#cfpb

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#redlining

CFPB seeks settlement in Townstone Financial redlining dispute

The CFPB seeks a settlement with Townstone Financial for discriminatory lending practices and redlining, pressing for compliance with the Equal Credit Opportunity Act.

Fairway, accused of redlining in Alabama, agrees to settle for $1.9M

Fairway Independent Mortgage Corp. settles allegations of lending discrimination, agreeing to pay $1.9 million and invest $7 million in majority-Black neighborhoods.

CFPB seeks settlement in Townstone Financial redlining dispute

The CFPB seeks a settlement with Townstone Financial for discriminatory lending practices and redlining, pressing for compliance with the Equal Credit Opportunity Act.

Fairway, accused of redlining in Alabama, agrees to settle for $1.9M

Fairway Independent Mortgage Corp. settles allegations of lending discrimination, agreeing to pay $1.9 million and invest $7 million in majority-Black neighborhoods.
moreredlining
#data-privacy
from American Banker
3 days ago
Marketing tech

CFPB threatens Meta with lawsuit over finance-related ad data

CFPB threatens lawsuit against Meta over alleged misuse of financial data for targeted advertising.

"Open banking" rules issued, requiring data portability * The Register

The CFPB introduces a new rule to enhance consumer access to financial data and promote competition in the financial services industry.

CFPB threatens Meta with lawsuit over finance-related ad data

CFPB threatens lawsuit against Meta over alleged misuse of financial data for targeted advertising.

"Open banking" rules issued, requiring data portability * The Register

The CFPB introduces a new rule to enhance consumer access to financial data and promote competition in the financial services industry.
moredata-privacy
from Electronic Frontier Foundation
6 days ago

No matter what the bank says, it's YOUR money, YOUR data, and YOUR choice

The CFPB rule facilitates easier and safer switching between banks, promoting competition and better consumer deals.
#consumer-protection

CFPB finalizes rule that lays the foundation for open banking

The CFPB's new open banking rule aims to enhance consumer choice and empower individuals in the U.S. financial system.

Most of Navient's $120 Million Lawsuit Settlement WillGo to Student Loan Borrowers. Here's How

Navient will pay $120 million to settle a lawsuit over misleading borrowers, with most funds aiding affected students.

Navient reaches $120 million settlement for misleading student loan borrowers

Navient has been permanently banned from servicing federal student loans after a $120 million settlement with the CFPB.

CFPB slaps TD Bank with $28M fine for consumer protection violations

TD Bank fined $28 million for inaccurate consumer credit reporting that could harm consumers' financial reputations.

CFPB orders Fay Servicing to pay $2M over illegal foreclosure practices

CFPB settles with Fay Servicing over illegal foreclosure practices, involving fines and compensation to affected customers.

ABA has significant concerns' with CFPB proposal to ban medical debt from credit reports

ABA opposes CFPB's proposal to ban medical debt from credit reports, citing concerns over authority, evidence, and potential negative impacts on financial stability.

CFPB finalizes rule that lays the foundation for open banking

The CFPB's new open banking rule aims to enhance consumer choice and empower individuals in the U.S. financial system.

Most of Navient's $120 Million Lawsuit Settlement WillGo to Student Loan Borrowers. Here's How

Navient will pay $120 million to settle a lawsuit over misleading borrowers, with most funds aiding affected students.

Navient reaches $120 million settlement for misleading student loan borrowers

Navient has been permanently banned from servicing federal student loans after a $120 million settlement with the CFPB.

CFPB slaps TD Bank with $28M fine for consumer protection violations

TD Bank fined $28 million for inaccurate consumer credit reporting that could harm consumers' financial reputations.

CFPB orders Fay Servicing to pay $2M over illegal foreclosure practices

CFPB settles with Fay Servicing over illegal foreclosure practices, involving fines and compensation to affected customers.

ABA has significant concerns' with CFPB proposal to ban medical debt from credit reports

ABA opposes CFPB's proposal to ban medical debt from credit reports, citing concerns over authority, evidence, and potential negative impacts on financial stability.
moreconsumer-protection

How Kamala Harris would continue to rein in 'junk fees' for consumers

The U.S. consumer finance watchdog may expand its crackdown on hidden fees like mortgages and credit reporting if Kamala Harris wins the presidency.
#navient
from Business Insider
1 month ago
Privacy professionals

Student-loan companies that don't do their jobs should be fired, Elizabeth Warren says. Her next target is one that manages 8 million borrowers.

