Lower-income, mostly Black and Hispanic, communities were more likely to submit complaints to the Consumer Financial Protection Bureau (CFPB) about credit reporting, identity theft and delinquent servicing, a report from the agency shows, per a Thursday (Sept. 23) press release. Meanwhile, higher-income and mostly white,...
The Consumer Financial Protection Bureau (CFPB) is alleging in court that LendUp Loans has violated a 2016 consent order and deceived borrowers, according to a press release. In 2016, the CFPB cracked down on LendUp’s habit of misleading users on the cost of loans and...
Two organizations representing lenders have expressed reservations about a new rule proposed Wednesday (Sept. 1) by the Consumer Financial Protection Bureau (CFPB). The rule, if finalized, would require lenders to disclose information about their lending to small businesses. Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued a statement saying...
The Consumer Financial Protection Bureau (CFPB) proposed a new rule Wednesday (Sept. 1) that will help small- to medium-sized businesses (SMBs) get access to credit, according to a press release. The proposal, which is mandated by Congress in the Dodd-Frank Act, entails having lenders reveal...
The Consumer Financial Protection Bureau (CFPB) unveiled new protections for mortgage holders two days before the federal ban on foreclosures was set to expire. While the CFPB is not banning foreclosures, it says its new rules, which go into effect Aug. 31, set up temporary...
Under a new set of Consumer Financial Protection Bureau (CFPB) rule changes, avoidable foreclosures would be able to be prevented, according to a press release. “Due to the COVID-19 pandemic and ensuing economic crisis, millions of families nationwide have suffered the loss of income, and...
The Consumer Financial Protection Bureau (CFPB) found in its Consumer Response Annual Report for 2020 that there were about 542,300 complaints last year, according to a press release. That’s an almost 54 percent increase from 2019 when there were 352,400 complaints, the release stated. The...
Rohit Chopra, President Joe Biden’s pick to lead the Consumer Financial Protection Bureau (CFPB), plans to go to bat for Americans struggling with debt amid the pandemic, The Wall Street Journal (WSJ) reported. He said he wants to shield them from abuse by lenders, adding...
Every new presidential administration gets to make its imprint on regulations — and by extension, the financial services industry. In the midst of grappling with the pandemic and the headwinds still buffeting the U.S. economy, the President Joe Biden administration may be gearing up to...
