Agencies supervising lenders should make it clear that the transition to less discriminatory algorithms won’t be used to punish banks for their previous use of older, less effective systems.

Rohit Chopra, the director of the Consumer Financial Protection Bureau, is laying the groundwork to potentially declare that Facebook and another Big Tech firms pose risks to consumers.

The Consumer Financial Protection Bureau’s unified agenda was quietly released this week, and it shows that rules on consumer access to financial records and small-business data collection are top priorities. 

The accord resolves a lawsuit by the U.S. Department of Housing and Urban Development alleging that the algorithms used in Meta’s advertising systems allowed marketers to violate fair housing laws by limiting or blocking certain groups of people from seeing housing ads on the service. 

The Government Accountability Office said that examiner guidance at the Office of the Comptroller of the Currency didn’t take into account new statistical methods to uncover potential redlining.

The CRA has failed to reduce anti-Black racial discrimination in financial services, to lower poverty or to lessen environmental destruction.

Without a rule standardizing data sharing standards, the Consumer Financial Protection Bureau risks the creation of a patchwork system of privacy standards as consumers seek the benefits of an open banking ecosystem.

The director of the Consumer Financial Protection Bureau said he plans to take a fresh look at the Qualified Mortgage rule, the CARD Act and other long-standing rules.

The Consumer Financial Protection Bureau sent a mass email to thousands of the bank's customers and former employees to gather information about the possible creation of phony accounts. Critics — including a federal judge — say the CFPB asked leading questions and may have overstepped its bounds.

A new study has found that Black and Hispanic borrowers are denied conventional mortgages at higher rates than white applicants and pay up to $2,000 more to refinance.

The lender and its founder are accused of retaliating against the second-in-command for raising alarm over deceptive financial statements and other concerning behavior.

The Federal Housing Finance Agency and the Consumer Financial Protection Bureau want financial institutions to provide more outreach to non-English speakers, a move that could foreshadow multilingual disclosure mandates.

Secret test scenarios last year found a loan originator providing fewer options and services on multiple occasions to Black borrowers compared to white customers.

Risky loan applications had been on the rise for more than a year, according to the analytics firm CoreLogic. Now that activity is slowing down, lenders face a higher risk of fraud, and many could be ill-equipped to handle it.

The Federal Reserve is about to start shrinking its $8.9 trillion balance sheet, deploying a second tool along side higher interest rates to curb inflation, though officials don’t know just how effective it will be.

The system may be good for the banks that own it, but it is not meeting its public mission.

Companies that use artificial intelligence or machine learning in their loan decisions are legally required to provide a specific explanation when applications get denied, the Consumer Financial Protection Bureau said in a policy statement.

Servicers unfamiliar with the registry's requirements of having up-to-date policies and procedures in place are responsible for the increase in findings, MetaSource found.

The bureau’s new office of competition and innovation will promote competition, host events and seek to make it easier for consumers to switch financial providers.

Martin Gruenberg, the agency' acting chair, said it will be watching commercial real estate and other assets as matters of “ongoing supervisory attention.”