The CFPB's settlement with Navient reinforces accountability in the student-loan industry and ensures millions of borrowers receive relief.

Student-loan borrowers are getting $100 million in payments after being 'cheated' out of lower bills by a major lender, a federal consumer watchdog says

The CFPB settled a lawsuit with Navient for mishandling student loan payments, leading to $100 million in relief for affected borrowers.

Student-loan companies that don't do their jobs should be fired, Elizabeth Warren says. Her next target is one that manages 8 million borrowers.

The CFPB's settlement with Navient reinforces accountability in the student-loan industry and ensures millions of borrowers receive relief.

Student-loan borrowers are getting $100 million in payments after being 'cheated' out of lower bills by a major lender, a federal consumer watchdog says

The CFPB settled a lawsuit with Navient for mishandling student loan payments, leading to $100 million in relief for affected borrowers.
morenavient

CHLA urges balancing' of consumer, servicer needs in loss-mitigation proposal

CHLA advocates for revisions to CFPB's loss mitigation proposals to protect borrowers and support mortgage servicers.
Streamlining the loss mitigation processes is essential for the benefit of all parties involved in the housing market.

CFPB orders NewDay USA to pay $2.25M for providing misleading costs on 3,000 V.A. cash-out refis

NewDay USA misled borrowers about cash-out refinance loans, leading to penalties and consumer backlash.

The Morning Risk Report: Regulators Probing Big Banks' Handling of Zelle Scams

Regulators are investigating major U.S. banks regarding handling of customer funds on Zelle, focusing on scams and fraudulent transactions.
#supreme-court

SEC v. Jarkesy: Another 5th Circuit Decision Under Supreme Court Scrutiny

The Supreme Court is closely monitoring 5th Circuit decisions, particularly in cases involving administrative agencies like the CFPB and SEC.

How Appealing Weekly Roundup

The Ninth Circuit takes on California firearms ban challenge, potential recusal divides CFPB and industry, and calls for greater financial disclosures for amicus briefs.

SEC v. Jarkesy: Another 5th Circuit Decision Under Supreme Court Scrutiny

The Supreme Court is closely monitoring 5th Circuit decisions, particularly in cases involving administrative agencies like the CFPB and SEC.

How Appealing Weekly Roundup

The Ninth Circuit takes on California firearms ban challenge, potential recusal divides CFPB and industry, and calls for greater financial disclosures for amicus briefs.
moresupreme-court

Ahead of trial date in HMDA case, Freedom Mortgage and CFPB face hurdles

The CFPB and Freedom Mortgage faced setbacks in a case involving significant errors in Home Mortgage Disclosure Act data submission.

15 million Americans still have medical bills on credit reports

Around 15 million Americans grapple with medical debt on credit reports, but improvements have been seen, particularly among older age groups.
#lambda-school

SF school, founder fined $164,000 for allegedly tricking students

BloomTech (formerly Lambda School) fined for misleading students and hiding true nature of income share agreements.

Coding bootcamp Lambda School - now BloomTech - is finally getting punished

Lambda School rebranded to BloomTech deceived students with deceptive Income Sharing Agreements (ISAs) portrayed as loans, resulting in penalties and debt relief for students.

SF school, founder fined $164,000 for allegedly tricking students

BloomTech (formerly Lambda School) fined for misleading students and hiding true nature of income share agreements.

Coding bootcamp Lambda School - now BloomTech - is finally getting punished

Lambda School rebranded to BloomTech deceived students with deceptive Income Sharing Agreements (ISAs) portrayed as loans, resulting in penalties and debt relief for students.
morelambda-school

Online Games Act Like Unregulated Banks, And The US Gov't Has Noticed

Video games act as pseudo-banks for kids with in-app purchases and digital currencies.
CFPB is monitoring video games turning into online banks for players, especially children.

Morning Docket: 11.30.23

Supreme Court may eliminate SEC in-house enforcement
CFPB warns about AI concentration of power
State insurance authorities investigating discriminatory AI decisions

CFPB turns rulemaking eye toward AI use in automated home appraisals

The CFPB approved a new rule targeting algorithms and AI in home valuations to ensure accuracy and prevent discrimination in the appraisal process.

SCOTUS Deals a Blow to Medical Debt Collectors - MedCity News

The U.S. Supreme Court ruled in favor of CFPB's ability to continue receiving funds through the Federal Reserve, ensuring its ability to protect consumers from aggressive medical debt collectors.
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