CFPB proposes rule to apply TILA requirements to PACE loans
The CFPB released a proposal for applying ability-to-repay requirements to residential property assessed clean energy, or PACE, loans.
Browsing: Consumer lending
CFPB issues interim final rule for Libor transition
CFPB: The updated rule will “facilitate the orderly transition of those consumer loans that currently use the Libor index to other indices.”
Banks seek to provide the benefits of BNPL amid regulatory concerns
Banks entering the buy-now-pay-later market will find significant competition as well as potentially some allies.
Biden repeats misleading message about bank fees in State of the Union
In his State of the Union address tonight, President Biden highlighted his administration’s proposals to place price controls on consumer fees, including fees charged by banks for late payments.
CFPB issues preliminary decision on TILA preemption of NY state law
The Consumer Financial Protection Bureau this week announced its intent to make a preemption determination regarding whether the Truth in Lending Act preempts a New York State commercial financing law with respect to certain provisions.
CFPB: Home loan activity shifts from refinancing to purchasing
The Consumer Financial Protection Bureau’s most recent annual report on residential mortgage lending activity shows a shift from refinance loans in 2020 to home purchase loans in 2021.
Household debt rises amid growth in credit card debt
Total household debt increased 2% in the second quarter of 2022, rising by $312 billion to land at $16.65 trillion, the Federal Reserve Bank of New York reported today.
Fed Survey: Business Leading Standards Tighten, Demand Grows Stronger
Lending standards for business loans tightened during the second quarter of 2022, according to the Federal Reserve’s senior loan officer opinion survey released today.
CFPB to lenders: Algorithms, AI used in credit decisions must be explainable
In a new circular, the CFPB said that under the Equal Credit Opportunity Act and Regulation B, creditors are not permitted to use complex algorithms in credit decision-making if doing so means they are unable to provide “the specific and accurate reasons for adverse actions.”
Study: Personal loan market sees post-pandemic growth
The personal loan market is making a resurgence after slowing during the pandemic, according to a report released today by J.D. Power. T