New government data shows 15 million Americans still have medical bills on their credit reports. That’s according to the Consumer Financial Protection Bureau (CFPB), which notes that these bills remain in spite of changes by the three major credit bureaus. Collectively, these Americans have more than $49 billion in...
America’s consumer finance watchdog is targeting “junk fees” in the mortgage industry. The Consumer Financial Protection Bureau (CFPB) published findings Wednesday (April 24) showing that mortgage servicers — the companies responsible for processing mortgage payments — had charged illegal fees, sent deceptive notices to homeowners and violated loss mitigation rules that...
The Consumer Financial Protection Bureau (CFPB) has issued an order against coding bootcamp BloomTech, also known as the Bloom Institute of Technology, and its CEO, Austen Allred, alleging that they deceived students about the real cost of loans and made false claims about the hiring rates of the bootcamp’s graduates. The...
Consumer protection officials for the United States and the European Commission have met to discuss three shared priorities: buy now, pay later (BNPL), digital payments and artificial intelligence (AI). The three meetings followed a July 2023 announcement by U.S. Consumer Financial Protection Bureau (CFPB) and...
America’s leading consumer watchdog is reportedly weighing a sweeping change to the title insurance industry. As Bloomberg News reported Wednesday (April 10), the Consumer Financial Protection Bureau (CFPB) is considering whether to forbid mortgage bankers from charging homeowners for title insurance, ending a long-held practice....
The fight over credit card late fees may go to Capitol Hill. Sen. Tim Scott of South Carolina unveiled a joint resolution Monday (April 8) that would prevent the Consumer Financial Protection Bureau (CFPB) from instituting caps on credit card late fees. The joint resolution, which would require both...
A federal lawsuit challenging new credit card late fee limits will remain in Texas. The U.S. Court of Appeals for the Fifth Circuit ruled Friday (April 5) that the suit will be heard in Fort Worth, reversing an earlier decision by federal Judge Mark Pittman moving the...
The Consumer Financial Protection Bureau (CFPB) is monitoring the increasing payment of “discount points” by homebuyers and the potential risk this may pose to consumers. The percentage of homebuyers paying discount points doubled from 2021 to 2023, and the increase was even greater among those...
The Consumer Financial Protection Bureau (CFPB) is monitoring video games and virtual worlds to ensure their compliance with federal consumer financial protection laws. This monitoring comes as a growing number of these platforms add banking options and payments, and as the CFPB receives more complaints...
