Consumer complaints regarding student loans and mortgages fell sharply in the first half of 2018 compared to the same period a year earlier, according to a new analysis by Inside the CFPB. At the six-month mark, student loan complaints were down a stunning 62.5 percent from a year ago. Criticisms about home mortgages also experienced a double-digit decline – 24.9 percent – for the first half. On the other hand, total gripes filed by the general public [includes exclusive data chart] ...
Industry groups are calling on the CFPB to provide clarification of fair lending standards under the Equal Credit Opportunity Act as it applies to disparate impact, according to recently filed comment letters on inherited regulations. Among other things, lenders are asking the CFPB to review its use of disparate impact based on a Supreme Court of the United States’ decision in Inclusive Communities. The case established a framework for the application of disparate impact ...
In response to the CFPB’s request for information on regulatory guidance, a number of industry trade groups expressed their belief that such guidance, when issued, should be legally binding. Currently, the CFPB uses disclaimers on non-rule guidance, which means the advice given is only intended to aid understanding and implementation. Many industry groups said the disclaimers undermine the value of the guidance. “The broader and more extensive a disclaimer ...
CFPB Studies How Student Loan Borrowers Transition Out Of Debt. The CFPB recently issued a report on student loan payments and broader household borrowing. The report provides a close look at borrowers’ use of credit as they approach and make their final student loan payments and what follows in the months beyond. One key finding: Most borrowers pay off a student loan before the final installment is due, often with a single large payment. Further [Includes Four Briefs] ...
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