The foreclosure crisis was an important catalyst for the creation of the Consumer Financial Protection Bureau. Congress required the CFPB to implement new rules to make the mortgage market work better. The new rules first took effect in 2014. During the COVID-19 pandemic, we saw how these rules worked whenContinue Reading
The CFPB is working to accelerate the shift to open banking through a new personal data rights rule intended to break down these obstacles, jumpstart competition, and protect financial privacy. Please follow and like us:
Extendimos la fecha tope para recibir comentarios públicos sobre la extensión y alcance de los corredores de datos y sus prácticas de negocios, incluyendo su impacto en la vida cotidiana de los consumidores, y si éstos están cumpliendo las mismas normas. Please follow and like us:
The CFPB is extending the deadline for public input on the full scope and breadth of data brokers and their business practices, including the impact on consumers’ daily lives, and whether they are all playing by the same rules. Please follow and like us:
Since our November 2022 analysis, delinquencies and scheduled payments on non-student-loans have continued to rise for the more than 32 million people with federal student loans. About one-in-five borrowers may experience elevated risk of payment difficulties when scheduled payments resume. Please follow and like us:
The CFPB is monitoring financial institutions’ use of chatbot technology to ensure consumers receive timely and reliable support from their providers. Please follow and like us:
In response to the COVID-19 crisis, the CFPB’s Elder Fraud Prevention and Response Network program adapted to conduct convenings virtually to respond to financial exploitation targeting older adults, including those from underserved populations. Elder justice stakeholders can learn from their best practices and replicate their efforts in their communities. PleaseContinue Reading
Today, the CFPB is taking another step toward ensuring accountability for automated decision models, sometimes marketed as artificial intelligence (AI). Please follow and like us:
Mortgage borrowers are paying around $100 a month more depending on which lender they choose, for the same type of loan and the same consumer characteristics (such as credit score and downpayment) Please follow and like us:
The CFPB is exploring long-term solutions to move away from single points of failure, ensure system resilience, and eliminate unnecessary complexity in rulemaking. Please follow and like us:
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