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Open banking requires large institutions — banks, credit unions and other companies that hold consumer accounts — to allow customers to request their financial data held with fintechs, other banks and online lenders. The proposal would ban financial institutions from misusing or wrongfully using consumer financial data and require them to share such data with third parties by consumer request.
The Consumer Financial Protection Bureau sued mortgage originator and servicer Freedom Mortgage Corp., for allegedly submitting erroneous Home Mortgage Disclosure Act data in 2020.
The Consumer Financial Protection Bureau wants to remove medical bills from credit reports.
Driven by an increase in mortgage interest rates, the average monthly mortgage payment increased more than 46 percent to $2,045 in December 2022 from $1,400 the previous year. The median interest rate for a 30-year, fixed-rate mortgage was 6.5 percent at the end of last year.
The Consumer Financial Protection Bureau cannot enforce Section 1071 until the Supreme Court rules on the constitutionality of the agency’s funding structure, according to a ruling from the U.S. District Court for the Eastern District of Kentucky.
Students face risks when they enter into agreements with colleges to spread the upfront cost of their tuition into a series of interest-free loan payments, according to a Sept. 14 Consumer Financial Protection Bureau report.
The Consumer Financial Protection Bureau is warning the largest tech companies about enacting restrictive tap-to-pay policies. The CFPB cited Apple’s proprietary tap-to-pay offering, which bans banks and other third-party payment apps from accessing the option on its iOS devices. The policy could reduce consumer choice and complicate efforts to create a more complete open banking system, according to the agency.
The Consumer Financial Protection Bureau reached a proposed $2.7 billion settlement with a group of corporate entities which operate the two largest credit repair companies in the country, Lexington Law and CreditRepair.com.
The Consumer Financial Protection Bureau sued high-cost installment lender Heights Finance Holding, formerly Southern Management, for alleged illegal loan-churning practices that harvested hundreds of millions in fees.
The Consumer Financial Protection Bureau fined Boca Raton, Fla.-based mortgage loan servicer and originator Freedom Mortgage $1.75 million for providing illegal incentives to real estate agents and brokers in exchange for mortgage loan referrals.