Page 54 - Cfpb News Today

Without a rule standardizing data sharing standards, the Consumer Financial Protection Bureau risks the creation of a patchwork system of privacy standards as consumers seek the benefits of an open banking ecosystem.

Without a rule standardizing data sharing standards, the Consumer Financial Protection Bureau risks the creation of a patchwork system of privacy standards as consumers seek the benefits of an open banking ecosystem.

It calls for policy changes to address the issue.

On June 9, the CFPB filed a complaint and proposed order in California federal district court seeking final judgment against the owner of a student loan debt relief company for allegedly withdrawing more than $240,000...

CFPB filed a complaint and proposed order in California federal district court seeking final judgment against the owner of a student loan debt relief company for allegedly withdrawing more than $240,000 from the bank accounts of student borrowers without authorization.

The Consumer Financial Protection Bureau sent a mass email to thousands of the bank’s customers and former employees to gather information about the possible creation of phony accounts. Critics — including a federal judge — say the CFPB asked leading questions and may have overstepped its bounds.

Upstart said it needed to make updates to its modeling faster than the CFPB would allow.

The agency’s proposed data collection and reporting requirements would disproportionately burden community banks, which lead the nation in small-business lending.

CFPB makes clear that ECOA requires the creditor to supply a specific explanation to an applicant that has been denied credit. CFPB Director Rohit Chopra added that this right is not diminished simply because a company uses a complex algorithm that it doesn’t understand.

Consumer Financial Protection Bureau the Bureau or CFPB issued its third Circular emphasizing creditor use of complex algorithms,The Circular makes clear that federal consumer protection laws apply, and are enforced, regardless of the technology a creditor employs.