On September 27, the CFPB released its annual report on residential mortgage lending activity and trends for 2022. Under the Home Mortgage Disclosure Act (HMDA), the CFPB requires financial institutions to collect and provide loan-level information on mortgage loan applications and originations.
Recently, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) (collectively, the agencies) filed an amici curiae brief urging the U.S. Court of Appeals for the Second Circuit to reverse a district court’s decision finding a furnisher’s investigation of a consumer’s dispute and subsequent furnishing of the disputed information to be reasonable under the Fair Credit Reporting Act (FCRA).
The New York City Department of Consumer and Worker Protection (DCWP) has announced proposed amendments to its debt collection rules. The DCWP will hold a public hearing (PDF) at 11 a.m. Nov. 29, 2023, to discuss the proposal and take comments. Written comments on the proposed rules are due by that date.
For the month of July, 2.7% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 0.3 percentage point decrease compared with 3% in July 2022 and a 0.1% increase from June 2023.
Credit reports are used to make decisions that affect every facet of peoples’ lives. Credit reports compiled by consumer reporting companies are used by lenders, insurers, employers, landlords, and others—yet these reports frequently contain errors. By one estimate, one in five Americans has an error on at least one credit report.
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