Latest CFPB Updates

The Consumer Financial Protection Bureau

The Consumer Finance Protection Bureau (CFPB) is responsible for consumer protection in the financial sector. CFPB’s jurisdiction includes credit unions,  banks, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, and other financial companies operating in the United States. NASCUS closely monitors CFPB developments and responds to requests for comments on rules impacting the credit union system.

Recent 2024 Updates 


CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products

The CFPB proposed an interpretive rule explaining that many paycheck advance products are consumer loans subject to the Truth in Lending Act.


Agencies Issue Final Rule to Help Ensure Credibility and Integrity of Automated Valuation Models

Six federal regulatory agencies today issued a final rule, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to help ensure the credibility and integrity of models used in valuations for certain mortgages secured by a consumer’s principal dwelling.


FFIEC Publishes 2023 Data on Mortgage Lending

The Federal Financial Institutions Examination Council (FFIEC) today published data on 2023 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 5,113 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies.

CFPB Issues Proposed Rule to Amend the Mortgage Servicing Rules

Today, the CFPB issued a Notice of Proposed Rulemaking (NPRM) related to the mortgage servicing rules in Regulation X.

In general, the proposed rule would streamline existing loss mitigation requirements to provide borrowers with quicker loss mitigation solutions, add foreclosure procedural safeguards that begin as soon as a borrower requests loss mitigation assistance, revise certain early intervention requirements, and provide borrowers with access to certain mortgage servicing communication in languages other than English. The proposed rule also requests comment on various servicing issues, including comment on servicer furnishing practices for consumer reporting.

You can read the NPRM and an unofficial redline of the proposed changes here:

You can also read a Fast Facts summary of the proposed rule here:


CFPB Takes Action Against Fifth Third for Wrongfully Triggering Auto Repossessions and Opening Fake Bank Accounts

The CFPB took action against repeat offender Fifth Third Bank for a range of illegal activities that would result in the bank paying millions in penalties as well as paying redress to harmed consumers.


CFPB Exams Find Loan Servicing Failures, Illegal Debt Collection Practices, and Issues with Medical Payment Products

The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights sharing key findings from recent examinations of auto and student loan servicing companies, debt collectors, and other financial services providers. The report also highlights consumer complaints about medical payment products and identifies concerns with providers preventing access to deposit and prepaid account funds.


CFPB and FHFA Release Updated Data from the National Survey of Mortgage Originations for Public Use

The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) today published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). The data also provide updated mortgage performance and credit information for a nationally representative sample of mortgage borrowers from 2013 to 2021.

Since 2014, FHFA and CFPB have sent quarterly surveys to borrowers who recently obtained mortgages. These surveys gather feedback on borrowers’ experiences during the mortgage process, their perceptions of the mortgage market, and their future expectations. Today’s release adds one additional year of new mortgage data through 2021.

The CFPB’s 2023 fair lending annual report to congress

CFPB released its Fair Lending Annual Report to Congress, describing how we took action against unlawful discrimination and advanced access to fair credit in calendar year 2023.

The CFPB used every tool at our disposal to carry out our fair lending work, from enforcement and supervision to guidance and rulemaking, including close coordination with our state and federal partners.

The CFPB took action against repeat offender Citibank for intentional, illegal discrimination against Armenian Americans applying for credit cards. The CFPB and Department of Justice also sued a Texas-based developer named Colony Ridge for discriminatorily targeting Latinos with inferior mortgage products. The CFPB also identified significant issues around institutions failing to report demographic information required under the Home Mortgage Disclosure Act (HMDA). In addition to addressing issues through the supervisory process, we filed two public enforcement actions against repeat offenders, Freedom Mortgage and Bank of America, for inaccurate reporting of HMDA data.

CFPB Issues Interim Final Rule to Extend Compliance Dates for the Small Business Lending Rule

The CFPB has issued an interim final rule extending the small business lending rule’s compliance dates and making other date-related conforming adjustments.

The interim final rule is available here:


CFPB Extends Compliance Dates for Small Business Lending Rule

Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule to extend compliance deadlines for the small business lending rule. After the CFPB issued the small business lending rule on March 30, 2023, a federal court in Texas stayed the rule pending the Supreme Court’s decision in CFPB v. CFSA. The Texas court also required the CFPB to extend the rule’s compliance deadlines to compensate for the period stayed. Today’s interim final rule follows the recent Supreme Court decision in CFPB v. CFSA.

The interim final rule extends compliance dates by 290 days, which is the time that has elapsed between the Texas court’s first issuance of a stay last year and the Supreme Court’s decision in CFPB v. CFSA last month. Lenders with the highest volume of small business loans must begin collecting data by July 18, 2025; moderate volume lenders by January 16, 2026; and the smallest volume lenders by October 18, 2026. The deadline for reporting small business lending data to the CFPB remains June 1 following the calendar year for which data are collected. Thus, high volume lenders will first submit data by June 1, 2026, while moderate and low volume lenders will first submit data by June 1, 2027. Under the interim final rule, lenders may continue using their small business originations from 2022 and 2023 to determine their initial compliance date, or instead use their originations from 2023 and 2024.

Read today’s interim final rule.


CFPB Takes Action Against Sutherland Global and NOVAD Management Consulting for Reverse Mortgage Servicing Failures

The Consumer Financial Protection Bureau (CFPB) today ordered a reverse mortgage servicing operation to stop illegal activities that harmed older homeowners and caused them to fear losing their homes. The CFPB found that the customer service operation of Sutherland Global, its subsidiaries Sutherland Government Solutions and Sutherland Mortgage Services, and NOVAD Management Consulting had inadequate resources and staffing to handle as many as 150,000 borrowers. This caused systematic failures to respond to thousands of homeowner requests for assistance, and caused financial harm to borrowers, including losing out on home sales and paying unnecessary costs. The order permanently bans Sutherland Global, Sutherland Government Solutions, and NOVAD from engaging in reverse mortgage activities, imposes strict compliance requirements on future reverse mortgage activities of Sutherland Mortgage Services, requires the Sutherland companies to pay $11.5 million in redress to affected consumers, and requires all companies to pay a civil penalty of approximately $5 million, which will be deposited in the CFPB’s victims relief fund.


