CFPB Journal staff report – Page 9

CFPB looks to remove medical bill data from credit reports

The Consumer Financial Protection Bureau wants to remove medical bills from credit reports.

CFPB: Mortgage applications fell last year amid rising interest rates

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.

Second court issues temporary injunction against Section 1071

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.

CFPB: College tuition payment plans can place students at risk

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.

CFPB warns Apple over tap-to-pay restrictions

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.

CFPB reaches $2.7 billion settlement with credit repair companies

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.

CFPB suing installment lender for ‘loan-churning’ practices

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.

Mortgage company fined $1.75 million in kickback case

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.

CFPB: Employer-driven debt harms workers

Employer-driven debt is keeping employees from leaving for better-paying positions and leaving them beholden to a separate lender, according to a recent Consumer Financial Protection Bureau report.

CFPB sues USASF Servicing for numerous violations

The Consumer Financial Protection Bureau filed a federal lawsuit alleging that auto loan company USASF Servicing incorrectly disabled at least 7,500 vehicles and failed to return millions of dollars in customer refunds.