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
When JPMorgan Chase (JPM) told investors this month about a possible Consumer Financial Protection Bureau enforcement action targeting bank-owned payments app Zelle, it also offered a warning to those same regulators. The New York banking giant said it was evaluating whether to sue the CFPB over the Zelle inquiries, according to a quarterly filing made
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 Yahoo view: Carrington Mortgage Services has many mortgage loan options, including non-QM loans. It also offers insurance, title, and real estate agent services through its partner companies, though it rates low in customer satisfaction and does not offer home equity loans or HELOCs. Carrington Mortgage Services is a national mortgage lender that offers several
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) have published updated data from the National Survey of Mortgage Originations (NSMO). This latest release offers a comprehensive look at mortgage performance and credit information from 2013 to 2021. What the Data Reveals Since 2014, the FHFA and CFPB
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
The document states that the CFPB and Freedom Mortgage have agreed to enter into the proposal, with the defendant neither denying nor admitting to the allegations in the complaint. A spokesperson for Freedom told HousingWire that the company had no comment. “Freedom Mortgage is a repeat offender that has ignored requirements to submit accurate data
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has initiated a public inquiry into the mounting junk fees that are elevating mortgage closing costs. The bureau aims to uncover why these costs are increasing, who benefits from them, and how both borrower and lender expenses can be reduced. From 2021 to 2023, median total
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