The CFPB’s Office of Research recently issued a blog post regarding its analyses of the impacts of higher mortgage interest rates on borrowers and potential homebuyers. The analyses are based on first and second quarter Home Mortgage Disclosure Act (HMDA) data filed by the 55 mortgage lenders that are required, based on their high volume of mortgage lending, to collect and submit HMDA data on a quarterly basis.
The Ombudsman’s Office is an independent, impartial, and confidential resource that assists consumers, financial entities, consumer or trade groups, and others in informally resolving process issues with the CFPB. As we mark ten fiscal years of advocating for fair process in consumer financial protection, our report includes a 10 Year Anniversary section that highlights some key milestones over the years and describes some of the various ways we have assisted the CFPB and the public from our unique vantage point.
Mortgage rates had been in a holding pattern for nearly 3 weeks following the November 10th CPI inflation data. On that single day, the average 30yr fixed rate fell by a record amount (as far as day-over-day record keeping is concerned, and we don't have daily records prior to 2009). That took rates from the low 7s to the mid 6's in a matter of hours and there they've stayed until this morning.
The Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using abusive, unfair, or deceptive practices when collecting consumer debts. The Consumer Financial Protection Bureau (CFPB) enforces the FDCPA and in a in a 2014 study, the CFPB determined that more than 43 million Americans have overdue medical debt reported on their credit reports.
Washington, D.C. (December 1, 2022) – Today, the Select Subcommittee on the Coronavirus Crisis, chaired by Rep. James E. Clyburn, released a staff report detailing the poor performance of many financial technology companies (fintechs) in administering the nation’s largest pandemic relief program, the Paycheck Protection Program (PPP). The report details how the investigated companies, despite being tasked with processing PPP applications while screening out those with signs of fraud, abdicated that responsibility—in many cases recklessly—resulting in the approval of large numbers of fraudulent applications.
.jpg)
.jpg)