CFPB Takes Action Against Repeat Offender Freedom Mortgage Corporation for Violating Law Enforcement Order and for Housing Data Errors

The Consumer Financial Protection Bureau (CFPB) today filed a proposed order that would require Freedom Mortgage Corporation to pay a $3.95 million penalty for submitting error-riddled mortgage loan data to federal regulators. In October 2023, the CFPB sued the nonbank mortgage company for violating both the Home Mortgage Disclosure Act (HMDA) and a 2019 CFPB order. In addition to the civil money penalty, if entered by the court, today’s proposed stipulated judgment and order will require Freedom Mortgage to regularly audit, test, and correct the company’s HMDA data.

Freedom Mortgage Corporation is a privately held nonbank mortgage loan originator and servicer headquartered in Boca Raton, Florida. In 2020, Freedom reported HMDA data on over 700,000 mortgage loan applications and originated nearly 400,000 HMDA-reportable loans worth almost $100 billion.

CFPB Issues Proposed Rule and Fast Facts on Medical Information in Consumer Reports

Today, the CFPB issued a Notice of Proposed Rulemaking (NPRM) related to consumer reporting of medical information.  The CFPB also released a Fast Facts summary of the NPRM.

The proposal would remove an existing Regulation V exception to the Fair Credit Reporting Act’s limitation on a creditor’s use of medical debt information, and it would amend existing exceptions for use of other medical information related to credit eligibility determinations.  The proposed rule would also generally prohibit consumer reporting agencies from including medical debt information in consumer reports to creditors making credit determinations.

You can access the NPRM and Fast Facts here:

You can sign up to receive updates on consumer reporting rules and guidance here:


CFPB Proposes to Ban Medical Bills from Credit Reports

The Consumer Financial Protection Bureau (CFPB) today proposed a rule that would remove medical bills from most credit reports, increase privacy protections, help to increase credit scores and loan approvals, and prevent debt collectors from using the credit reporting system to coerce people to pay. The proposal would stop credit reporting companies from sharing medical debts with lenders and prohibit lenders from making lending decisions based on medical information. The proposed rule is part of the CFPB’s efforts to address the burden of medical debt and coercive credit reporting practices.

In 2003, Congress restricted lenders from obtaining or using medical information, including information about debts, through the Fair and Accurate Credit Transactions Act. However, federal agencies subsequently issued a special regulatory exception to allow creditors to use medical debts in their credit decisions.


CFPB Launches Process to Recognize Open Banking Standards

The Consumer Financial Protection Bureau (CFPB) finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial Data Rights Rule. Today’s rule identifies the attributes that standard setting bodies must demonstrate in order to be recognized by the CFPB. The rule also includes a step-by-step guide for how standard setters can apply for recognition and how the CFPB will evaluate applications.

The CFPB is working to accelerate the shift to open banking in the United States. In 2010, Congress passed into law new personal financial data rights for consumers. Guaranteeing a consumer’s right to their data will open up more opportunities for smaller financial institutions and startups offering products and services. However, these new rights have not taken full effect, because the CFPB never issued a rule. In October 2023, the CFPB proposed a rule to implement these rights and will finalize it in the coming months.


CFPB Warns Against Deception in Contract Fine Print

The Consumer Financial Protection Bureau (CFPB) today issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. Companies use this fine print tactic to try to trick consumers into believing they have given up certain legal rights or protections. When financial institutions take these types of actions, they risk violating the Consumer Financial Protection Act. Today’s warning is part of the CFPB’s broader efforts to ensure freedom and fairness in people’s interactions with financial institutions.

Many consumer contracts include terms and conditions that claim to limit consumer rights and protections. This fine print may just be an attempt to confuse people about their rights. A common example is the general liability waiver, which purports to fully insulate companies from suits even though most states have laws that create hosts of exemptions to these waivers.

CFPB Issues Nonbank Registration of Orders Final Rule and Executive Summary

Today, the CFPB issued a final rule related to nonbank registration of certain orders.  The final rule requires certain nonbank entities to register information about their company and certain orders, as well as submit copies of those orders, to the CFPB.

The final rule is effective on September 16, 2024, and has a phased initial registration period by nonbank type that begins as early as October 16, 2024.

You can access the final rule and an executive summary here:


CFPB Creates Registry to Detect Corporate Repeat Offenders

The Consumer Financial Protection Bureau (CFPB) today finalized a rule to establish a registry to detect and deter corporate offenders that have broken consumer laws and are subject to federal, state, or local government or court orders. The registry will also help the CFPB to identify repeat offenders and recidivism trends. The new registry is part of the CFPB’s ongoing focus on holding lawbreaking companies accountable and stopping corporate recidivism.


CFPB Sues Student Loan Servicer PHEAA for Pursuing Borrowers for Loans Discharged in Bankruptcy

Today, the Consumer Financial Protection Bureau (CFPB) sued student loan servicer Pennsylvania Higher Education Assistance Agency (PHEAA), which does business as American Education Services (AES), for illegally collecting on student loans that have been discharged in bankruptcy and sending false information about consumers to credit reporting companies. The CFPB’s lawsuit asks the court to order PHEAA to stop its illegal conduct, provide redress to borrowers it has harmed, and pay a civil penalty.

PHEAA is a student loan servicer with its principal office in Harrisburg, Pennsylvania. It is a public corporation organized under the laws of the Commonwealth of Pennsylvania. As of December 2023, PHEAA serviced a portfolio of student loans worth roughly $17.8 billion.


CFPB Launches Inquiry into Junk Fees in Mortgage Closing Costs

The Consumer Financial Protection Bureau (CFPB) today launched a public inquiry into junk fees that are increasing mortgage closing costs. The CFPB wants to understand why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered. According to a CFPB analysis, the closing costs borrowers pay in connection with a mortgage have risen steeply in recent years. From 2021 to 2023, median total loan costs for home mortgages increased by over 36%. The unavoidable fees borrowers must pay at closing can strain household budgets and families’ ability to afford a down payment. The fees may also limit the ability of lenders to offer competitive mortgages because they have to absorb the higher costs or pass them on to borrowers.


Servicemembers have submitted over 400,000 complaints since the CFPB opened its doors

Complaints to CFPB from servicemembers, veterans, and their families just crossed the 400,000 mark. Last year, the CFPB saw total complaints from the military community increase by 27% from 2022 and 98% compared to 2021—with complaints ranging from credit reporting errors to mortgage problems to financial fraud and scams.

