“Today, the Consumer Financial Protection Bureau published a report analyzing the amount of money spent on providing financial education to consumers and the amount spent trying to influence consumers’ decisions about financial products. The report found that for every dollar put towards financial education, $25 is spent on financial marketing, which can make it difficult… Continue Reading
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Search Results for: CFPB
CFPB Launches Tool to Help Consumers Find Housing Counselors
“Housing counselors throughout the country can provide advice on buying a home, renting, defaults, foreclosures, and credit issues. Using the search box below, you can find one near you. The counseling agencies on this list are approved by the U.S. Department of Housing and Urban Development (HUD) and they can offer independent advice about whether… Continue Reading
CFPB – Making regulations easier to use
“We write rules to protect consumers, but what actually protects consumers is people: advocates knowing what rights people have, government agencies’ supervision and enforcement staff having a clear view of what potential violations to look out for; and responsible industry employees following the rules…we’re releasing a new open source tool we built, eRegulations, to help… Continue Reading
CFPB releases credit card accountability report
“On Oct 1, 2013, we released a report – CARD Act Report: A review of the impact of the CARD Act on the consumer credit card market – detailing how the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) reduced penalty fees and made the cost of credit cards clearer to consumers. The report found… Continue Reading
CFPB: Measuring the Progress of a New Agency
By Richard Fischer and Eric Rodriguez, September 2013: “This paper reviews the key actions and decisions that the newly created Consumer Financial Protection Bureau has undertaken since it was first created by law three years ago. The mandate of this new agency is to ensure consumer financial products and services and the markets for those products… Continue Reading
CFPB – Financial empowerment training for social service programs
“We recognize that social service agencies are a trusted resource for some consumers. Through our research and outreach, we have learned that case managers and frontline staff at social service agencies do not always have the knowledge, skills, and tools to support their clients in improving their financial lives. As a result, we took on… Continue Reading
CFPB Examiners Find Mortgage Servicing Problems At Banks And Nonbanks
“Today, the Consumer Financial Protection Bureau (CFPB) issued a report detailing mortgage servicing problems at banks and nonbanks. The report also found that many nonbanks lack robust systems for ensuring they are following federal laws. “Our examinations of banks and nonbanks allow us to correct problems before more consumers are affected,” said CFPB Director Richard… Continue Reading
CFPB – Financial literacy annual report
“Improving financial literacy requires more than simply providing consumers with more information. Being able to manage one’s financial life and make the financial decisions that will serve one’s life goals requires a combination of knowledge, skills, and action. For that reason, we’re pursuing a strategy that focuses on identifying how, where, when, and through whom… Continue Reading
CFPB: Student debt swells, federal loans now top a trillion
Rohit Chopra is the CFPB’s Student Loan Ombudsman. This post is excerpted from prepared remarks before a conference hosted by the Center for American Progress on July 17, 2013, in Washington, DC. “While there has been considerable attention by policymakers on federal student loan interest rates taken out for the 2013-2014 academic year, outstanding student… Continue Reading
FTC Issues Annual Financial Acts Enforcement Letter to CFPB
News release: “The Federal Trade Commission has issued its annual letter to the Consumer Financial Protection Bureau (CFPB) on FTC enforcement and related activities regarding the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), Electronic Fund Transfer Act (EFTA), and Equal Credit Opportunity Act (ECOA). This year’s letter also discusses the Dodd-Frank Act, and… Continue Reading
CFPB – Defining Larger Participants of the Student Loan Servicing Market
“The Bureau of Consumer Financial Protection (Bureau or CFPB) proposes to amend the regulation defining larger participants of certain consumer financial product and service markets by adding a new section to define larger participants of a market for student loan servicing. The Bureau proposes this rule pursuant to its authority, under the Dodd-Frank Wall Street… Continue Reading
CFPB – Request for Information Regarding an Initiative to Promote Student Loan Affordability
CFPB – “There are more than 38 million student loan borrowers with over $1.1 trillion in outstanding debt. The majority of the market consists of loans originated under Title IV of the Higher Education Act. The remainder of the market consists of private student loans. In July 2012, the Director of the Bureau and the… Continue Reading
