CFPB

Regulators seek industry feedback on risks and benefits of AI

03/29/21

The federal banking and credit union agencies want input about how financial institutions use artificial intelligence for credit underwriting and other purposes, and about whether additional regulatory guidance is needed.

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CFPB poised to reinstate tough stance on payday lenders

03/29/21

A recent statement by acting Director Dave Uejio is the clearest signal that the agency plans to revive strong underwriting standards that the Trump administration eliminated.

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CFPB complaints skyrocket as credit reporting issues again top the list

03/24/21

Complaints to the Consumer Financial Protection Bureau jumped 54% to 542,300 in 2020. Concerns about credit reports have long outnumbered those in other categories and jumped significantly as a share of the total from 2019.

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CFPB rescinds Trump-era policy defining 'abusive' conduct

03/11/21

The agency's new leadership, which has already unwound numerous actions from the prior administration, said the January 2020 guidance implementing criteria for punishing firms that mistreat customers was “inconsistent with the bureau’s duty to enforce Congress’s standard.”

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House lawmaker proposes new restrictions on credit bureaus

03/11/21

The bill introduced by Rep. Patrick McHenry, the top Republican on the Financial Services Committee, would expand CFPB authority to the credit reporting industry and require that certain adverse information be removed from a consumer’s credit history.

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Senate Banking Committee approves Biden's picks to head CFPB, SEC

03/10/21

The nominations of Rohit Chopra as head of the Consumer Financial Protection Bureau and Gary Gensler as chairman of Securities and Exchange Commission advanced Wednesday and will now be voted on by the full Senate. Earlier in the day, the Senate confirmed Marcia Fudge as secretary of the U.S. Department of Housing and Urban Development.

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How the CFPB can better regulate data sharing

03/10/21

As the Consumer Financial Protection Bureau weighs rules on protecting customer information shared between banks and third parties, it should consider giving consumers full authority over their financial data and committing to direct oversight of everyone involved, including data aggregators and fintechs.

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CFPB throws mortgage market another curveball

03/07/21

Some applaud the agency's recent delay of the mandatory compliance date for a new Qualified Mortgage standard. Others say it leads to more uncertainty for lenders, opens the door to additional changes and enables some companies to loosen their underwriting.

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CFPB officially proposes delay of QM changes

03/03/21

The agency issued a proposal moving the compliance date for the Qualified Mortgage rule revamp to October 2022.

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