“[January 10, 2013], were issuing one of our most important rules to date, the Ability-to-Repay rule. Its designed to assure the reliability of mortgages making sure that lenders offer mortgages that consumers can actually afford to pay back. This is a simple, obvious principle that needs to be cemented in the housing market. In… Continue Reading
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CFPB Report to Congress – Growing our Human Capital
Consumer Finance Protection Bureau: “With this document, we submit our second annual report as required by Section 1067 of the Dodd-Frank Act. In it we describe progress since July 21, 2011 and note the Bureaus strategies and planned activities within each of the following: Recruitment and Retention Plan, Training and Workforce Development Plan, and Workforce… Continue Reading
Annual Report of the CFPB Student Loan Ombudsman
Annual Report of the CFPB Student Loan Ombudsman, October 16, 2012: “The Dodd-Frank Wall Street Reform and Consumer Protection Act established an ombudsman within the Consumer Financial Protection Bureau. Pursuant to the Act, the ombudsman shall prepare an annual report and make appropriate recommendations to the Secretary of the Treasury, the Director of the Consumer… Continue Reading
CFPB orders American Express to pay $85 million refund to consumers harmed by illegal credit card practices
News release: “The Consumer Financial Protection Bureau (CFPB) today announced an enforcement action with orders requiring three American Express subsidiaries to refund an estimated $85 million to approximately 250,000 customers for illegal card practices. This action is the result of a multi-part federal investigation which found that at every stage of the consumer experience, from… Continue Reading
CFPB – Private Student Loans Report
“The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the Director of the Consumer Financial Protection Bureau and the Secretary of Education to submit a Report on private student loans. This Report addresses the following topics, as set forth in the Act: The private lenders, their market and their products, as they have evolved… Continue Reading
CFPB Consumer complaint database [beta]
Consumer complaint database [beta]: “See whats being complained about and why. Download, search, and visualize individual-level field data, including the type of complaint, the date of submission, the consumers ZIP code, and the company that the complaint concerns and whether the companys response was timely, how the company responded, and whether the consumer disputed the… Continue Reading
CFPB publishes thousands of comments on private student loans
News release: “Making sure that borrowers have clear information to make the best possible choice is critical. But borrowers have told us they didnt know that private student loans dont always have the same repayment options as federal student loans. These options allow borrowers to cap their payments as a portion of their income … Continue Reading
New GAO Reports: Consumer Product Safety, CFPB Controls, Small Employer Health Tax Credit
Consumer Product Safety Commission – A More Active Role in Voluntary Standards Development Should Be Considered, GAO-12-582, May 21, 2012 Management Report – Opportunities for Improvement in the Bureau of Consumer Financial Protection’s Internal Controls and Accounting Procedures, GAO-12-528R, May 21, 2012 Small Employer Health Tax Credit – Factors Contributing to Low Use and Complexity,… Continue Reading
FTC Joins DOJ and CFPB in Filing Brief Supporting the Constitutionality of Fair Credit Reporting Act
News release: “The Federal Trade Commission has joined the Department of Justice and the Consumer Financial Protection Bureau in filing a memorandum brief in support of the constitutionality of the Fair Credit Reporting Act (FCRA), the 1970 law that is designed to protect the privacy of credit report information and ensure that the information supplied… Continue Reading
CFPB: considering new proposed rules that would help homeowners better manage their mortgages
News release: “Theres no doubt that the mortgage servicing market can be confusing for the average consumer to understand and navigate. And its even more overwhelming for homeowners in financial distress. Being aware of what you owe and to whom you should make your payments, understanding changes to your interest rate, and knowing how to… Continue Reading
Interim Report on CFPB's Credit Card Complaint Data
“This report summarizes the first three months of the CFPBs Consumer Response complaint system and its work on credit card complaints.1 Going forward, the Bureau plans to provide similar credit card complaint data reports as part of a formal credit card complaint data disclosure policy. The Bureau is publishing a proposal for that data disclosure… Continue Reading
White House Report – The Importance of a CFPB Director
Improving American’s Financial Security: “..one of the most important components of Wall Street reform is putting in place a Director of the new CFPB. It is only with a Director that the CFPB can exercise its full authorities and make good on the consumer protection goals of Wall Street Reform. Without a Director, the CFPB… Continue Reading
