House Appropriations Committee Seeks Funding, Leadership Changes at the CFPB
The House Appropriations Committee’s annual financial services funding bill seeks to bring the Consumer Financial Protection Bureau into the congressional appropriations process and implement a bipartisan, five-member commission instead of a single director to lead the agency.
RMAI Exposes YouTube Videos Inciting BBB and Other Complaints
July 20, 2023: RMAI recently acted in response to reports from many RMAI members that they have noticed an unexplained exponential rise in complaints filed with the Better Business Bureau (BBB) against their companies
Delaware Could Become the 13th State to Enact a Comprehensive State Privacy Law
On June 30, 2023, the Delaware House of Representatives passed the Delaware Personal Data Privacy Act (H.B. 154) (the “DPDPA”), a day after the Delaware Senate passed the legislation.
Possible Changes Ahead for CFPB as It Celebrates 12th Anniversary
The Consumer Financial Protection Bureau celebrates its 12th anniversary July 21, ahead of a year that could bring significant change to its operations and funding, with a pending Supreme Court case and several reform bills in Congress on the docket.
Mortgage rates drop in response to easing inflation: Freddie Mac
Mortgage rates finally reacted to improving inflation by dropping, reversing several weeks of increases. Still, there was no relief from the low housing supply issue challenging homebuyers, according to Freddie Mac.
Top US Consumer Watchdog Plots More Regulation for AI in Lending
(Bloomberg) -- The top US consumer financial watchdog is sharpening his focus on lenders’ use of artificial intelligence when making credit decisions, signaling that fresh restrictions loom for financial firms.
Big Banks Targeted in CFPB Shift to High-Profile Enforcement
The pace of Consumer Financial Protection Bureau enforcement actions has been far slower than expected under Director Rohit Chopra as the agency focuses on big banks and repeat offenders.
1 in 5 Student Loan Borrowers Face Monthly Payments of Over $500
When student loan payments resume in October, half of borrowers will have to start making payments of at least $200, according to a new study from TransUnion, a leading credit bureau.
ALEXANDRIA, Va. (July 20, 2023) – The National Credit Union Administration Board held its seventh open meeting of 2023 and approved a final rule on member expulsion. The NCUA’s Chief Financial Officer also briefed the Board on the agency’s midsession budget, and the Board approved the reprogramming of surplus funds for priority and mission critical areas.
TEACHERS FEDERAL CREDIT UNION DONATES $200,000 TO COHEN CHILDREN’S MEDICAL CENTER
QUEENS, N.Y., July 21, 2023 /PRNewswire/ -- Teachers Federal Credit Union, one of the largest credit unions in the United States with $9.5 billion assets and more than 460,000 members, proudly presented Cohen Children's Medical Center with a $200,000 donation. The funds will support the hospital's greatest needs, including life-saving medical equipment, clinical care, and research.
Insure Against Data Breaches Suffered By Vendors and Service Providers
Over the last several years several companies, including Marriott, Yahoo and Volkswagen, have been victimized by hackers breaking into a company’s computer network.
TransUnion Research Finds Resilient Consumers Not Skimping on Back-to-School Shopping
The vast majority (84%) of families plan to spend the same or more on back-to-school shopping in 2023 compared to last year, according to new research from TransUnion (NYSE: TRU). In general, households appear ready to absorb the impact of inflation rather than make cuts to spending.
July 19 (Reuters) - U.S. financial technology companies are tightening their lending standards, a move that has bolstered their access to debt financing from Wall Street investors, according to industry executives. During the COVID-19 pandemic, many fintechs began lending to borrowers with imperfect credit, but Wall Street investors were comfortable buying their asset-backed securities as government stimulus ensured consumers had the money to meet repayments.
Federal Reserve announces that its new system for instant payments, the FedNow® Service, is now live
The Federal Reserve on Thursday announced that its new system for instant payments, the FedNow® Service, is now live. Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year.
