finds

A new Home Mortgage Disclosure Act (HMDA) data report on residential mortgage lending trends released today by the Consumer Financial Protection Bureau finds that the total number of closed-end originations as well as applications increased substantially between 2019 and 2020.

Category: Press release |
Published

CFPB Extends Comment Period on Request for Information on Ways to Prevent Credit Discrimination and Build a More Inclusive Financial System

The Consumer Financial Protection Bureau announced that it will provide an additional 60 days for public comment on its Request for Information on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are protected from discrimination in all aspects of a credit transaction.

Category: Speech |
Published

Oral Testimony of Director Kraninger Before the House Financial Services Committee

Chairwoman Waters, Ranking Member McHenry, and Members of the Committee, thank you for this opportunity to provide you with an update on the CFPB’s important work. I appear before you as the country is engaged in a national conversation on racial inequality and confronting the unprecedented pandemic.

Category: Speech |
Published

Oral Testimony of Director Kraninger Before the Senate Banking Committee

Chairman Crapo, Ranking Member Brown, and Members of the Committee, thank you for this opportunity to provide you with an update on the CFPB’s important work. I appear before you as the country is engaged in a national conversation on racial inequality and confronting the unprecedented pandemic.