CFPB Blog

CFPB Blog: Language Access in Consumer Finance

The CFPB blog post discusses the increasing recognition of consumers with limited English proficiency as an underserved market in financial services. It highlights business rationales for multilingual services, phased implementation strategies, and the importance of bilingual personnel, based on CFPB engagement with industry stakeholders.

CFPB Amicus Brief on Credit Reporting Accuracy

The CFPB filed an amicus brief in a case against TransUnion, arguing that credit reporting companies must disclose the source of personal identifying information like phone numbers and that accuracy requirements apply to such data. This action is part of the CFPB's ongoing efforts to hold credit reporting companies accountable for inaccurate data.

Appraisal Subcommittee Progress Report on Appraisals

The CFPB's Appraisal Subcommittee (ASC) has reported progress on its priorities, including addressing appraisal bias and completing Dodd-Frank Act rulemakings. A Notice of Proposed Rulemaking (NPRM) concerning prompt corrective action for state appraisal agencies was approved and published, with a comment period closing February 4, 2025.

CFPB Blog Post on Zombie Second Mortgages

The CFPB issued a blog post highlighting the resurfacing of 'zombie second mortgages' and the associated risks to homeowners. The post details findings from CFPB examinations indicating failures in sending periodic statements and aggressive collection tactics, potentially violating federal laws like TILA, RESPA, and FDCPA.

CFPB Bans Argus Information from Government Contracts

The CFPB announced that Argus Information and Advisory Services, a subsidiary of TransUnion, has agreed not to seek government contracts with the CFPB for three years. This follows a $37 million settlement by Argus with the Department of Justice for alleged misuse of federal regulator data.