CFPB Issue Spotlight Analyzes “Artificial Intelligence” Chatbots in Banking -
"Poorly deployed chatbots can impede customers from resolving problems."
Why this is important: The Consumer Financial Protection Bureau...more
7/11/2023
/ Artificial Intelligence ,
Automotive Loans ,
Banking Sector ,
Borrowers ,
Bots ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Credit Cards ,
Credit Reports ,
Customer Service Standard ,
Debt Collection ,
Delinquency Status ,
Fair Credit Billing Act (FCBA) ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Institutions ,
Financial Services Industry ,
Landlords ,
Tenants
CFPB -
Regulators Take Aim at AI to Protect Consumers and Workers -
“In the past year, the Consumer Finance Protection Bureau said it has fined banks over mismanaged automated systems that resulted in wrongful home...more
6/12/2023
/ Artificial Intelligence ,
Automotive Loans ,
Banking Sector ,
Bots ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Currency ,
Economic Sanctions ,
Equal Employment Opportunity Commission (EEOC) ,
Fake Online Accounts ,
Federal Trade Commission (FTC) ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
Legislative Agendas ,
Russia ,
Student Loans
Student Loans -
Supreme Court Likely to Rule that Biden Student Loan Plan is Illegal, Experts Say. Here’s What that Means for Borrowers -
“Long before the president acted, Republicans had criticized student loan...more
12/14/2022
/ Automotive Loans ,
Borrowers ,
Commercial Bankruptcy ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Breach ,
Data Protection ,
Data Security ,
Debt Collection ,
Delinquent Borrowers ,
Department of Education ,
Educational Institutions ,
Financial Services Industry ,
Joe Biden ,
Landlords ,
Loan Forgiveness ,
No Surprises Act (NSA) ,
Phishing Scams ,
Student Loans ,
Surprise Medical Bills ,
TCPA ,
Tenants ,
Text Messages
A recent survey by PricewaterhouseCoopers revealed that U.S. executives now consider cyberattacks the number one risk their companies face. Concerns about cybersecurity have moved beyond the Chief Information Security Office...more
12/7/2022
/ Bias ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Credit Reports ,
Cyber Attacks ,
Cybersecurity ,
Data Protection ,
Enforcement Actions ,
Financial Services Industry ,
Legislative Agendas ,
Loan Applications ,
Loan Forgiveness ,
Nursing Homes ,
Popular ,
Student Loans ,
UDAAP ,
Unfair or Deceptive Trade Practices
Data Breaches
Pennsylvania Settlements with Experian and T-Mobile
Why this is important: Pennsylvania’s Attorney General, Josh Shapiro, announced on Monday, November 7, 2022, that Pennsylvania entered into settlements...more
Mortgage Lenders are Starting to Go Broke Amid Rate Spike and US Mortgage Lenders are Starting to Go Bankrupt — How This One Factor Could be Triggering the Worst Surge of Failures Since 2008
"Last year, two-thirds of the...more
Financial Services Committee Passes Bills to Protect Consumers
"The House Financial Services Committee, led by Chairwoman Maxine Waters (D-CA), passed eight bills to strengthen oversight of our nation’s affordable housing...more
8/11/2022
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Cryptocurrency ,
Fair Lending ,
FDCPA ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Securities and Exchange Commission (SEC)
A New Student Loan Company is Now Taking Over the Accounts of Public Servants Seeking Debt Cancellation
"This also comes as borrowers have 4 months left to apply for extended student-loan relief."
Why this is important:...more
Student Loan Forgiveness is Completely Unfair to These People
"If President Joe Biden proceeds with wide-scale student loan cancellation, the most likely beneficiaries could include federal student loan borrowers who earn...more
CFPB Invokes Dormant Authority to Examine Nonbank Companies Posing Risks to Consumers and CFPB Claims Oversight Over More Entities Including Fintechs; Says It Will Publish Supervisory Determinations -
"The CFPB is also...more
Biden Administration Extends Pause on Federal Student Loan Repayments Through August
"The repayment freeze, which has been in place since the beginning of the pandemic, had been scheduled to expire on May 1."
