Tag : CFPB

CFPB and Justice Department Caution Auto Finance Companies about Servicemember Protections
Consumer protection laws Featured

CFPB and Justice Department Caution Auto Finance Companies about Servicemember Protections

Fintech Staff Writer
The Department of Justice and the Consumer Financial Protection Bureau (CFPB) issued a joint letter las week, reminding auto finance companies of their responsibilities to recognize important legal protections for military families under the Servicemembers Civil Rights Act (SCRA). While servicemembers have the same rights as non-military borrowers, the SCRA......
Players Health Launches Breakthrough Sports Insurance Product on Socotra’s Modern Policy Core Platform
Compliance management Consumer protection laws Credit Bureaus Featured

Latest Advisory to Protect Privacy When Companies Compile Personal Data

Fintech Staff Writer
Advisory affirms that “permissible purposes” are required to use and share personal data linked with credit reports and background reports Today, the Consumer Financial Protection Bureau (CFPB) issued a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the......
CFPB Acts to Protect the Public from Black-Box Credit Models Using Complex Algorithms
Compliance management Consumer protection laws Featured

CFPB Acts to Protect the Public from Black-Box Credit Models Using Complex Algorithms

Sudipto Ghosh
Companies relying on complex algorithms must provide specific and accurate explanations for denying applications The Consumer Financial Protection Bureau (CFPB) confirmed that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying an application for credit or taking other adverse actions, even if the creditor is......
CFPB Announces Steps to Prevent the Weaponization of Credit Reporting SystemCFPB Announces Steps to Prevent the Weaponization of Credit Reporting System
Consumer protection laws Credit Bureaus debt collection Featured

CFPB Announces Steps to Prevent the Weaponization of Credit Reporting System

Sudipto Ghosh
To prevent the weaponization of existing credit rating systems by debt collectors and insurance agents, the CFPB has taken stringent steps. CFPB has released a report on how various agents are misusing credit rating systems to coerce people. Amid COVID-19, there is a total outstanding of around $88 billion USD......
CFPB Launches New Way for the Public to Petition the Agency for Action
Business Finance News

Consumer Financial Protection Bureau Launches New Way for the Public to Petition the Agency for Action

Fintech News Desk
Reforms Will Help the Public to Exercise their Constitutional Rights The Consumer Financial Protection Bureau (CFPB) made it easier for the public to meaningfully engage with the agency and request regulatory changes. Starting today, members of the public can submit petitions for rulemaking directly to the CFPB. The petitions will......
CFPB Orders Tech Giants to Turn Over Information on their Payment System Plans
Digital Payments News

CFPB Orders Tech Giants to Turn Over Information on their Payment System Plans

Fintech News Desk
Orders will help CFPB monitor for data surveillance, access restrictions, and other consumer protection risks as payments technologies and markets evolve The Consumer Financial Protection Bureau (CFPB) issued a series of orders to collect information on the business practices of large technology companies operating payments systems in the United States.......
GlobalFintechSeries Interview with Kevin Hughes, Senior Product Manager, Aggregation Services, Digital Payment Solutions at Fiserv
Banking Fintech Interviews Risk Management

GlobalFintechSeries Interview with Kevin Hughes, Senior Product Manager, Aggregation Services at Fiserv

Paroma Sen
Improving Marketing and Sales Alignment, Adjusting to the New Normal and Scaling Business Growth Despite Covid-19, catch more in these conversations with experts from JotForm, Xactly, Demandbase and More!  ...
FormFree Receives U.S. Patent for Ground-Breaking Approach to Credit Decisioning
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FormFree Founder Brent Chandler Commends CFPB Proposal to Eliminate DTI, Citing Ability to Pay as ‘Best Consumer Borrowing Risk Indicator’

Fintech News Desk
FormFree Founder and CEO Brent Chandler responded to this week’s news that Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger indicated the bureau’s decision to propose amending the Ability to Repay/Qualified Mortgage Rule so as to “move away” from debt-to-income (DTI) calculations as a mortgage underwriting factor: First, I commend the CFPB for their courage......
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