The CFPB intends to identify ways to simplify and streamline the existing mortgage servicing rules
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
Laying the foundation for open banking in the United States
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.
Extendemos la fecha tope para recibir comentarios sobre los corredores de datos
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.
We are extending the deadline for comments about data brokers
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.
Office of Research blog: Update on student loan borrowers as payment suspension set to expire
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.
The CFPB has entered the chat
The CFPB is monitoring financial institutions’ use of chatbot technology to ensure consumers receive timely and reliable support from their providers.
New lessons for elder justice networks
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.
Algorithms, artificial intelligence, and fairness in home appraisals
Today, the CFPB is taking another step toward ensuring accountability for automated decision models, sometimes marketed as artificial intelligence (AI).
Mortgage data shows that borrowers could save $100 a month (or more) by choosing cheaper lenders
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)
Building resilience and durability into mortgage rules
The CFPB is exploring long-term solutions to move away from single points of failure, ensure system resilience, and eliminate unnecessary complexity in rulemaking.