Each of these complaints represents a financial issue that a servicemember, military family member, or veteran could not get resolved with the respective company, so they turned to the CFPB for help. When banks and financial institutions flout consumer or military financial protections, the CFPB acts to ensure companies are held responsible. CFPB also conducts research to better understand the issues consumers raise and to identify potential solutions.

CFPB issued an Interpretive Rule related to “Buy Now, Pay Later” products. 

The Interpretive Rule addresses the applicability of Regulation Z to certain lenders marketing their loans as “Buy Now, Pay Later.”  This interpretive rule clarifies that these lenders are “card issuers” for purposes of Regulation Z.  Additionally, it clarifies that such lenders that extend credit are also “creditors” subject to certain provisions of Regulation Z, including those provisions governing periodic statements and billing disputes.

Comments are due on this Interpretive Rule by August 1, 2024.

You can access the Interpretive Rule here:


CFPB Takes Action to Ensure Consumers Can Dispute Charges and Obtain Refunds on Buy Now, Pay Later Loans

The Consumer Financial Protection Bureau (CFPB) today issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. Accordingly, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to conventional credit cards. These include a right to dispute charges and demand a refund from the lender after returning a product purchased with a Buy Now, Pay Later loan. The CFPB launched its inquiry into the rapidly expanding Buy Now, Pay Later market more than two years ago and continues to see consumer complaints related to refunds and disputed transactions. Today’s action will help bring consistency to this market.

The Buy Now, Pay Later market has expanded rapidly over the past few years. Lenders advertise buying products over four simple payments. Products are marketed as a way to help consumers pay for expensive products and services over time without having to pay interest. Today, both products, like televisions and gaming systems, and services, like airline tickets and cruises, can be purchased through Buy Now, Pay Later products. Buy Now, Pay Later products are popular across ages, races, and income levels.


CFPB Takes Action Against Western Benefits for Swindling Student Loan Borrowers

The Consumer Financial Protection Bureau (CFPB) took action against Western Benefits Group for charging illegal advance fees for student loan debt relief services and misrepresenting to consumers that advance fees would go toward paying down their loans. The CFPB found Western Benefits also misrepresented that it was affiliated with and endorsed by the Department of Education, and that the company would help consumers consolidate student loans, lower consumers’ monthly student loan payments, or obtain loan cancellation. The CFPB is ordering Western Benefits to permanently cease operations and pay a $400,000 penalty to be deposited in the CFPB’s victims relief fund. The order also rescinds all existing agreements with consumers.


CFPB Sues SoLo Funds for Deceiving Borrowers and Illegally Extracting Fees

The Consumer Financial Protection Bureau (CFPB) today sued the online lending platform SoLo Funds for deceiving borrowers about the total cost of loans. The CFPB alleges that SoLo markets itself as a consumer-friendly alternative to high-cost, short-term loans. Despite advertising zero-interest loans or 0% APR loans, SoLo’s use of dark patterns ensures that almost every borrower pays a fee, in the form of a “tip” or “donation.” The CFPB is seeking, among other things, injunctions against SoLo to prevent future violations, monetary relief for borrowers, forfeiture of ill-gotten gains, and a civil money penalty.

SoLo Funds is a nonbank financial technology company headquartered in Los Angeles. Since at least 2018, SoLo has operated a digital lending platform through which consumers can obtain short-term loans. The maximum SoLo loan amount is $575, and the minimum is $20. SoLo brokers loans between consumer borrowers and investors. SoLo requests consumers pay fees to lenders and to SoLo, which the company refers to as “tips” and “donations,” respectively. SoLo services and collects on loans brokered through its platform.


Statement on Supreme Court Decision in CFPB v. CFSA

The Consumer Financial Protection Bureau issued a statement today regarding the Supreme Court’s decision in CFPB v. Community Financial Services Association of America:

“For years, lawbreaking companies and Wall Street lobbyists have been scheming to defund essential consumer protection enforcement. The Supreme Court has rejected their radical theory that would have devastated the American financial markets. The Court repudiated the arguments of the payday loan lobby and made it clear that the CFPB is here to stay.”

“Congress created the CFPB to be the primary federal watchdog protecting consumers from predatory and abusive practices in the financial sector. Since the CFPB opened its doors in 2011, it has delivered more than $20 billion in consumer relief to hundreds of millions of consumers and has handled more than 4 million consumer complaints.”

“Today’s decision is a resounding victory for American families and honest businesses alike, ensuring that consumers are protected from predatory corporations and that markets are fair, transparent, and competitive.”

“This ruling upholds the fact that the CFPB’s funding structure is not novel or unusual, but in fact an essential part of the nation’s financial regulatory system, providing stability and continuity for the agencies and the system as a whole. As we have done since our inception, the CFPB will continue carrying out the vital consumer protection work Congress charged us to perform for the American people.”


CFPB Distributes $384 Million to 191,000 Victims of Think Finance’s Illegal Lending Practices

The Consumer Financial Protection Bureau (CFPB) today distributed more than $384 million to about 191,000 consumers harmed by Think Finance. Think Finance, a Texas-based online lender, deceived borrowers into repaying loans they did not owe. The CFPB distributed the money through its victims relief fund.

The CFPB’s victims relief fund, also known as the Civil Penalty Fund, has distributed more than $1 billion to consumers harmed by scams, frauds, and other illegal practices. The CFPB’s victims relief fund is a unique tool that helps the agency make harmed consumers whole when lawbreakers are unable to fully compensate their victims. Penalties paid into, and disbursed from, the victims relief fund are separate from monetary redress the CFPB orders lawbreakers to pay directly to harmed consumers.

CFPB and FRB Issue Joint Regulation CC Threshold Adjustments

On May 13, 2024, the CFPB and the Federal Reserve Board announced inflation adjustments to the dollar amount thresholds in Regulation CC relating to availability of funds as required by the Expedited Funds Availability Act (EFA Act). These adjustments are effective July 1, 2025.

You can access the final rule here:


Agencies announce inflation-adjusted dollar thresholds for Regulation CC funds availability

The Consumer Financial Protection Bureau and the Federal Reserve Board today jointly adjusted for inflation dollar amounts relating to the availability of customer funds.

