“Banks should be competing to provide better products at lower costs, not innovating to impose extra fees for no value. The CFPB will continue to rid the market of junk fees today and prevent new junk fees from emerging in the future,” said CFPB Director Rohit Chopra.
Read More »The Mystery of Overdraft Fees
Overdraft and NSF fees are still hitting consumer’s bank accounts, to their surprise, every year to the tune of billions of dollars according to the Consumer Financial Protection Bureau.
Read More »CFPB: Rate Environment Dictated the Mortgage Market in 2022
In its annual report on residential mortgage lending activity and trends, the Bureau found that mortgage lending fell in 2022 amid a significant rise in interest rates and discount points.
Read More »CFPB Issues Protections for Homeowners Seeking Clean Energy Financing
New proposed rule by the Bureau would guard against unscrupulous practices and prevent unnecessary mortgage foreclosures for Property Assessed Clean Energy (PACE) loans.
Read More »How the CFPB’s Newest Order Affects HMDA Reporting
The Bureau’s new rule will provide data on small business lending to give investors and lenders more insight into identifying opportunities that support economic growth.
Read More »CFPB Opens Inquiry on the Data Broker Market
CFPB seeks info from the public to assist with rulemaking under the Fair Credit Reporting Act regarding data brokers.
Read More »CFPB: Strong Labor Market Brings Down Collections Statistics
“Our analysis of credit reports provides yet another indicator that, due to a strong labor market and emergency programs during the pandemic, household financial distress reduced over the last two years,” said CFPB Director Rohit Chopra.
Read More »Wells Fargo to Pay $3.7B as Part of CFPB Agreement
“This far-reaching agreement is an important milestone in our work to transform the operating practices at Wells Fargo and to put these issues behind us,” said Charlie Scharf, Wells Fargo’s CEO.
Read More »CFPB Director Chopra Testifies Before Congress
In the Bureau’s Semi-Annual Report, Director Rohit Chopra detailed the work the CFPB has accomplished, including securing $275 million in total consumer redress and $270 million in civil money penalties.
Read More »CFPB Investigates Unverified Information in Tenant Background Checks
Many housing companies and landlords across the country can and do require a background check as part of the application process, along with the traditional credit check, but the unverified or inaccurate information contained in them usually hurts renters first.
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