The bureau is exploring the use of “Tech Sprints,” a model used in the United Kingdom for collaborative innovation, to promote regulatory compliance innovation.
The CFPB’s review of a fintech company’s lending practice shows that using alternative data could expand credit access and at the same time allow lenders to remain compliant with fair lending laws.
The Conference of State Bank Supervisors in a new white paper encourages nonbank lenders to self-report violations to examiners and build a strong compliance culture.
Equifax agreed to pay up to $700 million to settle federal and state claims regarding its massive 2017 data breach. Consumers can file claims to receive cash reimbursement of up to $20,000 per consumer.
The CFPB and New York attorney general together fined debt collectors more than $60 million for illegal collection practices in a recent enforcement action.
Freedom Debt Relief agreed to settle allegations that it misled consumers who participated in its debt settlement program and charged fees without settling debts as promised.
The CFPB extended the comment period by three months on its advanced notice of proposed rule-making regarding whether to revise additional HMDA data points added under its 2015 rule.
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