“The CFPB received more than 2,300 private student loan complaints and more than 1,300 debt collection complaints related to student loans between October 1, 2013, and March 31, 2014. This mid-year update discusses specific co-signer issues reported by borrowers. Approximately 90% of private student loans were co-signed in 2011. Many private student lenders advertise an option to release a… Continue Reading
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The CFPB Can Improve the Efficiency and Effectiveness of Its Supervisory Activities
Office of Inspector General, Board of Governors of the Federal Reserve, Evaluation Report 2014-AE-C-005. The CFPB Can Improve the Efficiency and Effectiveness of Its Supervisory Activities “Since it began operations in July 2011, the CFPB has made significant progress toward developing and implementing a comprehensive supervision program for depository and non depository institutions. The agency has implemented… Continue Reading
CFPB Guides – Compare financial aid and college cost
“When it comes to choosing a college, we can help you make informed financial decisions about paying for college. Understand loan options, compare your financial aid offers, and learn about student banking. Get started and compare your options. Get started Student financial guide – Student loans, Student banking Compare financial aid offers Repay student debt Continue Reading
The Consumer Financial Protection Bureau (CFPB): A Legal Analysis
CRS – The Consumer Financial Protection Bureau (CFPB): A Legal Analysis “In the wake of the worst U.S. financial crisis since the Great Depression, Congress passed and the President signed into law sweeping reforms of the financial services regulatory system through the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), P.L. 111- 203.… Continue Reading
CFPB Data Point: Payday Lending
“In this Data Point we present the results of several analyses of consumers’ use of payday loans. The focus of the analyses is loan sequences, the series of loans borrowers often take out following a new loan. Key findings of this report include: Over 80% of payday loans are rolled over or followed by another… Continue Reading
CFPB – Free Guide to Managing Someone Else’s Money
Managing someone else’s money by NAOMI KARP Millions of Americans are managing money or property for a loved one who is unable to pay bills or make financial decisions. This can be very overwhelming. But, it’s also a great opportunity to help someone you care about, and protect them from scams and fraud. We are releasing four… Continue Reading
CFPB – Servicemembers, you have new mortgage protections in 2014
Via Holly Petraeus, CFPB – “It’s no secret that the housing crisis in recent years was particularly hard on military families. Servicemembers and their spouses at installations around the country, and even abroad, cited problems with mortgages as some of their most serious financial challenges. But now, the CFPB has written new mortgage rules that can… Continue Reading
CFPB launches participatory e-gov applications developed by visiting scholars and in-house coders
Via Joseph Marks at NextGov, writing about new iterations in government interactions with consumers: “The eRegulagions site got support from some of the 30 CFPB design and technology fellows participating in a two year program for tech professionals to build tools that help regulated companies comply with the laws CFPB enforces and to use data… Continue Reading
CFPB Should Reassess Approach to Integrating Enforcement Attorneys Into Examinations and Enhance Associated Safeguards
Office of Inspector General – Evaluation Report 2013-AE-C-021. The CFPB Should Reassess Its Approach to Integrating Enforcement Attorneys Into Examinations and Enhance Associated Safeguards. December 16, 2013. “The CFPB should determine the appropriate level of enforcement attorney integration into examinations by reassessing the potential risks associated with the practice against the potential benefits and document the results of… Continue Reading
CFPB to Oversee Nonbank Student Loan Servicers
News release: “The Consumer Financial Protection Bureau (CFPB) issued a rule today that allows the Bureau to supervise certain nonbank student loan servicers for the first time. The rule brings new oversight to the nation’s second largest consumer debt market – student loans – which have seen a rise in borrower delinquency in recent years. “Student… Continue Reading
CFPB – study on the impact of regulations at financial institutions
“Today, we’re releasing findings from a study we conducted on the operational effects of certain regulations for banks, in order to better understand the day-to-day activities they perform to comply with regulations. We chose a narrow scope for the study, in the expectation that depth over breadth would create findings of lasting value. We looked at ongoing operational… Continue Reading
CFPB – A final rule that makes mortgage disclosure better for consumers
“Today, we’re issuing the TILA-RESPA final rule. This rule improves the way consumers receive information about mortgage loans, both when they apply and when they’re getting ready to close. Alongside the rule, we’re publishing information to help industry understand what the requirements are, such as how to fill out the disclosure forms. Helping with that understanding… Continue Reading
