The CFPB has filed an amicus brief in the case of Arora v. TransUnion to make sure that credit reporting companies are held accountable for junk data. consumerfinance.gov/ask-cfpb/what-…
Credit reports serve as economic gatekeepers, so when they are filled with errors, consumers pay the price.
The CFPB has acted to make sure that Americans’ sensitive personal and financial information is kept accurate and safe. Last month, the CFPB proposed a rule to stop data brokers from selling your sensitive data to scammers, stalkers and spies. consumerfinance.gov/about-us/newsr…
And last week, the CFPB finalized a rule to ban medical bills on credit reports because error-filled medical bills shouldn’t prevent someone from getting a mortgage or car loan. consumerfinance.gov/about-us/newsr…
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Today, the CFPB proposed a rule that would accelerate a shift toward open banking, where consumers would have control over data about their financial lives and would gain new protections against companies misusing their data. consumerfinance.gov/about-us/newsr…
The proposed Personal Financial Data Rights rule activates a dormant provision of law enacted by Congress more than a decade ago.
It would jumpstart competition by forbidding financial institutions from hoarding a person’s data and by requiring companies to share data at the person’s direction with other companies offering better products.
In 2022, nearly 40% of the US population used a bank’s chatbot and that figure is expected to grow. Today, the CFPB released an issue spotlight on the impact of chatbots on consumers of financial products and services. consumerfinance.gov/about-us/newsr…
All top 10 commercial banks in the country use chatbots of varying complexity to engage with customers, but poorly deployed chatbots can undermine customer service. Instead of finding help, consumers can face repetitive loops of unhelpful jargon.
Resolving customer problems is an essential function of financial institutions and key to relationship banking. The CFPB has received many complaints from frustrated customers trying to raise concerns or get clear, timely answers from their banks.