After hearing from a number of consumer and worker organizations concerned about the potential impacts of employer-driven debts, the CFPB launched a formal inquiry in June 2022 seeking data about, and worker experiences with, employer-driven debt. The CFPB sought comments from employers, researchers, and workers or other individuals with knowledge or personal experiences pertaining to employer-driven debt to better understand risks to consumers.
US consumer watchdog warns no more ‘rubber stamp’ for bank mergers
July 20 (Reuters) - U.S. lenders hoping for easy merger approvals in the wake of the March banking crisis should instead expect tough scrutiny from regulators worried about financial stability, the director of the Consumer Financial Protection Bureau (CFPB) told Reuters.
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.
CFPB Report Shows Workers Face Risks from Employer-Driven Debt
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a report highlighting the risks employer-driven debt poses to workers. After a review of responses to the CFPB’s public inquiry, the analysis describes the growing prevalence of employer-driven debt and challenges workers and consumers face when they become indebted to an employer or an employer’s affiliate as a condition of employment.
Biden administration announces $39 billion in student debt relief for 804,000 borrowers
The Biden administration has announced that it will provide $39 billion in total student debt relief for 804,000 borrowers, its latest step since President Biden’s student loan forgiveness plan was struck down by the Supreme Court.
Twelve years of protecting consumers and honest businesses
Tomorrow marks the 12th anniversary of the Consumer Financial Protection Bureau (CFPB). Since 2011, the CFPB has been the voice of the consumer in financial regulation.
Is it a legitimate investment opportunity or a scam?
When you hear about a can’t-miss investment opportunity your first reaction might be to jump right in. Don’t. But how do you tell the difference between a legitimate investment — and a scam?
CFPB Files Opening Brief in its Appeal of District Court Ruling that ECOA Applies Only to Applicants
On June 14, 2020, the Consumer Financial Protection Bureau (CFPB) filed its opening brief in its appeal of a U.S. district court’s decision in the CFPB’s enforcement action against Townstone Mortgage (Townstone).
What’s ahead for Bank of America and its customers
Recently, the CFPB took action against Bank of America for breaking federal laws that apply to financial products, including bank accounts and credit cards. The bank is required to pay more than $100 million to customers who were harmed, plus a $90 million fine that goes to the CFPB victims relief fund and another $60 million penalty paid to the Office of the Comptroller of the Currency.
Dealers have cars and prices are stabilizing, but people still can’t buy a car. Here’s why
More cars are finally available and prices are leveling off, but buyers now face borrowing challenges that could keep them from getting a new ride. The Federal Reserve said the rejection rate for auto loans in June rose to 14.2% from 9.1% in February, the last time the survey was taken
CFPB Sues Snap Finance for Illegally Luring Americans into Expensive Financing and Bullying Borrowers Using False Threats
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today sued lease-to-own finance company Snap Finance for deceiving consumers, obscuring the terms of its financing agreements, and making false threats.
(a) The commissioner shall develop and maintain a document that includes the contact information for nonprofit organizations domiciled in Minnesota that provide credit counseling services to debtors. Credit counseling services include but are not limited to (1) helping debtors understand their rights and responsibilities, and (2) working with debtors, creditors, and collection agencies to satisfy debts. Contact information for organizations that provide credit counseling services in languages other than English to individuals whose primary language is other than English must be included.
Prehired Faces Legal Action Over Deceptive Student Lending Practices
Prehired, an education company offering a 12-week online training program, is facing legal action from the Consumer Financial Protection Bureau and several state attorneys general for deceptive marketing and unfair debt collection practices, according a recent complaint by the bureau.
CFPB’s Annual Fair Lending Report Highlights Robust Oversight of Traditional and Innovative Lending Practices
On June 29, 2023, the Consumer Financial Protection Bureau issued its annual fair lending report to Congress, confirming that although there was relatively little public fair lending enforcement in 2022, the CFPB and other financial regulatory agencies are engaged in significant nonpublic oversight, examination, and enforcement activities, in addition to ongoing rulemaking initiatives.
