Lifehacker: “A new CFPB report says that some mortgage lenders have failed to follow the law on mortgage forbearance during COVID. Lenders have misled borrowers about their rights, imposed unauthorized penalties, and wrongfully evicted tenants. Here’s what you need to know, and how to report an unscrupulous lender. Know your rights as a borrower –… Continue Reading
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Search Results for: CFPB
Consumer Bureau to Decide Who Owns Your Financial Data
DC Report: What Should Banks, Fintechs Be Allowed to Do With All that They Know About You? – “A federal agency is gearing up to make wide-ranging policy changes on consumers’ access to their financial data. The Consumer Financial Protection Bureau (CFPB) is looking to implement the area of the 2010 Dodd-Frank Wall Street Reform… Continue Reading
The Debt Collection Market and Selected Policy Issues
CRS report via LC – The Debt Collection Market and Selected Policy Issues, October 15, 2020: “When a consumer defaults on a debt,a third-party debt collector often collects the debt obligation rather than the lender to whom the debt is originally owed. The debt collection market helps lenders recoup their losses when a consumer defaults,… Continue Reading
Consumer Financial Protection Bureau Releases Report on Third-Party Debt Collections
CFPB: “The Consumer Financial Protection Bureau (Bureau) released a report [Market Snapshot: Third-Party Debt Collections Tradeline Reporting] that found that more than one-in-four consumers with a credit report have at least one debt in collection by third-party debt collectors. Today’s report, which covers 2004 to 2018, is drawn from the Bureau’s Consumer Credit Panel (CCP),… Continue Reading
EU At a Glance – Financial Supervision and Regulation in the US
AT A GLANCE Requested by the ECON committee Study in focus Policy Department for Economic, Scientific and Quality of Life Policies Directorate-General for Internal Policies. Author: S. HONNEFELDER, P. DELGADO CUBILLO PE 631.031 – January 2019 EN Financial Supervision and Regulation in the US – “In response to the financial crisis of 2008 and the… Continue Reading
Guidance and the Congressional Review Act
The Regulatory Review, David Zaring: “Congress’s use of the Congressional Review Act (CRA) to reverse a panoply of Obama Administration rules has been the most important way it has pursued deregulation in the first year of the Trump Administration. But the effort to keep using it to deregulate—which is ongoing—would really take the statute beyond… Continue Reading
Financial Stability Oversight Council (FSOC): Structure and Activities
CRS Report – Financial Stability Oversight Council (FSOC): Structure and Activities. December 22, 2017 – February 12, 2018 R45052 “The Financial Stability Oversight Council (FSOC) and its Office of Financial Research (OFR) were established by the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203) to address several potential sources of systemic risk. Some… Continue Reading
Consumer Protection Bureau Now Has Two Interim Acting Directors
The New York Times: “Mick Mulvaney, President Trump’s budget director, was named the acting director of the Consumer Financial Protection Bureau on November 24, 2017…moving to take control of the agency hours after its departing leader had taken steps to install his own choice for acting chief. By the end of the night, an agency… Continue Reading
Consumer Protection Principles: Consumer-authorized financial data sharing and aggregation
CFPB Outlines Principles For Consumer-Authorized Financial Data Sharing and Aggregation – Bureau Seeks to Ensure a Workable Data Aggregation Market That Gives Consumers Protection and Value See also: “Consumer-authorized access and use of consumer financial account data may enable the development of innovative and improved financial products and services, increase competition in financial markets, and… Continue Reading
Who Regulates Whom? An Overview of the U.S. Financial Regulatory Framework
CRS – Who Regulates Whom? An Overview of the U.S. Financial Regulatory Framework, August 17. 2017. “The financial regulatory system has been described as fragmented, with multiple overlapping regulators and a dual state-federal regulatory system. The system evolved piecemeal, punctuated by major changes in response to various historical financial crises. The most recent financial crisis… Continue Reading
Report – Financial well-being in America
“This report provides a first-of-its-kind view into the state of financial well-being in America. It presents results from the National Financial Well-Being Survey, conducted in late 2016. The findings include the distribution of financial well-being scores for the overall adult population and for selected subgroups, which show that there is wide variation in how people feel… Continue Reading
Equifax is one of many companies that collect information about you
Via NBR/CNBC: “There are literally hundreds of smaller consumer-reporting companies [33-page PDF] operating in the U.S. and the smaller ones are collecting information you might not expect. The Consumer Financial Protection Bureau maintains a self-reported list of the companies. Consider Milliman IntelliScript, for example. The company collects information on the prescription drugs you buy. If… Continue Reading
