Six federal regulatory agencies today issued a final rule, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to help ensure the credibility and integrity of models used in valuations for certain mortgages secured by a consumer’s principal dwelling.
Director Chopra joined an event hosted by Deputy Secretary of the Treasury Wally Adeyemo to announce a series of steps that the U.S. government and the financial sector are taking to safeguard risks to the financial system with respect to cloud service providers. The transcript has been slightly edited for clarity.
The Federal Financial Institutions Examination Council (FFIEC) today published data on 2023 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 5,113 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies.
Since late 2021, the CFPB has been analyzing the various vectors where fraud is being perpetrated today and is identifying the new ways where we expect fraud to be perpetrated in the future. Addressing these will require a range of policy tools and private-sector action.
The CFPB took action against repeat offender Fifth Third Bank for a range of illegal activities that would result in the bank paying millions in penalties as well as paying redress to harmed consumers.
The CFPB published an edition of Supervisory Highlights sharing findings from examinations of auto and student loan servicers, debt collectors, medical payment products, and deposit and prepaid accounts.
The CFPB ordered a reverse mortgage servicing operation to stop illegal activities that harmed older homeowners and caused them to fear losing their homes.
The CFPB filed a proposed order that would require Freedom Mortgage Corporation to pay a $3.95 million penalty for submitting error-riddled mortgage loan data.
The CFPB filed an order to resolve its lawsuit against James R. and Melissa C. Carnes for fraudulent transfers to avoid paying restitution and penalties.
Since the creation of the CFPB, the agency has returned $20.7 billion to consumers through law enforcement activity and created unquantifiable returns for the over 205 million Americans harmed by the illegal practices that we have stopped.
Since the creation of the CFPB, the agency has returned $20.7 billion to consumers through law enforcement activity and created unquantifiable returns for the over 205 million Americans harmed by the illegal practices that we have stopped.
Today, the CFPB proposed a rule that would remove medical bills from most credit reports, increase privacy protections, help to increase credit scores and loan approvals, and prevent debt collectors from using the credit reporting system to coerce people to pay.
Research from the Consumer Financial Protection Bureau in 2022 showed that medical collections tradelines appeared on 43 million credit reports, and that 58 percent of bills that were in collections and on people’s credit records were medical bills.
Today, the CFPB finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial Data Rights Rule.
The CFPB today issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services.
The CFPB sued student loan servicer Pennsylvania Higher Education Assistance Agency for illegally collecting on student loans that have been discharged in bankruptcy and sending false information about consumers to credit reporting companies.