These changes in Regulation CC include the minimum amount of deposited funds that banks must make available for withdrawal by opening of business on the next day for certain check deposits as well as the amount of funds deposited by certain checks in a new account that are subject to next-day availability.

By law, the agencies are required to adjust these dollar thresholds every five years by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The inflation measurement period for this adjustment began in July 2018 and ended in July 2023.

To help ensure that depository institutions have sufficient time to implement the adjustments, the compliance date for the new amounts is July 1, 2025.

Read the Availability of Funds and Collection of Checks (Regulation CC) final rule.


CFPB Report Highlights Consumer Frustrations with Credit Card Rewards Programs

The Consumer Financial Protection Bureau (CFPB) issued a new report finding consumers encounter numerous problems with credit card rewards programs. Consumers tell the CFPB that rewards are often devalued or denied even after program terms are met. Credit card companies focus marketing efforts on rewards, like cash back and travel, instead of on low interest rates and fees. Consumers who carry revolving balances often pay far more in interest and fees than they get back on rewards. Credit card companies often use rewards programs as a “bait and switch” by burying terms in vague language or fine print and changing the value of rewards after people sign up and earn them. New problems have been created by the growth of co-brand credit cards and rewards programs where consumers can transfer miles or points to merchants.


CFPB Takes Action Against Chime Financial for Illegally Delaying Consumer Refunds

The Consumer Financial Protection Bureau (CFPB) took action against Chime Financial for failing to give consumers timely refunds when their accounts were closed. Thousands of consumers waited for weeks or even months for balance refunds after closing their accounts – a failure that inflicted significant financial harm on consumers who did not have access to critical funds to help make ends meet. In some cases, consumers had to seek expensive forms of credit to cover bills that were due. The CFPB’s order requires Chime to provide at least $1.3 million in redress to consumers it harmed, and pay a $3.25 million penalty into the CFPB’s victims relief fund.


CFPB Takes Action to Require National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency to Pay More than $5 Million for Student Loan Servicing Failures

The Consumer Financial Protection Bureau (CFPB) today took action against the National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency (PHEAA) for multi-year servicing failures. The National Collegiate Student Loan Trusts purchase and securitize student loans, and PHEAA services the loans. The CFPB alleges that the defendants failed to respond to borrowers seeking relief from student loan payments, including during the COVID-19 national emergency. The CFPB today filed proposed stipulated final judgments, which, if entered by the court, would require the National Collegiate Student Loan Trusts and PHEAA to pay $400,000 and $1.75 million in penalties, respectively, to the CFPB’s victims relief fund. They would also pay nearly $3 million in redress to harmed borrowers.


CFPB Highlights the Hidden Costs of Health Savings Accounts

The Consumer Financial Protection Bureau (CFPB) today released a report detailing the complex costs and fees that many consumers with health savings accounts are forced to pay. There were approximately 36 million health savings accounts in 2023 – holding more than $116 billion. These accounts provide tax benefits to help offset the costs of high deductible health plans. However, these benefits are being offset by charges like monthly maintenance fees, paper statement fees, outbound transfer fees, and account closure fees. Today’s report is part of the CFPB’s continuing efforts to reduce the risks and costs brought by financial institutions as they increase their presence in the American healthcare system.


CFPB Publishes Research Finding Higher Price Complexity Leads Consumers to Pay More

The Consumer Financial Protection Bureau (CFPB) issued a new report that suggests consumers tend to pay more for products that have more complex pricing structures. The report is based on experiments with multiple rounds of buyers and sellers interacting in simple markets, and found that participants tended to pay more when prices were broken into sub-parts and were harder to understand. The research has implications for understanding how junk fees impede fair and competitive pricing in markets like auto loans or mortgages, where consumers have to evaluate extended warranties, add-ons, closing costs, and a wide variety of other fees instead of an all-inclusive price.

CFPB researchers had study participants act as buyers and sellers in a series of transactions. In some cases the objects for sale had a single all-in price, while in other cases the prices were split into 8 or 16 sub-prices. In the scenarios with more complex pricing, buyers tended to fare worse. The average selling prices rose, buyers had more difficulty comparing prices across sellers, and the overall amount paid rose. These findings contribute to a growing consensus of research and real-world observations showing that junk fees increase overall prices beyond what a fair and competitive market would allow.


CFPB Finds 15 Million Americans Have Medical Bills on Their Credit Reports

The Consumer Financial Protection Bureau (CFPB) today released research showing that 15 million Americans still have medical bills on their credit reports despite changes by Equifax, Experian, and TransUnion. The 15 million Americans disproportionately live in the South and low-income communities. Collectively, they have more than $49 billion in outstanding medical bills in collections. This is the CFPB’s second analysis of the changes made by the three national credit reporting companies to reduce the number of medical bills on credit reports. Today’s report follows the start of a CFPB rulemaking that will consider options to restrict the reporting of allegedly unpaid medical bills on credit reports.


CFPB Takes Action to Stop Illegal Junk Fees in Mortgage Servicing

The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights describing the agency’s actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. CFPB examinations found servicers charging illegal junk fees, such as prohibited property inspection fees; sending deceptive notices to homeowners; and violating loss mitigation rules that help struggling borrowers stay in their homes. In response to the CFPB’s findings, financial institutions refunded junk fees to borrowers and stopped their illegal practices.

The mortgage servicing examination work announced today builds on prior CFPB exam work combatting junk fees in the mortgage servicing and other consumer financial markets. In October of last year, the CFPB announced that its examination work from February to August of 2023 resulted in $140 million refunded to consumers for unlawful junk fees in the areas of bank account deposits, auto loan servicing, and international money transfers. Since that time, the CFPB’s supervision junk fee work has resulted in more than $120 million in additional junk fee refunds in the area of bank account deposits.


CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred for Deceiving Students and Hiding Loan Costs

The Consumer Financial Protection Bureau (CFPB) issued an order against BloomTech and its CEO, Austen Allred, for deceiving students about the cost of loans and making false claims about graduates’ hiring rates. The CFPB found that BloomTech and Allred falsely told students the school’s “income share” agreement contracts were not loans, when in fact the agreements were loans carrying an average finance charge of around $4,000. BloomTech and Allred lured prospective enrollees with inflated promises of job-placement rates as high as 86 percent, when the company’s internal metrics showed placement rates closer to 50 percent and in some cases as low as 30 percent. The order permanently bans BloomTech from all consumer-lending activities and bans Allred from any student-lending activities for ten years. The CFPB is also ordering BloomTech and Allred to cease collecting payments on income share loans for graduates who did not have a qualifying job, eliminate finance changes for certain agreements, and allow students the option to withdraw without penalty. BloomTech and Allred must also pay over $164,000 in civil penalties, which will be deposited in the CFPB’s victims relief fund.


CFPB Updates Supervision Designation Procedures

The Consumer Financial Protection Bureau (CFPB) issued a procedural rule to update how the agency designates a nonbank for supervision. The updates will streamline the designation proceedings for both the CFPB and nonbanks.

The CFPB examines financial institutions, including many nonbanks, for compliance with federal consumer financial protection law. The examinations can help identify issues before they become systemic or cause significant harm. As with other supervisory agencies, CFPB examinations are confidential. The CFPB periodically publishes Supervisory Highlights, which share summaries of exam findings without naming specific institutions.

In 2013, the CFPB issued procedures to govern nonbank supervisory designation proceedings. In 2022, the CFPB announced that it would begin to make active use of the supervisory designation authority. The CFPB initiated its first round of supervisory designation proceedings under the procedures in 2023.

The updated process published today reflects changes to the CFPB’s organizational structure and is informed by the CFPB’s experience with the first round of supervisory designation proceedings.

Read the procedural rule.


Ensuring servicemembers can protect themselves from unlawful financial practices

The CFPB and DOJ filed an amicus brief to help ensure that servicemembers can file lawsuits to enforce the Servicemembers Civil Relief Act.

The Servicemembers Civil Relief Act was passed by Congress to enable servicemembers to devote themselves to the defense of the Nation by providing them key protections. This law’s important provisions include the right to reduced interest on certain loans and shielding servicemembers from foreclosure while they are serving the nation.

In an ongoing case, Citibank has been sued by servicemembers on behalf of themselves and a class of similarly situated people who claim that the bank violated the Servicemembers Civil Relief Act. Four servicemembers say that Citibank charged them and many other active duty servicemembers too much interest on their credit card debt during their military service. Rather than responding on the merits of the servicemembers’ claim, Citibank is fighting their ability even to bring a lawsuit. Citibank is arguing that the servicemembers’ credit-card agreements require them to arbitrate their class claims instead. Last year, a federal judge ruled that the servicemembers are in fact entitled to have their class claims heard in court. Citibank didn’t accept that decision, as it is now appealing the judge’s ruling. And a coalition of businesses — led by the Chamber of Commerce, American Bankers Association, and American Financial Services Association — have sided with Citibank against the group of servicemembers alleging that Citibank broke the law while they were serving their country.


CFPB Finds Violations of Credit Report Accuracy Requirements, Including for Survivors of Human Trafficking

The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights to share key findings from recent examinations about continuing accuracy problems in the credit reporting system. The CFPB found consumer reporting companies failed to ensure the accuracy of credit reports, including by failing to exclude information resulting from alleged identity theft or human trafficking. The CFPB also found furnishers – companies that provide information to consumer reporting companies – failed to correct false or fraudulent information sent to consumer reporting companies.


Data Spotlight: Trends in discount points amid rising interest rates

The 2022 and 2023 housing market was marked by increasing affordability challenges for prospective homebuyers as rapidly rising interest rates reached a peak of 7.79 percent by October of 2023.1 Concurrent with rising interest rates, a larger share of borrowers paid discount points.

In this spotlight, we use quarterly data collected pursuant to the Home Mortgage Disclosure Act (HMDA) to look at the borrower and loan characteristics of homeowners that paid discount points between the first quarter of 2019 and the third quarter of 2023, a period that included record-high mortgage interest rates and preceded the Federal Reserve’s announcement of its intention to lower interest rates.

PUBLISHED Prepared Remarks of CFPB Director Rohit Chopra at the White House on Data Protection and National Security

The Consumer Financial Protection Bureau is the primary regulator charged with enforcing and updating rules under the Fair Credit Reporting Act, one of the only cross-sectoral data protection laws in the United States. This law protects the public when it comes to third party aggregations of personal data.

While our work has long focused on protecting consumers from the serious harms stemming from inaccurate background reports related to employment, credit, and housing, there is an emerging consensus that intrusive surveillance and aggregation of personal data can create the conditions for harming national security and undermining freedom.

PUBLISHED CFPB releases 2023 Consumer Response Annual Report

In 2011, the CFPB began hearing directly from consumers about the challenges they face in the marketplace, bringing their concerns to the attention of financial institutions and assisting in addressing their complaints. Last year, we sent more than 1.3 million complaints to more than 3,400 companies for review and response.

Our 2023 Consumer Response Annual Report found a continued increase in credit or consumer reporting complaints, with more than one million of these complaints being sent to the three nationwide consumer reporting companies: Equifax, Experian, and TransUnion.

Consumers also raised issues about fraudulent activity in nearly every product category, including credit or consumer reporting, debt collection, checking or savings accounts, and credit cards.

PUBLISHED CFPB Takes Action to Halt False Claims of ‘Free’ International Money Transfers

the Consumer Financial Protection Bureau (CFPB) issued a new circular warning remittance transfer providers that false advertising about the cost or speed of sending a remittance transfer can violate federal law. Companies in the marketplace are charging junk fees on international money transfers and making false claims about the speed of transfers. The circular highlights several marketing practices relating to sending international money transfers that may violate the Consumer Financial Protection Act’s (CFPA) prohibition on deceptive acts or practices. This prohibition is enforced by the CFPB, states, and other regulators. Guidance in the circular applies both to traditional providers of international money transfers and to “digital wallets” that offer the capability to send money internationally from the United States.

Consumers in the United States send tens of billions of dollars in international remittances every year, often sent by immigrants to family and friends living abroad or to Americans living temporarily abroad, such as students. The CFPB administers and enforces the Remittance Rule under the Electronic Funds Transfer Act, the first and only federal regulation that provides disclosures and other important consumer protections for people who send international remittances from the United States. The CFPB also enforces the Consumer Financial Protection Act, which prohibits unfair, deceptive or abusive acts and practices across consumer finance. Remittance providers may be liable under the CFPA for deceptive marketing practices regardless of whether the provider is in compliance with the disclosure requirements of the Remittance Rule.


