The Dodd-Frank Wall Street Reform and Consumer Protection Act: Background and Summary. Baird Webel, Coordinator, Specialist in Financial Economics. April 21, 2017. [via FAS] Beginning in 2007, U.S. financial conditions deteriorated, leading to the near-collapse of the U.S. financial system in September 2008. Major commercial banks, insurers, government-sponsored enterprises, and investment banks either failed or… Continue Reading
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Independence of Federal Financial Regulators: Structure, Funding, and Other Issues
CRS, February 28, 2017: “Conventional wisdom regarding regulators is that the structure and design of the organization matters for policy outcomes. Financial regulators conduct rulemaking and enforcement to implement law and supervise financial institutions. These agencies have been given certain characteristics that enhance their day-to-day independence from the President and Congress, which may make policymaking more… Continue Reading
Report focuses on debt of older student loan borrowers
CFPB: “Today, we released a report that shows that older Americans now carry an unprecedented amount of student loan debt into retirement. The report shows that over the last decade, the number of older student loan borrowers has quadrupled in the United States. The amount that these borrowers owe has also dramatically increased. Between 2005… Continue Reading
The Worst (and Best) Banks of 2016 – Data & Report
“After the 2008 financial crisis, everyone seemed to love to hate the financial sector. Working at a bank was no longer so glamorous and mountains of regulation was written for the protection of consumers. In July 2010, Congress passed and President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Included in Dodd-Frank… Continue Reading
Report and Recommendations: Fighting Elder Financial Exploitation through Community Networks
CFPB – “Elder financial exploitation destroys the financial security of millions of older Americans annually. In response to this crisis, hundreds of communities across the United States have created collaborative networks to protect their older residents. To increase our understanding of how elder financial protection networks can grow and endure, the CFPB conducted research nationwide.… Continue Reading
GAO Report – Nonbank Mortgage Servicers
Nonbank Mortgage Servicers: Existing Regulatory Oversight Could Be Strengthened, GAO-16-278: Published: Mar 10, 2016. Publicly Released: Apr 11, 2016: “The share of home mortgages serviced by nonbanks increased from approximately 6.8 percent in 2012 to approximately 24.2 percent in 2015 (as measured by unpaid principal balance). However, banks continued to service the remainder (about 75.8… Continue Reading
Mother Jones profiles the subprime car loan industry
Via Mother Jones – Car Trouble – A subprime boom, insane interest rates predatory lending, a private-equity frenzy. Sound familiary. by Gary Rivlin “While the subprime auto market is nowhere near large enough to bring down the economy, there are unmistakable parallels to the mortgage debacle. Delinquencies and repossessions are on the rise industry-wide, and… Continue Reading
The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress
Written Testimony of CFPB Director Richard Cordray Before the Senate Committee on Banking, Housing, and Urban Affairs By Richard Cordray, April 7, 2016. “Chairman Shelby, Ranking Member Brown, and Members of the Committee, thank you for the opportunity to testify today about the Consumer Financial Protection Bureau’s Semi-Annual Report to Congress. I appreciate our continued… Continue Reading
H.R. 957, Bureau of Consumer Financial Protection – Inspector General Reform Act of 2015
CBO: “H.R. 957 would direct the President to appoint an Inspector General for the Bureau of Consumer Financial Protection (CFPB) within 60 days of enactment, and would require the CFPB to set aside 2 percent of its annual funding to operate the office of the Inspector General. Under the Dodd-Frank Wall Street Reform and Consumer… Continue Reading
Consumer Financial Protection Bureau Monthly Complaint Report January 2016
“The Consumer Financial Protection Bureau (CFPB) is the first federal agency solely focused on consumer financial protection and consumer complaints are an integral part of that work. The CFPB’s Office of Consumer Response hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of companies, and assists… Continue Reading
Understanding the mortgage process: Your home loan toolkit
CFPB – The Know Before You Owe mortgage disclosure rule makes getting a mortgage easier for homebuyers and refinancers. It helps you shop for the loan that’s best for you and your family. To help you navigate the steps you have to take to get a mortgage, take a look at our new booklet, “Your… Continue Reading
Review Federal Agencies on Yelp
Yelp Official Blog: “We are excited to announce that Yelp has concluded an agreement with the federal government that will allow federal agencies and offices to claim their Yelp pages, read and respond to reviews, and incorporate that feedback into service improvements. We encourage Yelpers to review any of the thousands of agency field offices,… Continue Reading
