The Consumer Financial Protection Bureau (CFPB) rule requiring lenders to gather demographic information about small business borrowers has leapt another legal hurdle. A federal judge rejected a banking industry-backed challenge that argued that the rule’s data collection method was flawed, Reuters reported Monday (Aug. 26). U.S. District Judge Randy Crane in McAllen, Texas, ruled that the challenge
In conjunction with National Senior Citizens Day on Wednesday, the New York Department of State’s Division of Consumer Protection is circulating a series of tips that aim to help older adults avoid financial scams and exploitation. One way that bad actors may try to take advantage of older Americans is through reverse mortgages. “Not all
The Consumer Financial Protection Bureau (CFPB) has staked out a clear position on using artificial intelligence (AI) in financial services: There are no exceptions to existing consumer protection laws for new technologies. In am Aug. 12 comment letter to Treasury Secretary Janet Yellen, the CFPB outlined its approach to regulating AI and other emerging technologies
The Consumer Financial Protection Bureau (CFPB) on Tuesday released an advisory opinion stating that contracts for deed are under federal home lending rules and should provide consumer protections. In these contracts – also known as “land contracts” or “bond for deed” –the seller retains the legal title to a home until the borrower completes all
The companies collecting Americans’ student loans, auto loans and medical payments have some work to do. That’s according to a report issued Tuesday (July 2) by the Consumer Financial Protection Bureau (CFPB), which found numerous failures in student and auto loan servicing, deceptive and abusive debt collection practices, and complaints centered on credit cards offered by dental and medical
Sarah Wheeler: Let’s talk about technology’s role in making these things easier for even smaller lenders. To that point, let’s talk about the new CFPB rule around AVMs. Rohit Chopra: I think appraisals are such a big issue. We want to make sure, and we saw this, you know, 15, 20 years ago — the
A US banking regulator says $384 million will soon be handed to victims of an online bank’s illegal practices. The Consumer Financial Protection Bureau says 191,000 people will receive the windfall of cash, which will be given to former customers of Texas-based Think Finance. The agency filed a lawsuit against the lender in 2017, accusing
The Consumer Financial Protection Bureau sued SoLo Funds, alleging that the online lending platform used “digital dark patterns” to illegally collect fees from borrowers. The lawsuit also alleged that SoLo Funds misrepresented the cost of loans, made false threats, collected money consumers didn’t owe, and created a credit scoring model with no safeguards, the agency said in a Friday (May 17) press
Eleven years ago, Think Finance was named one of Forbes’ most promising companies. Now, the online lender is bankrupt, with the Consumer Finance Protection Bureau (CFPB) saying it defrauded hundreds of thousands of consumers. The bureau on Tuesday (May 14) announced it had distributed more than $384 million from its victims relief fund to about 191,000 consumers who, according to