FTC, Law Enforcers Nationwide Announce Enforcement Sweep to Stem the Tide of Illegal Telemarketing Calls to U.S. Consumers
The Federal Trade Commission and more than 100 federal and state law enforcement partners nationwide, including the attorneys general from all 50 states and the District of Columbia, announced a new crackdown on illegal telemarketing calls involving more than 180 actions targeting operations responsible for billions of calls to U.S. consumers.
Texas Enacts Comprehensive Consumer Data Privacy Law
Texas recently enacted a comprehensive consumer state data privacy law, the Texas Data Privacy and Security Act (the Act), following multiple other states.
AG Miyares shows support for lawsuit challenging CFPB
Attorney General Jason Miyares is signing on in support of a lawsuit challenging the constitutionality of the Consumer Financial Protection Bureau. The lawsuit calls into question the funding model, which finances regulation of industries with money that comes from the industries that are regulated.
Data and Better Loan Terms Help Credit Unions Win Millennial Business
As inflation remains stubbornly in place and credit gets ever more expensive, credit unions may have a secret weapon. Scott Young, managing VP of Emerging Services at PSCU, told PYMNTS that credit unions (CUs) stand to benefit from their lending operations, appealing to critical demographics, at the right time, with the right offers.
Thank you for the invitation to join you in commemorating 55 years since the Fair Housing Act became law.1 Along with the Voting Rights Act, the Fair Housing Act was an essential step in making good on the promise of the Civil Rights Act, and of the vision of Dr. Martin Luther King, to build a fair and equal society.
CFPB, states sue company over deceptive student lending and collection
On July 13, the CFPB joined state attorneys general from Washington, Oregon, Delaware, Minnesota, Illinois, Wisconsin, Massachusetts, North Carolina, South Carolina, and Virginia in taking action against an education firm accused of engaging in deceptive marketing and unfair debt collection practices.
The U.S. Supreme Court has announced its arguments (PDF) for the fall term, including the case that brings the Consumer Financial Protection Bureau’s constitutionality to the court for the second time in recent years.
A staggering 51% of parents now worry they’ll have to ‘put off retirement’ after co-signing their kids’ college loans — how this ‘helpful’ decision can mess up your own financial future
The cost of getting a college education in the U.S. has been trending upwards for the last two decades. But once you factor in record-setting inflation and a spike in the cost of living, what was once a stretch for many middle-class Americans has now become a breaking point.
New Student Loan Relief Plans Surface from Congress and Department of Education
Legislation on student loan repayment and higher education policy is surfacing on Capitol Hill as student loan interest and payments are set to resume this fall for borrowers.
CFPB, Maine say loan purpose determines whether TILA applies
On July 12, the CFPB and the State of Maine filed an amicus brief in the Maine Supreme Judicial Court arguing that determining whether a loan is covered by TILA requires an assessment of the borrower’s primary purpose in entering into the transaction.
Joint Statement by Rohit Chopra, Director of the United States Consumer Financial Protection Bureau, and Didier Reynders, Commissioner for Justice and Consumer Protection of the European Commission
WASHINGTON, D.C. – Today, Rohit Chopra, Director of the United States Consumer Financial Protection Bureau, and Didier Reynders, Commissioner for Justice and Consumer Protection of the European Commission, announced the start of an informal dialogue between the CFPB and the European Commission on a range of critical financial consumer protection issues.
The best way to protect your information from scammers? Recognize a phishing scam
Scammers know how valuable your personal and financial information is — and they’ll do or say almost anything to get it. What can you do to keep it safe?
Debt Connection Symposium & Expo has returned for 2023! We are headed back to Las Vegas, September 27th - 29th to network and connect with clients, service providers, product suppliers, agencies, and attorneys - at a whole new level.
