Consumer Financial Protection Bureau Issues Report Finding a Continued Decline in College Credit Card Agreements in 2020

The Consumer Financial Protection Bureau (CFPB) today released a report on the agreements signed between credit card issuers and colleges, or organizations affiliated with colleges, finding that the market for college credit cards continued its general…

The Consumer Financial Protection Bureau (CFPB) today released a report on the agreements signed between credit card issuers and colleges, or organizations affiliated with colleges, finding that the market for college credit cards continued its general trend of decline in 2020.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-issues-report-finding-a-continued-decline-in-college-credit-card-agreements-in-2020/

CFPB Sues LendUp Loans for Violating 2016 Consent Order and Deceiving Borrowers

The Consumer Financial Protection Bureau (CFPB) today filed a lawsuit in federal district court accusing LendUp Loans, LLC of violating a 2016 consent order and deceiving tens of thousands of borrowers.

The Consumer Financial Protection Bureau (CFPB) today filed a lawsuit in federal district court accusing LendUp Loans, LLC of violating a 2016 consent order and deceiving tens of thousands of borrowers.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-sues-lendup-loans-for-violating-2016-consent-order-and-deceiving-borrowers/

CFPB Takes Action Against Student Lender for Misleading Borrowers about Income Share Agreements

The Consumer Financial Protection Bureau (CFPB) took action today against an income share agreement (ISA) provider for mispresenting its product and failing to comply with federal consumer financial law that governs private student loans.

The Consumer Financial Protection Bureau (CFPB) took action today against an income share agreement (ISA) provider for mispresenting its product and failing to comply with federal consumer financial law that governs private student loans.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-against-student-lender-for-misleading-borrowers-about-income-share-agreements/

Statement by CFPB Acting Director Uejio on CFPB Victory in Legal Challenge to Payday Lending Rule Protections

CFPB Acting Director Dave Uejio issued a statement after the U.S. District Court for the Western District of Texas upheld the Payment Provisions in the CFPB’s 2017 rule on payday, vehicle title, and certain high-cost installment loans.

CFPB Acting Director Dave Uejio issued a statement after the U.S. District Court for the Western District of Texas upheld the Payment Provisions in the CFPB’s 2017 rule on payday, vehicle title, and certain high-cost installment loans.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/statement-cfpb-acting-director-uejio-cfpb-victory-in-legal-challenge-to-payday-lending-rule-protections/

CFPB Proposes Rule to Shine New Light on Small Businesses’ Access to Credit

The Consumer Financial Protection Bureau (CFPB) today proposed a new rule designed to help small businesses gain access to the credit they need and deserve by increasing transparency in the lending marketplace.

The Consumer Financial Protection Bureau (CFPB) today proposed a new rule designed to help small businesses gain access to the credit they need and deserve by increasing transparency in the lending marketplace.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-proposes-rule-to-shine-new-light-on-small-businesses-access-to-credit/

Mortgage refinance loans drove an increase in closed-end originations in 2020, new CFPB report finds

A new Home Mortgage Disclosure Act (HMDA) data report on residential mortgage lending trends released today by the Consumer Financial Protection Bureau finds that the total number of closed-end originations as well as applications increased substantial…

A new Home Mortgage Disclosure Act (HMDA) data report on residential mortgage lending trends released today by the Consumer Financial Protection Bureau finds that the total number of closed-end originations as well as applications increased substantially between 2019 and 2020.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/mortgage-refinance-loans-drove-an-increase-in-closed-end-originations-in-2020-new-cfpb-report-finds/

CFPB Takes Action Against Debt Collector for Failing to Investigate Reports of Identity Theft and Misrepresenting Consumers’ Debts

The Consumer Financial Protection Bureau (CFPB) yesterday filed a proposed settlement to resolve a lawsuit against a debt collection enterprise and its owner. The CFPB alleges that Fair Collections & Outsourcing (FCO) violated federal law by failin…

The Consumer Financial Protection Bureau (CFPB) yesterday filed a proposed settlement to resolve a lawsuit against a debt collection enterprise and its owner. The CFPB alleges that Fair Collections & Outsourcing (FCO) violated federal law by failing to establish or implement reasonable written policies and procedures regarding the accuracy and integrity of the information it furnished to credit reporting agencies and failed to conduct reasonable investigations of indirect consumer disputes, resulting in inaccurate information remaining on consumers’ credit reports.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-actions-against-debt-collector-for-failing-to-investigate-reports-of-identity-theft-and-misrepresenting-consumers-debts/

FFIEC Issues Guidance on Authentication and Access to Financial Institution Services and Systems

The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, today issued guidance that provides financial institutions with examples of effective authentication and access risk management principles and practices for custo…

The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, today issued guidance that provides financial institutions with examples of effective authentication and access risk management principles and practices for customers, employees, and third parties accessing digital banking services and information systems.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/ffiec-Issues-guidance-on-authentication-and-access-to-financial-institution-services-and-systems/

CFPB Report: Mortgage Servicers’ Pandemic Response Varies Significantly

The Consumer Financial Protection Bureau (CFPB) today published a report detailing 16 large mortgage servicers’ COVID-19 pandemic response. The report’s data metrics include call handling and loan delinquency rates, and they highlight the industry’s wi…

The Consumer Financial Protection Bureau (CFPB) today published a report detailing 16 large mortgage servicers’ COVID-19 pandemic response. The report’s data metrics include call handling and loan delinquency rates, and they highlight the industry’s widely varied response to the pandemic.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-report-mortgage-servicers-pandemic-response-varies-significantly/

CFPB Issues Interpretive Rule on Certain Mortgage and Disclosure Timing Requirements for the 2021 Juneteenth Federal Holiday

The Consumer Financial Protection Bureau (CFPB) today released an interpretive rule to assist the mortgage industry in determining whether to treat June 19, 2021, as a federal holiday or a business day for purposes of compliance with certain time-sensi…

The Consumer Financial Protection Bureau (CFPB) today released an interpretive rule to assist the mortgage industry in determining whether to treat June 19, 2021, as a federal holiday or a business day for purposes of compliance with certain time-sensitive borrower protections.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-issues-interpretive-rule-on-certain-mortgage-and-disclosure-timing-requirements-for-the-2021-juneteenth-federal-holiday/