Consumer Financial Protection Bureau News

Supreme Court to Hear ‘Disparate Impact’ Housing Case

The U.S. Supreme Court agreed to decide whether people suing for housing discrimination must prove they were victims of intentional bias, in a case that may give long-sought protection to the lending industry. The justices today said they will hear …

FICO to Downplay Medical Debt in Credit Scores

A move by personal credit score provider FICO to leave out or discount medical debt from its scores will boost the credit record of many borrowers, while helping lenders to better assess risk. The company, formerly known as Fair Isaac …

Financial Firms Want More Time to Review U.S. Consumer Complaint Proposal

The federal government is proposing a new policy that would allow consumers to publicly post their complaints about consumer financial products and services. Under the proposal by the Consumer Financial Protection Bureau (CFPB), consumers would have the option to share …

Judge Dismisses Lawsuit Against Dodd-Frank by 11 States and Texas Bank

A lawsuit by 11 states and a Texas bank challenging the Dodd-Frank law’s financial regulation overhaul was dismissed by a federal judge. U.S. District Judge Ellen Segal Huvelle in Washington Thursday ruled that the states and the State National Bank …

Senator Seeks Review of Consumer Bureau Data Collection

The U.S. Senate Banking Committee’s top Republican is asking the investigative arm of Congress to determine whether the Consumer Financial Protection Bureau is acting within its powers in a sweeping data collection effort. Senator Mike Crapo, an Idaho Republican, made …

Senate to Hold Vote on Consumer Agency Director Next Week

U.S. Senate Democratic leaders plan to hold a vote next week on President Barack Obama’s choice to lead the Consumer Financial Protection Bureau, a Senate Democratic aide said on Wednesday, but they are not expected to muster enough votes to …

Mortgage Insurers Settle for $15 MIllion Over Alleged Kickbacks to Lenders

Four mortgage insurers agreed to pay about $15 million to settle claims that they paid kickbacks to mortgage lenders in exchange for business, the U.S. consumer watchdog said on Thursday. The Consumer Financial Protection Bureau said the deals took place …

Financial Firms Tie Support for Consumer Chief Cordray to Bureau Reforms

The Financial Services Roundtable says it will support the confirmation of Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB), provided Congress makes changes to CFPB’s structure. “Our members strongly believe the CFPB should operate under a more democratic …

Senate Committee Approves SEC, Consumer Financial Bureau Chiefs

A U.S. Senate panel voted to move forward two of President Barack Obama’s choices to lead financial regulatory agencies, but his pick of Richard Cordray to head the new consumer bureau likely still faces a tough path to final confirmation. …

Republicans to Block Obama Consumer Financial Bureau Chief

U.S. Senate Republicans on Friday pledged to block President Barack Obama’s choice to lead the consumer finance watchdog until Democrats agree to restructure it, ramping up an expected fight this year over the controversial new bureau. The group of 43 …