CFPB Joins Federal and State Agencies in Coordinated Statements on Tech & Enforcement

Today, federal and state agencies, including the Consumer Financial Protection Bureau (CFPB), released agency-specific action statements on tech capacity. These statements reflect concrete actions to increase tech capacity, including actively hiring technologists – which will help enforce the laws on the book and design remedies that work for consumers, workers, small businesses, and others in the digital era.

Amid a rapidly evolving tech ecosystem – including the wave of attention on generative AI – CFPB technologists work in interdisciplinary teams across the Bureau to help ensure that the rights of consumers are not being violated. This includes helping to identify emerging technology developments, spot potential issues, and where appropriate, help enforce the law and develop lasting remedies.

  • The HMDA modified loan/application registers (LARs) are now available for each institution that filed HMDA data collected in 2023. The modified LARs provide each financial institution’s loan-level HMDA data, as modified to protect applicant and borrower privacy in accordance with the Consumer Financial Protection Bureau’s final policy guidance on the disclosure of HMDA data. Users also have the ability to download one combined file that contains all institutions’ modified LAR data.
  • The modified LARs can be accessed here:


2023 HMDA Data on Mortgage Lending Now Available

The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2023 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for approximately 5,089 HMDA filers. The published data contain loan-level information filed by financial institutions and modified to protect consumer privacy.

To increase public accessibility, the annual loan-level LAR data for each HMDA filer are now available online. Previously, users could obtain LAR data only by making requests to specific institutions for their annual data. To allow for easier public access to all LAR data, the Consumer Financial Protection Bureau’s 2015 HMDA rule made the data for each HMDA filer available electronically on the FFIEC’s HMDA Platform. In addition to institution-specific modified LAR files, users can download one combined file that contains all institutions’ modified LAR data.


State UDAAP Developments

The Consumer Financial Protection Bureau (CFPB) does not have a monopoly when it comes to policing abusive conduct. In 2010, when Congress passed the Consumer Financial Protection Act, it made sure that state attorneys general, state regulators, and certain banking regulators were also empowered to root out harmful corporate misconduct. States in particular are at the front line of identifying abuses on the ground. They can step in immediately to stop wrongdoing, or can partner with the CFPB to marshal additional resources to protect their residents.

The federal prohibitions against unfair, deceptive, or abusive acts or practices protect people from a wide range of corporate misconduct, including pitching products to consumers that are set up to fail or using confusing digital dark patterns to prevent consumers from canceling services they do not want. New York State is currently considering legislative reforms to strengthen the state’s consumer protection laws to further protect people from this sort of bad business behavior.


ASC hearing addresses appraisal bias, highlights deficiencies with The Appraisal Foundation

On February 13, the Appraisal Subcommittee (ASC) held a public hearing on appraisal bias, including an examination of The Appraisal Foundation. Homeownership can be a powerful tool for building intergenerational wealth, and a well-functioning mortgage market depends on accurate appraisals. Many minority homebuyers and owners, however, continue to report facing illegal discrimination during the home appraisal process because of their race, national origin, and community demographics.

A little-known non-profit corporation, The Appraisal Foundation, sets qualifications for becoming an appraiser and standards for conducting appraisals. Recent developments, including shifting explanations and deficient policies around conflicts of interest, have raised troubling questions about whether The Appraisal Foundation can realistically address challenges including appraisal bias. CFPB Director Rohit Chopra shared those concerns with his fellow financial regulators in a public comment letter.


Prepared Remarks of CFPB Director Rohit Chopra at the Financial Data Exchange Global Summit

Director Chopra provided remarks at the Financial Data Exchange Global Summit.

I want to discuss the status of where we are on accelerating America’s shift to open banking, with a focus on the role of standard setters and standard-setting. I then want to discuss some of the dangers of how the standard-setting process can be weaponized in an anticompetitive way. I’ll close with how standard-setting organizations can anticipate becoming recognized by the Consumer Financial Protection Bureau (CFPB).

All of you in this room know that the United States has a clunky system when it comes to switching financial products. Moving to a new checking account with a better interest rate involves resetting direct deposits and recurring bill-paying, printing new checks, and obtaining a new card device. Mistakes can be costly. It’s no surprise that the largest banks in the country have barely budged on their rates, but still retain their depositor base…


CFPB Bans Excessive Credit Card Late Fees, Lowers Typical Fee from $32 to $8

The Consumer Financial Protection Bureau (CFPB) finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers. The rule will curb fees that cost American families more than $14 billion a year. The CFPB estimates that American families will save more than $10 billion in late fees annually once the final rule goes into effect by reducing the typical fee from $32 to $8. This will be an average savings of $220 per year for the more than 45 million people who are charged late fees.

Summary: Executive Summary of the Credit Card Penalty Fees Final Rule

Concerned that credit card companies were building a business model on penalties, fee harvesting, and bait-and-switch tactics, Congress passed the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act). The law banned credit card companies from charging excessive penalty fees and established clearer disclosures and consumer protections.

In 2010, the Federal Reserve Board of Governors voted to issue a regulation implementing the CARD Act, which made clear that banks could only charge fees that recover the bank’s costs associated with late payment. However, the rule included an immunity provision that allowed credit card companies to sidestep accountability if they charged no more than $25 for the first late payment, and $35 for subsequent late payments, with both amounts to be adjusted for inflation each year. Those amounts have ballooned to $30 and $41, even as credit card companies have moved to cheaper, digital business processes. Congress transferred authority for administering CARD Act rules from the Fed to the CFPB…


CFPB Issues Guidance to Rein in Rigged Comparison-Shopping Results for Credit Cards and Other Financial Products

The Consumer Financial Protection Bureau (CFPB) today issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks. Consumers use comparison-shopping tools to evaluate the costs, features, and terms of many financial products, including credit cards, loans, and bank accounts. However, consumers often encounter manipulated results or digital dark patterns, fueled by behind-the-scenes incentive payments from lenders. The circular explains how these practices may violate federal law and highlights examples of illegal arrangements.

