The CFPB received fewer complaints from consumers about mortgages in 2022. Criticisms about loan modifications inched up 1.5% on an annual basis, despite a 6.1% drop from the third to the fourth quarter. (Includes two data charts.)
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The procedures, updated for the first time since 2016, now include a way for examiners to review loss-mitigation efforts for disparate impact. They integrate questions on issues covered in recent guidance that may constitute unfair, deceptive or abusive acts or practices.
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The bureau seeks to weed out one-sided terms and conditions included in contracts that consumers sign when purchasing a product or signing up for a service from a nonbank. House Financial Services Committee Chair Patrick McHenry, R-NC, slammed the proposal.
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The CFPB and other regulators have been trying to prod financial institutions into treating non-English-speaking consumers with more parity to English speakers.
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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.
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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.
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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.
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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.
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The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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