Articles

Credit Unions Cure Churn With Enterprise Focus on Innovation

Credit unions (CUs), those member-owned financial cooperatives that have always prided themselves on their community focus, are embracing innovation with open arms, proving that size does not always equate to strength — particularly across the 21st century’s shifting digital landscape.

2023 HMDA Data on Mortgage Lending Now Available

WASHINGTON, D.C. – The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2023 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for approximately 5,089 HMDA filers. The published data contain loan-level information filed by financial institutions and modified to protect consumer privacy.

Vermont House unanimously passes Vermont Data Privacy Act

The bill has data minimization requirements that set meaningful limits on the amount of personal data companies can collect and use, strong civil rights protections to prohibit digital discrimination, and a private right of action that will allow consumers to hold businesses accountable for violations.  

Third Circuit Ruling Gives CFPB Green Light to Enforce Against Student Loan Trusts

In a significant ruling on March 19, the Third Circuit Court of Appeals held that the CFPB can proceed with its lawsuit against a group of Delaware student loan trusts rejecting their claims that they are just passive financing entities outside the reach of the Bureau’s authority. 

Credit Card Delinquencies Slip as Charge-Offs Keep Rising

Credit card delinquencies fell slightly last month while net charge-offs continued with their upward trajectory. That’s according to a report Monday (March 25) by Seeking Alpha, citing data from eight lenders. It showed that the average delinquency rate of 3.20% rose from 3.24% in January and 2.59% in February of last year.

New Utah law protects consumers from artificial intelligence fraud

SALT LAKE CITY (KUTV) — Utah Gov. Spencer Cox recently signed Senate Bill 149 (Artificial Intelligence Amendments) into law, in a move aimed at protecting consumers from potential scams or deceit by artificial intelligence systems.

No FEAR Act Annual Report for fiscal year 2023

The CFPB presents its Notification and Federal Employee Antidiscrimination and Retaliation Act of 2002 (No FEAR Act) Annual Report of Fiscal Year (FY) 2023. This report summarizes the CFPB’s EEO complaint activity, the most significant accomplishments in our EEO program, our strong commitment to abide by civil rights and whistleblower protection laws and merit systems principles, and to promote accountability.

Statement of CFPB Director Rohit Chopra and Chief Technologist Erie Meyer on Enhancing Agency Capabilities to Address Transformative Technologies

The Consumer Financial Protection Bureau (CFPB) is charged with ensuring that consumer financial markets are fair, transparent, and competitive. The agency recognizes that market participants are quickly adopting new data-intensive business practices at every stage of the consumer finance lifecycle, from marketing and loan origination to credit reporting and collections. At the same time, large technology conglomerates are increasingly entering a number of consumer finance markets.

CFPB Joins Federal and State Agencies in Coordinated Statements on Tech & Enforcement

WASHINGTON, D.C. – Today, federal and state agencies, including the Consumer Financial Protection Bureau (CFPB), released agency-specific action statements on tech capacity. These statements reflect concrete actions to increase tech capacity, including actively hiring technologists – which will help enforce the laws on the book and design remedies that work for consumers, workers, small businesses, and others in the digital era.

24 International Competition Network Participants Issue Joint Statement on Increasing Tech Capacity to Keep Pace with Increasing Digitization of the Economy

The Federal Trade Commission and other member agencies of the International Competition Network (ICN) jointly issued a statement about how regulatory agencies can increase their tech capacity to keep pace with the increasing use of technology across industries.