PUBLISHED FPB joins efforts to stop data practices threatening national security

Today, President Biden signed an executive order to protect Americans’ sensitive personal data from exploitation by countries of concern.

Modern data broker practices have allowed companies to intrude into our digital lives, monetizing our most sensitive data. Corporate data brokers are selling sensitive financial data on American families to scammers, stalkers, and others seeking to spy on us. These data brokers even sell sensitive information about U.S. military personnel.

Research published by Duke University found that the sensitive personal data of U.S. military personnel and veterans—such as health data, financial data, and information about religious practices—can be easily purchased online for as little as 12 cents per record. The study cautioned that “access to this data could be used by foreign and malicious actors to target active-duty military personnel, veterans, and their families and acquaintances for profiling, blackmail, targeting with information campaigns, and more.”

The Consumer Financial Protection Bureau has already begun work to bring much-needed accountability the data broker market. Last year, the CFPB launched rulemaking to address business practices used by data brokers in the surveillance industry. The CFPB will continue to take action to protect the privacy and financial stability of American servicemembers and families.

Read CFPB Director Chopra’s statement on today’s Executive Order

Read the White House fact sheet


Unlawful fees in the mortgage market

The CFPB and FTC filed an amicus brief to help ensure that people can hold debt collectors accountable for unlawful fees.

Mortgage fees and other costs have risen significantly in recent years. The Consumer Financial Protection Bureau is focused on how these costs affect the affordability of home ownership as well as household balance sheets. And costs for homeowners are driven up if companies in the mortgage industry can pad their profits with illegal junk fees. The CFPB is working to combat the proliferation of junk fees in consumer financial markets and to ensure that mortgage companies don’t tack on unlawful fees.

The CFPB is the primary enforcer of the Fair Debt Collection Practices Act (FDCPA). We are committed to protecting consumers from debt collectors that break the law, including mortgage servicers which often act as debt collectors and must follow the same rules when they do. As the CFPB has advised, the FDCPA prohibits debt collectors from charging fees that borrowers didn’t agree to upfront unless Congress or a state has passed a law affirmatively allowing them.


CFPB Orders Federal Supervision for Installment Lender Following Contested Designation

The Consumer Financial Protection Bureau (CFPB) today published an order establishing supervisory authority over installment lender World Acceptance.

The CFPB is responsible for supervising a wide range of financial firms to ensure they are complying with federal consumer financial protection laws. The CFPB has supervised nonbank entities in certain industries like mortgage and payday lending, service providers to banks and credit unions, and larger players in particular markets as defined by rule.


Credit card interest rate margins at all-time high

The annual percentage rate (APR) margins, the amount of interest credit card issuers charge cardholders on top of benchmark rates, have reached an all-time high.

By some measures, credit cards have never been this expensive. For cardholders who carry a balance without paying it off in full each month, issuers generally charge interest based on annual percentage rates (APRs). In 2022 alone, major credit card companies charged over $105 billion in interest, the primary cost of credit cards to consumers. While the effects of increases to the target federal funds rate have received considerable attention, the average APR margin (the difference between the average APR and the prime rate) has reached an all-time high.

In this analysis, we show that higher APR margin drove about half of the increase in credit card rates over the last decade. In 2023, excess APR margin may have cost the average cardholder over $250. Major credit card companies earned an estimated $25 billion in additional interest revenue by raising APR margin. Increases to the average APR margin – despite lower charge-off rates and a relatively stable share of subprime borrowers – have fueled issuers’ profitability for the past decade. Higher APR margins have allowed credit card companies to generate returns that are significantly higher  than other bank activities.


CFPB Report Finds Large Banks Charge Higher Credit Card Interest Rates than Small Banks and Credit Unions

The Consumer Financial Protection Bureau (CFPB) today reported on the first set of results from the newly updated Terms of Credit Card Plans survey. The survey data reveal that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk. In fact, the 25 largest credit card issuers charged customers interest rates of 8 to 10 points higher than small- and medium-sized banks and credit unions. This difference can translate to $400 to $500 in additional annual interest for the average cardholder.

CFPB Issues Revised Supervisory Appeals Process

The Consumer Financial Protection Bureau (CFPB) issued a procedural rule updating the process by which financial institutions can appeal supervisory findings. The updated rule broadens the CFPB officials eligible to evaluate appeals, the options for resolving an appeal, the matters subject to appeal, and makes additional clarifying changes.


CFPB Report Finds Large Banks Charge Higher Credit Card Interest Rates than Small Banks and Credit Unions

The Consumer Financial Protection Bureau (CFPB) today reported on the first set of results from the newly updated Terms of Credit Card Plans survey. The survey data reveal that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk. In fact, the 25 largest credit card issuers charged customers interest rates of 8 to 10 points higher than small- and medium-sized banks and credit unions. This difference can translate to $400 to $500 in additional annual interest for the average cardholder.


CFPB Secures $12 Million From Ringleaders of Foreclosure Relief Scam

The Consumer Financial Protection Bureau (CFPB) today announced that it resolved an appeal in a long-running enforcement suit against a foreclosure relief scam operation for $12 million in consumer redress and penalties. Consumer First Legal Group, LLC and four attorneys, Thomas G. Macey, Jeffrey J. Aleman, Jason Searns, and Harold E. Stafford, charged millions of dollars in illegal advance fees to financially-distressed homeowners for legal representation the defendants promised but did not provide.

CFPB Issues Nonsufficient Funds Fees NPRM

Today, the CFPB issued the Nonsufficient Funds Fees Notice of Proposed Rulemaking (NSF NPRM), which proposes to prohibit covered financial institutions from charging fees, such as NSF fees, when a consumer initiates certain payment transactions that are instantaneously declined, on the grounds that charging such fees would constitute an abusive practice. The NSF NPRM proposes the term “covered financial institution” have the same meaning as a “financial institution” in existing Regulation E, 12 CFR 1005.2(i).

Comments on the NSF NPRM must be received on or before March 25, 2024.

Read the NSF NPRM here:


CFPB Proposes Rule to Stop New Junk Fees on Bank Accounts

The Consumer Financial Protection Bureau (CFPB) proposed today to block banks and other financial institutions from one potential source of new junk fee revenue – fees on transactions declined right at the swipe, tap, or click. The proposed rule would prohibit non-sufficient funds (NSF) fees on transactions that financial institutions decline in real time. These types of transactions include declined debit card purchases and ATM withdrawals, as well as some declined peer-to-peer payments. The CFPB’s proposal is part of the agency’s proactive approach to protect consumers, and it would cover banks, credit unions, and certain peer-to-peer payment companies.


