The CFPB believes technology, to some degree, can help remove bias, but black box underwriting algorithms are not necessarily creating a more level playing field...
Ginnie Mae mortgages carry a servicing fee of 44 basis points. It can now keep that income all to itself, instead of sharing it with a subservicing vendor...
The banking industry and consumer advocacy groups want regulators to ensure big tech companies operating payment-processing systems provide protections similar to those offered by the banking sector.
Dealing with the risks posed by the use of algorithms in marketing financial products and with institutions abusing their dominant market positions are some of the key priorities for the CFPB.
During a recent interagency webinar, representatives from eight federal regulators discussed fair lending issues, including initiatives to tackle redlining and how companies can self-regulate.
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