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.
Browsing: Consumer lending
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
First-party data: Smarter insights when determining creditworthiness
With transactional data, banks can make borrowing smarter and better serve more customers.
ABA urges CFPB to balance concerns, benefits of AVMs in rulemaking
ABA offered feedback to the CFPB on a recent outline of proposals under consideration for a joint agency rulemaking to develop quality control standards for the use of computer models, known as automated valuation models.
Household debt ticks up slightly in Q1
Total household debt increased by 1.7% to $15.84 trillion in the first quarter of this year, the Federal Reserve Bank of New York reported.
Fed survey: business lending standards largely unchanged amid rising demand
Lending standards for business loans remained largely unchanged in the first quarter of 2022, according to the Federal Reserve’s senior loan officer opinion survey released today.
CFPB to examine nonbanks for consumer risks
The Consumer Financial Protection Bureau today said it would invoke a “largely unused” authority under the Dodd-Frank Act to directly examine nonbank financial services providers. “Given the rapid growth of consumer offerings by nonbanks, the CFPB is now utilizing a dormant authority to hold nonbanks to the same standards that banks are held to,” said CFPB Director Rohit Chopra.