CFPB and Seven State Attorneys General Sue Debt-Relief Enterprise, Strategic Financial Solutions, for Illegally Swindling More Than $100 Million from Financially Struggling Families

The Consumer Financial Protection Bureau (CFPB) and seven state attorneys general sued Strategic Financial Solutions (SFS) and its web of shell companies for running an illegal debt-relief enterprise. The CFPB and state attorneys general also sued the chief architects of the illegal enterprise, Ryan Sasson and Jason Blust. The CFPB and attorneys general allege the enterprise has collected hundreds of millions of dollars in exorbitant, illegal fees from vulnerable consumers. The CFPB and attorneys general filed the suit under seal on January 10, 2024. They are requesting the court to order a stop to the enterprise’s illegal actions, order redress for consumers, and impose a civil money penalty. The seven states joining with the CFPB are Colorado, Delaware, Illinois, Minnesota, New York, North Carolina, and Wisconsin.


CFPB Proposes Rule to Close Bank Overdraft Loophole that Costs Americans Billions Each Year in Junk Fees

The Consumer Financial Protection Bureau (CFPB) today proposed a rule  to rein in excessive overdraft fees charged by the nation’s biggest financial institutions. The proposal would close an outdated loophole that exempts overdraft lending services from longstanding provisions of the Truth in Lending Act and other consumer financial protection laws. For decades, very large financial institutions have been able to issue highly profitable overdraft loans, which have garnered them billions of dollars in revenue annually. Under the proposal, large banks would be free to extend overdraft loans if they complied with longstanding lending laws, including disclosing any applicable interest rate. Alternatively, banks could charge a fee to recoup their costs at an established benchmark – as low as $3, or at a cost they calculate, if they show their cost data.

The proposed rule would apply to insured financial institutions with more than $10 billion in assets, which covers approximately the 175 largest depository institutions in the country. These institutions typically charge $35 for an overdraft loan, even though the majority of consumers’ debit card overdrafts are for less than $26, and are repaid within three days.

Approximately 23 million households pay overdraft fees in any given year. The CFPB estimates that this rule may save consumers $3.5 billion or more in fees per year. The potential savings would translate to $150 for households that pay overdraft fees. Read more

CFPB Issues Overdraft NPRM

Today, the CFPB issued the Overdraft Notice of Proposed Rulemaking (Overdraft NPRM), which proposes to update regulations that apply to overdraft credit offered by certain financial institutions with more than $10 billion in assets (referred to as “very large financial institutions”) by amending Regulation E and Regulation Z.

As proposed, Regulation Z would generally apply to all overdraft credit provided by very large financial institutions unless (1) the overdraft fee charged to a consumer is at or below the institution’s costs and losses of providing the overdraft service, or (2) the overdraft fee charged to a consumer is set at or below a benchmark fee to be set by the CFPB. The proposal would also update several additional provisions of Regulation E and Regulation Z so that overdraft credit is no longer excepted from those provisions.

Comments on the Overdraft NPRM must be received on or before April 1, 2024.

You can access the Overdraft NPRM and an unofficial redline here:


CFPB Addresses Inaccurate Background Check Reports and Sloppy Credit File Sharing Practices

Today, the Consumer Financial Protection Bureau (CFPB) issued guidance to consumer reporting companies to address inaccurate background check reports, as well as sloppy credit file sharing practices. The two advisory opinions seek to ensure that the consumer reporting system produces accurate and reliable information and does not keep people from accessing their personal data. First, an advisory opinion on background check reports highlights that those reports must be complete, accurate, and free of information that is duplicative, outdated, expunged, sealed, or otherwise legally restricted from public access. Second, an advisory opinion on file disclosure highlights that people are entitled to receive all information contained in their consumer file at the time they request it, along with the source or sources of the information contained within, including both the original and any intermediary or vendor source.


Today, the CFPB announced the annual adjustments for inflation to the CFPB’s civil penalty amounts, as required by the Federal Civil Penalties Inflation Adjustment Act, as amended.  This final rule is effective on January 15, 2024.

You can access the final rule at:


CFPB Report Identifies Challenges Faced by Borrowers in Resumption of Student Loan Payments

The Consumer Financial Protection Bureau (CFPB) published an issue spotlight today on the CFPB’s oversight of student loan servicing practices in the early months of the resumption of federal student loan repayments after over three years of a payment pause due to the COVID-19 emergency. Borrowers are encountering long hold times when trying to reach their student loan servicer, experiencing significant delays in application processing times for income-driven repayment plans, and receiving inaccurate billing statements and disclosures.


The CFPB is pleased to announce that the filing period for HMDA data collected in 2023 opened on January 1, 2024. Submissions will be considered timely if received on or before Friday, March 1, 2024. The HMDA Platform provides financial institutions an opportunity to determine whether their loan/application register (LAR) data comply with the reporting requirements outlined in the Filing Instructions Guide for HMDA data collected in 2023.

Submit your data

Access the HMDA Platform to begin the filing process for data collected in 2023 here:

Users will receive a confirmation email upon submission of their HMDA data. The confirmation email will be sent to the email account of the user that has submitted the data.

Testing your submission?

The Beta Platform found at will remain available on an ongoing basis for filers wishing to test their submissions. Please note that the Beta Platform is for testing purposes only. No data submitted on the Beta Platform will be considered for compliance with HMDA data reporting requirements. To officially submit your HMDA Data for 2023, visit the live HMDA Platform at

HMDA Platform Tools provide institutions with assistance in creating their HMDA LAR file.  The Online LAR Formatting Tool helps financial institutions, typically those with small volumes of covered loans and applications, create an electronic file that can be submitted to the HMDA Platform. Filers can create their transmittal sheet and LAR rows, entering values for each data field, and use this tool to download the entire LAR file. Filers can also easily edit an existing file by uploading their file to the tool. The Online LAR Formatting Tool does not save any user data.


2023 CFPB Updates

2022  CFPB Updates

2021 CFPB Updates

2020 CFPB Updates

2019 CFPB Updates