Consumer complaints filed with the CFPB increased sharply in the first three months of 2023, driven by a jump in seven out of the nine complaint categories. (Includes two data charts.)

A new study has found that the California Consumer Protection Act increased California mortgage interest rate spreads — especially for banks — and contracted the supply of credit to low-income areas.

Since the passage of the Equal Credit Opportunity Act and the Fair Housing Act, financial services providers have tried to “achieve fairness through blindness,” according to Kareem Saleh, CEO of disparity-analysis firm FairPlay.

The federal agency found instances of illegal mortgage loan referrals and redlining during supervisory examinations of financial institutions.

The policy statement outlining prohibition on abusive acts and practices subjectively expands the bureau’s authority and could impact conduct permitted by safe harbors in federal consumer protection laws, according to industry attorneys.

Rep. Patrick McHenry, R-NC, has threatened to use the Congressional Review Act to prevent implementation of the CFPB’s new reporting requirements on small business lending.

The Equal Credit Opportunity Act includes an affirmative obligation to continually search for whether any adverse impacts from a model can be mitigated by a less discriminatory alternative.

The proposal is an attempt by the CFPB to circumvent the limits of its authority with respect to arbitration agreements, said trade groups.

The CFPB is facing management challenges in reforming its information security practices, workforce support programs and in embracing new technology and skills in supervisory and enforcement activities.

CFPB Director Rohit Chopra said a push in 2018 to reduce regulations on banks contributed to the collapse of Silicon Valley Bank.