Mortgage fees and other costs have risen significantly in recent years. The Consumer Financial Protection Bureau is focused on how these costs affect the affordability of home ownership as well as household balance sheets. And costs for homeowners are driven up if companies in the mortgage industry can pad their profits with illegal junk fees. The CFPB is working to combat the proliferation of junk fees in consumer financial markets and to ensure that mortgage companies don’t tack on unlawful fees.
Florida lawmakers are close to revising rules for consumer finance loans up to $25,000. The changes would allow payday lenders to charge borrowers interest rates up to 36 percent.
WASHINGTON, D.C. — Today, Consumer Financial Protection Bureau Director Rohit Chopra issued the following statement in response to President Biden’s Executive Order to protect Americans’ sensitive personal data from exploitation by countries of concern. The order focuses on rules to prevent the sale of bulk data to certain foreign entities and encourages the CFPB to consider taking steps to protect Americans from data brokers that are illegally assembling and selling extremely sensitive data, including that of U.S. military personnel.
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks.
We can’t remember the last time consumer complaints and litigation had such a strong month across the board. Everything in January was up double digit percentages over Dec 2023: TCPA +78.6%(!), FDCPA +24.1%, FCRA +23.8%. And everything was also up double digit percentages YTD against last year: TCPA +50.4%, FDCPA +30.5%, FCRA +19.6%. CFPB complaints were similarly up +14.8% for the month and +14.3% YTD.
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