Tag Archives: Rohit Chopra

After proposing a new rule last week to close a junk fee loophole, the Consumer Financial Protection Bureau has proposed a new rule to stop junk fees at the time of payment.

Overdraft fees—colloquially known as “junk fees” in most circles—cost Americans billions of dollars a year, but a proposed rule from the Consumer Financial Protection Bureau would close one avenue of racking up these charges.

A group of 10 U.S. Senators have issued a letter to the heads of HUD and the CFPB calling for an examination of Navy Federal Credit Union’s practices after a report claimed the institution was more than twice as likely to deny loans for Black applicants as white applicants.

Even in light of changing legislation and promises from banks to be more transparent on how and when overdraft fees occur, the CFPB has found that many Americans are still surprised by them.

A lawsuit filed by the CFPB and Justice Department alleges that Texas-based developer and lender Colony Ridge targeted and exploited Hispanic borrowers with false statements and predatory loans.

The Bureau has ordered the bank to pay $12 million into the CFPB’s victims relief fund for falsifying forms about mortgage applicants and reporting incorrect information to federal regulators.

The Bureau has issued a new analysis on state Community Reinvestment Act laws, examining affirmative lending, service delivery, and investment obligations by mortgage companies and deposit-taking institutions. Read the details after the link.

Customers will be delighted to know that the CFPB has their back and is helping large banks stop charging junk fees for basic customer service.

The CFPB and FTC have issued a joint consent order requiring the credit reporting conglomerate to pay $23 million in fines for tenant screening and security freeze failures.

"The higher interest rate environment had profound effects on the mortgage market in 2022, with borrowers paying much more in monthly payments,” said CFPB Director Rohit Chopra. Click through to read more on the CFPB’s analysis of 2022 HMDA data.