CFPB US

The Consumer Financial Protection Bureau (CFPB) took action today against Portfolio Recovery Associates, one of the largest debt collectors in the nation, for violating a 2015 CFPB order and engaging in other violations of law. The CFPB filed a proposed order today that, if entered by the court, would require Portfolio Recovery Associates to pay more than $12 million to consumers harmed by its illegal debt collection practices, in addition to a $12 million penalty that would be deposited into the CFPB’s victims relief fund. Portfolio Recovery Associates violated the 2015 order by collecting on unsubstantiated debt, collecting on...

The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2022 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for approximately 4,394 HMDA filers. The published data contain loan-level information filed by financial institutions and modified to protect consumer privacy. To increase public accessibility, the annual loan-level LAR data for each HMDA filer are now available online. Previously, users could obtain LAR data only by making requests to specific institutions for their annual data. To allow for easier public access to all LAR data, the Consumer Financial Protection Bureau’s (CFPB) 2015 HMDA...

Today, the Consumer Financial Protection Bureau (CFPB) launched an improved survey of credit card issuers that can help consumers and families compare interest rates and other features when shopping for a new credit card. Americans pay $120 billion in credit card interest and fees each year, which contributes to the almost trillion dollars in nationwide household credit card debt. In the current high-rate environment, it is important for Americans to be able to be able to accurately compare products. Upgrades to the CFPB’s terms of credit card plans survey are designed to increase price competition in the credit card...

The Consumer Financial Protection Bureau (CFPB) has proposed legislation to curb excessive credit card late fees, which have cost families across the country $12 billion each year. Large credit card issuers continue to take advantage of late fees, which are protected by an expansive immunity provision. Credit card companies have also relied on this provision to raise their rates in line with inflation, even if they face no additional collection costs. The proposed rule will ensure that excessive amounts of late fees are illegal. Based on estimates made by the CFPB, the proposal could reduce the amount of late fees by as much...

The Consumer Financial Protection Bureau (CFPB) issued a legal opinion to protect consumers from "double'dealing" negotiations hidden in digital offer comparison platforms. The companies that operate these platforms lead potential buyers to believe that they provide objective comparisons of lenders, but they may be illegally referring people only to those lenders that pay them referral fees. When people use a lender that is not the best fit for their needs, they could end up receiving a lower quality of service, or paying thousands of dollars more in closing costs, or interest. The legal opinion describes how the companies violate the “Real Estate...

Today, the Consumer Financial Protection Bureau (CFPB) released a bulletin warning servicers of their obligation to halt unlawful conduct with respect to private student loans that have been discharged by bankruptcy courts. The bulletin details recent findings by CFPB examiners that certain loan servicers were illegally returning loans to collections after bankruptcy courts had discharged the loans. The CFPB is directing these servicers to return illegally collected payments to affected consumers and immediately cease these unlawful collection tactics. The bulletin also makes clear that the CFPB will continue to examine student loan servicers’ handling of these loans to detect...

The Consumer Financial Protection Bureau (CFPB) has launched an inquiry into companies that track and collect information on people’s personal lives. In issuing this new Request for Information, the CFPB wants to understand the full scope and breadth of data brokers and their business practices, their impact on the daily lives of consumers, and whether they are all playing by the same rules. This request is a chance for the public to share feedback about companies that play a significant role in people’s lives and in the economy. This feedback will shed light on the current state of an...

Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday lending. These unlawful fees corrode family finances, force up families’ banking and borrowing costs, and are not easily avoided – even by financially savvy consumers. As described in the Supervisory Highlights, the CFPB continues rooting unlawful fees out of consumer financial markets. “For years, junk fees have been creeping across the economy,” said CFPB Director Rohit Chopra. “Our report describes a host of...

The Consumer Financial Protection Bureau (CFPB) and the National Labor Relations Board (NLRB) today signed an information sharing agreement, creating a formal partnership between the two agencies to better protect American families and to address practices that harm workers in the “gig economy” and other labor markets. Two areas of immediate concern include employer surveillance and employer-driven debt. The agreement will help to identify and end financial practices that harm workers and to enhance the enforcement of federal consumer financial protection and labor laws and regulations. “Many workers discover that getting a job can mean piling up debt instead of...

The Consumer Financial Protection Bureau (CFPB) and the New York State Attorney General's Office have sued predatory auto loan lender Credit Acceptance Corporation, CAC, for its misleading representation of credit costs, tricking consumers into taking out expensive loans to buy used cars. The buying process became a nightmare for many of Credit Acceptance's borrowers, who faced unpaid monthly payments, repossessions on their vehicles, and collection lawsuits. The lawsuit also alleges that Credit Acceptance violated usury limits and other New York State consumer and investor protection laws. “Credit Acceptance hid the true costs of its loans from car buyers, causing its borrowers severe...

Good morning. It’s a pleasure to be back in the Bay area and here with you today. I was in San Francisco two weeks ago for meetings with local community groups who are doing important work on the ground on behalf of their clients and communities. I want to extend a special thank you to Ted Mermin, who has engaged the Bureau since its inception, and has provided significant thought leadership to the CFPB. Ted has also mentored many legal aid attorneys who the CFPB looks to for on-the-ground information about client experiences, emerging trends in consumer finance, and bad actors. And...

The Consumer Financial Protection Bureau (CFPB) issued an order against UniTeller Service, an international remittance service company, for multiple violations of regulatory requirements governing electronic money transfers, including failing to reimburse its customers after the company had made errors in money transfers. The CFPB found that the UniTeller Service had failed to meet many of the requirements of the Electronic Funds Transfer Act, including failing to provide accurate statements to senders of money. The agency's order requires UniTeller Service to bring its business practices into compliance with the law, to reimburse affected consumers, and to pay a $700,000 penalty. "Consumers paid...