The CFPB releases its Fair Lending Annual Report to Congress, describing its fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022.
A new analysis from CFPB researchers finds that the majority of mortgage borrowers in forbearance during COVID-19 have since become current on their loans.
The CFPB filed an amicus brief to protect consumers’ right to challenge discrimination under the Equal Credit Opportunity Act.
Beginning on Monday, July 3, we’re accepting applications to serve on our four advisory committees, which provide insight and advice as we carry out our work. Applications are due by July 16, 2023.
In a response to the White House Office of Science and Technology Policy’s inquiry into automated worker surveillance, the CFPB has also outlined concerns about the potential harms workers may face when algorithms continually determine a worker’s earnings, hours, and more.
Hemos introducido una Declaración de Interés junto al Departamento de Justicia para proteger a compradores y propietarios de viviendas de tasaciones discriminatorias.
The foreclosure crisis was an important catalyst for the creation of the Consumer Financial Protection Bureau. Congress required the CFPB to implement new rules to make the mortgage market work better. The new rules first took effect in 2014. During the COVID-19 pandemic, we saw how these rules worked when unemployment spiked. The CFPB observed that there were places where the rules could be revised to reduce unnecessary complexity.
The CFPB is working to accelerate the shift to open banking through a new personal data rights rule intended to break down these obstacles, jumpstart competition, and protect financial privacy.
Extendimos la fecha tope para recibir comentarios públicos sobre la extensión y alcance de los corredores de datos y sus prácticas de negocios, incluyendo su impacto en la vida cotidiana de los consumidores, y si éstos están cumpliendo las mismas normas.
The CFPB is extending the deadline for public input on the full scope and breadth of data brokers and their business practices, including the impact on consumers’ daily lives, and whether they are all playing by the same rules.
Since our November 2022 analysis, delinquencies and scheduled payments on non-student-loans have continued to rise for the more than 32 million people with federal student loans. About one-in-five borrowers may experience elevated risk of payment difficulties when scheduled payments resume.
The CFPB is monitoring financial institutions’ use of chatbot technology to ensure consumers receive timely and reliable support from their providers.
In response to the COVID-19 crisis, the CFPB’s Elder Fraud Prevention and Response Network program adapted to conduct convenings virtually to respond to financial exploitation targeting older adults, including those from underserved populations. Elder justice stakeholders can learn from their best practices and replicate their efforts in their communities.
Today, the CFPB is taking another step toward ensuring accountability for automated decision models, sometimes marketed as artificial intelligence (AI).
Mortgage borrowers are paying around $100 a month more depending on which lender they choose, for the same type of loan and the same consumer characteristics (such as credit score and downpayment)
The CFPB is exploring long-term solutions to move away from single points of failure, ensure system resilience, and eliminate unnecessary complexity in rulemaking.
In April, the nationwide credit reporting companies – Equifax, Experian, and TransUnion – took action to remove medical collections already paid, under $500 or less than a year old from consumer credit reports. If you’re one of the millions of people with medical debt, here’s what you should know.
CFPB to distribute more than $22 million to consumers harmed by Burlington Financial Group’s debt relief and credit repair scams
More than 6,500 consumers who were misled by false promises and paid fees to Burlington Financial Group will receive checks in the mail this month from the CFPB’s Civil Penalty Fund.
A commonly used interest rate index officially ends on June 30, 2023. If you have an adjustable-rate loan, you might receive a notice from your lender or servicer about switching to another index. Here’s what that means for you.
Credit reporting companies should do more to ensure that servicemembers receive the free credit monitoring services they are legally entitled to
If you are on active duty (including an activated reservist) or a member of the National Guard, you can sign up for free electronic credit monitoring from all three major credit reporting companies to ensure your credit report is accurate and up to date.
Help is available for homeowners who took out second mortgages years ago, and believed their loans were either forgiven or modified into a single loan, and now are being targeted by debt collectors threatening foreclosure.
Creditors can obtain civil judgments to seize assets and garnish wages for unpaid debts. New research show that civil judgments are 20 times more common in some states than others and are more common in areas with a higher percentage of Black residents. Civil judgments are twice as common as bankruptcies.
Mientras la deuda de tarjetas de crédito alcanza un nuevo pico, en la CFPB nos enfocamos en aumentar la competencia y reducir los costos
Las tarjetas de crédito son de los productos financieros más comunes del país, proveen el mayor volumen del crédito a corto plazo a las familias. Las tasas de interés han subido, llegando a un promedio de más del 20%. Dadas las tendencias que enfrentan los usuarios en el país, en la CFPB estimamos que la deuda en tarjetas de crédito podría llegar a $1 trillón.
As outstanding credit card debt hits new high, the CFPB is focusing on ways to increase competition and reduce costs
Credit cards are one of the most common financial products in our country, providing the bulk of short-term credit for families. Interest rates on credit cards have risen substantially, with average interest rates going over 20%. Given the trends for the 175 million Americans with credit cards, the CFPB estimates that outstanding credit card debt may continue to set records and could even hit $1 trillion.
This week, we filed a Statement of Interest to protect people from discriminatory targeting.