The CFPB and other regulators have been trying to prod financial institutions into treating non-English-speaking consumers with more parity to English speakers.
The Los Angeles-based lender agreed to a $31 million payout to settle charges it engaged in redlining by denying residents in majority-Black and Hispanic neighborhoods fair access to mortgage credit.
Complaints filed with the CFPB by military personnel about identity theft have increased from 234 in 2014 to 1,124 in 2022. Steady income and frequent relocation make servicemembers easy targets.
Electronic Fund Transfer Act protections apply to prepaid card accounts loaded with government benefits, according to an amicus brief filed by the CFPB in a lawsuit against Bank of America.
COO held liable for fraud scheme; companies offering negative option subscriptions on alert; NY law firm settles with CFPB; court says CFPB enforcement authority extends to scholarship assistance marketing.
A congressionally mandated update to the Internal Revenue Service’s Income Verification Express System is causing some alarm among mortgage trade representatives. The update was meant to save time by moving the system from a fax-based process to a real-time, digital one.
Governance and social risks are the main ESG factors that affect credit ratings of MBS and ABS, while environmental relevance remains low, according to Fitch Ratings.
The Consumer Financial Protection Bureau wants nonbanks to submit information about terms and conditions they use in form contracts that might restrict consumer rights and protections.