Why this...more
Student Loans: Stressors and Pitfalls as Repayments Begin and CFPB Actions Against Alleged Fraudulent Conduct -
On March 13, 2020, near the beginning of the pandemic in the U.S., the CARES Act included a pause for all...more
3/10/2022
/ Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Economic Sanctions ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Financial Transactions ,
FinTech ,
Russia ,
Student Loans ,
SWIFT ,
Ukraine
Buying Virtual Real Estate in the Metaverse Now has Its Own Mortgage -
"A Vancouver firm has provided one of the first lending solutions for the whole new world we need to learn about."
Why this is important: A...more
Student Loan Forgiveness Updates: New Changes Coming in 2022 for Public Service Borrowers -
"Borrowers on track for Public Service Loan Forgiveness, a federal student loan forgiveness program for people devoted to careers...more
Here are 5 Changes Student Loan Borrowers Could See in 2022 -
"Experts say that if student loan forgiveness is going to happen, it will likely be before the midterm elections."
Why this is important: During the last...more
Millions of Consumers have Cut Their Debts, So Why are Financial Experts Sounding Alarm -
"And with stimulus payments a thing of the past and other unusual financial stabilization programs unwinding, the alerts are going...more
11/17/2021
/ Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Reports ,
Cryptocurrency ,
Financial Services Industry ,
Forbearance Agreements ,
Mortgages ,
Payment Systems ,
Stablecoins ,
Student Loans
What to Expect as Education Department Gets Ready to Resume Student Loan Payments -
"After nearly two years of pausing student loan bills, the U.S. Department of Education is trying to figure out how to start collecting...more
Bankruptcies Trending Down in West Virginia, but for How Long?
"Then from June 2020 to June 2021, in the heart of the pandemic, those numbers dropped even more."
Why this is important: From 2016 to 2019, there was an...more
Biden Administration Extends Student Loan Pause Until January 31, 2022 -
"The Department believes this additional time and a definitive end date will allow borrowers to plan for the resumption of payments and reduce the...more
9/21/2021
/ Banking Sector ,
Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Housing Market ,
Interest Rates ,
Military Service Members ,
Payday Loans ,
Securities and Exchange Commission (SEC) ,
Small Dollar Lenders ,
Student Loans
Why the Overturned Eviction Moratorium May be Too Little, Too Late for Both Renters, Landlords -
"However, the ruling doesn’t mean renters in states without protections will be immediately removed from their homes — an...more
9/7/2021
/ CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Debt Collection ,
Department of Education ,
Eviction ,
Federal Reserve ,
Financial Services Industry ,
Foreclosure ,
HELOC ,
Moratorium ,
Payday Loans ,
Startups ,
Venture Capital ,
Wage Garnishment
Biden Makes It Easier for Student Loan Borrowers to Get a Mortgage -
"The new rule supported by the Biden administration proposed that FHA lenders drop the requirement to calculate student loan payments at 1%."
Why this is...more
8/25/2021
/ Biden Administration ,
Blackberry ,
Connected Cars ,
Consumer Financial Products ,
Credit Scores ,
False Claims Act (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Mortgages ,
Paycheck Protection Program (PPP) ,
Student Loans ,
TCPA
President Biden Extends Pause on Student Loan Payments to 2022 -
"Student loan payments have been paused since Congress passed the CARES Act in March of last year but were due to resume in September."
Why this is...more
Yellen Tells Regulators to ‘Act Quickly’ on Stablecoin Rules -
"New rules would cut into profit margins earned by issuers, but in the long-run should help them attract more users."
Why this is important: The recent...more
Mobile Payment App Complaints are Surging as More Americans Go Cashless -
"Top complaints include trouble with digital wallets, scams and customer service issues."
Why this is important: Roughly four in five Americans...more