The bureau outlined the procedure lenders must undertake when informing consumers of adverse credit actions triggered by the use of algorithms and other predictive decision-making technologies.

The effort launched with a small business advisory review panel. A proposed rule is anticipated in 2024.

Annual inflation adjustments tied to TILA; CFPB reviews 2022 HMDA data; amicus brief in credit report dispute lawsuit; CFPB touts results from complaint database.

CFPB Director Rohit Chopra and Mortgage Bankers Association President and CEO Robert Broeksmit believe the consequences of deeming the bureau’s funding unconstitutional would be disastrous for regulated markets, especially housing finance.

A federal court sided with trade groups and vacated the CFPB’s March 2022 supervision and examination manual update that directed examiners to apply the Consumer Financial Protection Act’s unfairness authority to discriminatory practices.

Attorneys recently highlighted non-compliant behavior among mortgage loan originators, including their usage of social media.

Restrictive tap-to-pay practices at Big Tech companies could limit consumer choice and reduce market innovations, the bureau warned in a new report.

The CFPB has clarified that it applies all documents it assumed authority over from other agencies in 2011 unless they were superseded by law.

A panel of judges in the Fourth Circuit Court of Appeals has held that the federal Bankruptcy Code doesn’t preempt state law claims arising from alleged improper collection attempts of a discharged debt.

The agency opposed a request to expand an injunction on implementing its small business lending data collection rule to all covered institutions. Currently the stay applies only to American Bankers Association and Texas Bankers Association members.