CFPB Orders Hyundai to Pay $19 Million for Widespread Credit Reporting Failures

Today, the Consumer Financial Protection Bureau (CFPB) penalized Hyundai Capital America (Hyundai) for repeatedly providing inaccurate information to nationwide consumer reporting companies and failing to take proper measures to address inaccurate info…

Today, the Consumer Financial Protection Bureau (CFPB) penalized Hyundai Capital America (Hyundai) for repeatedly providing inaccurate information to nationwide consumer reporting companies and failing to take proper measures to address inaccurate information once it was identified between 2016 and 2020.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-hyundai-to-pay-19-million-for-widespread-credit-reporting-failures/

CFPB Report Highlights Experiences of Military Families with Medical Billing, Credit Reporting, and Debt Collection

Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing servicemembers, veterans, and military families, based on the complaints they submitted to the CFPB. Servicemembers told the CFPB abo…

Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing servicemembers, veterans, and military families, based on the complaints they submitted to the CFPB. Servicemembers told the CFPB about billing inaccuracies and that debt collectors used aggressive tactics to recover allegedly unpaid medical bills.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-report-highlights-experiences-of-military-families-with-medical-billing-credit-reporting-and-debt-collection/

CFPB Report Spotlights Medical Billing Challenges

A report issued today by the Consumer Financial Protection Bureau (CFPB) examines the financial consequences of medical billing and collections endured by individuals and families across the country. The report draws from the rising volume of medical b…

A report issued today by the Consumer Financial Protection Bureau (CFPB) examines the financial consequences of medical billing and collections endured by individuals and families across the country. The report draws from the rising volume of medical billing and collection complaints submitted to the CFPB.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-report-spotlights-medical-billing-challenges/

CFPB Releases Report Detailing Consumer Complaint Response Deficiencies of the Big Three Credit Bureaus

A new analysis by the Consumer Financial Protection Bureau (CFPB) reveals how changes in complaint responses provided by nationwide consumer reporting companies resulted in fewer meaningful responses and less consumer relief. In 2021, Equifax, Experian…

A new analysis by the Consumer Financial Protection Bureau (CFPB) reveals how changes in complaint responses provided by nationwide consumer reporting companies resulted in fewer meaningful responses and less consumer relief. In 2021, Equifax, Experian, and TransUnion together reported relief in response to less than 2% of covered complaints, down from nearly 25% of covered complaints in 2019.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-releases-report-detailing-consumer-complaint-response-deficiencies-of-the-big-three-credit-bureaus/

CFPB Takes Action to Stop False Identification by Background Screeners

The CFPB today issued an advisory opinion affirming that consumer reporting companies, including tenant and employment screening companies, are violating the law if they engage in shoddy name-matching procedures.

The CFPB today issued an advisory opinion affirming that consumer reporting companies, including tenant and employment screening companies, are violating the law if they engage in shoddy name-matching procedures.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-to-stop-false-identification-by-background-screeners/

CFPB Report: Consumer Complaint Submission Patterns Vary by Demographic Characteristics of Census Tract

The Consumer Financial Protection Bureau (CFPB) today released its first in-depth report analyzing complaint submission patterns by U.S. Census tract. The report, “Consumer complaints throughout the credit life cycle, by demographic characteristics,” f…

The Consumer Financial Protection Bureau (CFPB) today released its first in-depth report analyzing complaint submission patterns by U.S. Census tract. The report, “Consumer complaints throughout the credit life cycle, by demographic characteristics,” finds that the complaints from wealthier communities and communities with higher percentages of white, non-Hispanic residents were more frequently about loan origination and performing servicing, while the complaints from communities of color and lower income communities were more frequently about credit reporting, identity theft, and delinquent servicing.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-report-consumer-complaint-submission-patterns-vary-by-demographic-characteristics-of-census-tract/

Prepared Remarks of Acting Director Uejio For AFR’s Celebration of the CFPB’s 10th Birthday

Acting Director Dave Uejio remarks at the Americans for Financial Reform’s Celebration of the CFPB’s 10 Year Anniversary.

Acting Director Dave Uejio remarks at the Americans for Financial Reform’s Celebration of the CFPB’s 10 Year Anniversary.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/prepared-remarks-acting-director-uejio-afrs-celebration-cfpbs-10th-birthday/

CFPB Annual Complaint Report Highlights More Than a Half-Million Complaints Received in 2020

Today, the Consumer Financial Protection Bureau (CFPB) provided to Congress the Consumer Response Annual Report for 2020. The impact of the COVID-19 pandemic on the consumer financial marketplace is reflected in the increase of complaints submitted to …

Today, the Consumer Financial Protection Bureau (CFPB) provided to Congress the Consumer Response Annual Report for 2020. The impact of the COVID-19 pandemic on the consumer financial marketplace is reflected in the increase of complaints submitted to the CFPB.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-annual-complaint-report-highlights-more-than-a-half-million-complaints-received-in-2020/

Oral Testimony of Director Kraninger Before the House Financial Services Committee

Chairwoman Waters, Ranking Member McHenry, and Members of the Committee, thank you for this opportunity to provide you with an update on the CFPB’s important work. I appear before you as the country is engaged in a national conversation on racial inequ…

Chairwoman Waters, Ranking Member McHenry, and Members of the Committee, thank you for this opportunity to provide you with an update on the CFPB’s important work. I appear before you as the country is engaged in a national conversation on racial inequality and confronting the unprecedented pandemic.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/oral-testimony-director-kraninger-house-financial-services-committee/

Oral Testimony of Director Kraninger Before the Senate Banking Committee

Chairman Crapo, Ranking Member Brown, and Members of the Committee, thank you for this opportunity to provide you with an update on the CFPB’s important work. I appear before you as the country is engaged in a national conversation on racial inequality…

Chairman Crapo, Ranking Member Brown, and Members of the Committee, thank you for this opportunity to provide you with an update on the CFPB’s important work. I appear before you as the country is engaged in a national conversation on racial inequality and confronting the unprecedented pandemic.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/oral-testimony-director-kraninger-senate-banking-committee/