Week of June 12-16

The CFPB intends to identify ways to simplify and streamline the existing mortgage servicing rules

The foreclosure crisis was an important catalyst for the creation of the Consumer Financial Protection Bureau. Congress required the CFPB to implement new rules to make the mortgage market work better. The new rules first took effect in 2014. During the COVID-19 pandemic, we saw how these rules worked when unemployment spiked. The CFPB observed that there were places where the rules could be revised to reduce unnecessary complexity.

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illustration of an open checkbook and pen next to a tablet with someone's bank account information on it

Laying the foundation for open banking in the United States

The CFPB is working to accelerate the shift to open banking through a new personal data rights rule intended to break down obstacles, jumpstart competition, and protect financial privacy. To do this, the CFPB is formalizing an unused legal authority enacted by Congress in 2010. This authority gives consumers the right to control their personal financial data. These rights will become a practical reality after the CFPB implements a rule that sets expectations for the market. We expect to solicit comments on our formal proposal in a few months and finalize in 2024.

Read the Director’s blog post

Director’s testimony to Congress

This week, CFPB Director Rohit Chopra testified before the House and Senate on the CFPB’s Semi-Annual Report to Congress.

Upcoming Events

CFPB FinEx Webinar: Identity theft, scams, and older adults

Join us on June 29 at 2:00 p.m. ET for a webinar that will explain red flags to watch for when communicating via email, texts, voice, social media, and postal mail. Learn more

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