Page 16 - Cfpb News Today

The mortgage market was profoundly affected by high interest rates last year, a trend that is likely to continue given this year's rate increases, CFPB director says. Residential mortgage lending activity declined sharply in 2022 as rates, closing costs and denials for insufficient income surged, a new report shows."The higher interest rate environment had profound effects on the mortgage market in 2022, with borrowers paying much more in monthly payments,” said Rohit Chopra, di...

Homebuyers faced surging costs, fees and monthly payments in 2022. And lenders denied prospective borrowers far more often last year, per a CFPB report.

The Biden Admin discourages AI-driven credit denials, saying lenders should rely on customers' specific behaviors.

The Biden Admin discourages AI-driven credit denials, saying lenders should rely on customers' specific behaviors.

The Consumer Financial Protection Bureau is drafting a rule that would remove nearly all medical debt from credit reports, a practice the federal agency says unfairly harms 1 in 5 Americans.

Enacting new regulations can be a lengthy process. Administration officials said Thursday that the new rules would be developed next […] The post Biden administration to ban medical debt from Americans’ credit scores appeared first on TheGrio.

The Supreme Court is poised to consider a case this fall that raises constitutional questions over the use of in-house judges handling cases brought by the Securities and Exchange Commission.

Despite Medicare insurance coverage for Americans 65-plus, a new government study shows record medical debt piling up due partly to billing errors.  

(Bloomberg) -- Medical debt would be scrubbed from consumers’ credit reports under a proposal financial regulators are considering, an effort to aid millions of US households grappling with hefty outstanding bills.Most Read from BloombergIndia Suspends Visas, Canada Pulls Diplomats Amid TensionsEx-Goldman Bankers Make a Fortune With Controversial Bet on Coal‘Dead Space’ Co-Creator Departs Startup After Newest Game FlopsWall Street Trading Roiled by ‘Post-Fed Hangover&...

What took place this week in the credit card and payment industries