The House of Representatives greenlighted a package of bills aimed at overhauling the credit reporting system. The legislation, however, has a dim future in the Senate.

To provide greater clarity to financial institutions in meeting their legal obligations, the CFPB will add a new “compliance aids” category to its guidance.

CFPB updates HMDA small entity compliance guide; the bureau files a lawsuit against Citizens Bank for credit card dispute issues; industry and consumer groups seek a delay in risk-retention rule revision.

After Pennsylvania, New Jersey and New York, the Golden State will be the fourth state to establish a state-level agency to boost consumer financial protection.

The court-appointed CFPB defender said the petition challenging the bureau’s structure is “remarkably weak.” According to him, there is no basis “to take the grave step of invalidating an act of Congress.”

Consumer complaints filed with the CFPB regarding mortgages hit a record low in the final quarter of 2019, with double-digit declines in two categories. (Includes two data charts.)

The CFPB granted a no-action letter to Bank of America regarding its funding arrangement with HUD-certified housing counseling agencies. It marks the second no-action letter under the revised policy.

The bureau has picked a longtime critic to chair its task force to review federal consumer financial laws. The move has consumer advocates up in arms.

A Fed governor introduced the metric-based approach to reform the Community Reinvestment Act, which would assess mortgage lending to both low- and moderate-income borrowers and LMI communities.

The consumer watchdog sued two mortgage-related companies for allegedly selling credit reports they obtained under false pretenses to debt relief companies for their marketing purposes.