Mar. 17: CFPB Updates This Week
CFPB Heightens Scrutiny of Unlawful Collection of Payments on Discharged Student Loans
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 whether these illegal practices persist at other companies. Read more
PUBLISHED MAR 15, 2023
The Consumer Financial Protection Bureau (CFPB) issued the 2022 Financial Literacy Annual Report to Congress.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) mandates that the Director of the Consumer Financial Protection Bureau (CFPB) submit to Congress an annual report on the CFPB’s financial literacy activities and strategy to improve the financial literacy of consumers.1 We are pleased to submit this 10th Financial Literacy Annual Report. The report covers fiscal year 2022 (FY22), the period from October 2021 through September 2022. Read more
PUBLISHED MAR 15, 2023
CFPB Releases 2023 HMDA Transactional and Institutional Coverage Charts
The CFPB released the 2023 HMDA Transactional and Institutional Coverage Charts. These charts update the closed-end threshold pursuant to the United States District Court for the District of Columbia September 23, 2022, order in NCRC et al. v. CFPB.
You can access the 2023 HMDA Transactional and Institutional Coverage Charts here: www.consumerfinance.gov/compliance/compliance-resources/mortgage-resources/hmda-reporting-requirements/.