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Category: Press release |
Published

CFPB Takes Action to Protect the Public from Shoddy Data Security Practices

The Consumer Financial Protection Bureau (CFPB) confirmed in a circular published today that financial companies may violate federal consumer financial protection law when they fail to safeguard consumer data. The circular provides guidance to consumer protection enforcers, including examples of when firms can be held liable for lax data security protocols.

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 Orders Tech Giants to Turn Over Information on their Payment System Plans

Today, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to collect information on the business practices of large technology companies operating payments systems in the United States. The information will help the CFPB better understand how these firms use personal payments data and manage data access to users so the Bureau can ensure adequate consumer protection.

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 Report: Mortgage Servicers’ Pandemic Response Varies Significantly

The Consumer Financial Protection Bureau (CFPB) today published a report detailing 16 large mortgage servicers’ COVID-19 pandemic response. The report’s data metrics include call handling and loan delinquency rates, and they highlight the industry’s widely varied response to the pandemic.

Category: Press release |
Published

CFPB Report Highlights Supervisory Findings of Wide-Ranging Violations of Law in 2020

The Consumer Financial Protection Bureau (CFPB) today issued a report highlighting legal violations identified by the Bureau’s examinations in 2020. The report also highlights prior CFPB supervisory findings that led to public enforcement actions in 2020 resulting in more than $124 million in consumer remediation and civil money penalties.