CFPB: Information Requested on Ways to Prevent Credit Discrimination and Build a More Inclusive Financial System
The Consumer Financial Protection Bureau (Bureau) issued today a request for information (RFI) to seek public input on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are protected from discrimination in all aspects of a credit transaction. The Equal Credit Opportunity Act (ECOA) and…
CFPB: Plan Announced to Issue ANPR on Consumer-Authorized Access to Financial Data
The Consumer Financial Protection Bureau (Bureau) today announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records. The announcement follows a symposium the Bureau held earlier this year on the topic, which included experts from consumer groups, fintechs, trade associations, financial institutions and…
CFPB: New Resources Released to Help Employers Develop Emergency Savings Programs for Workers
The Consumer Financial Protection Bureau (Bureau) today announced that it issued a Compliance Assistance Statement of Terms Template (CAST Template) under its Compliance Assistance Sandbox (CAS) Policy to Build Commonwealth, Inc (Commonwealth). Employers interested in creating an automatic savings (Autosave) program as a way for employees to build emergency savings and increase their financial resiliency…
CFPB: New Capability for the Consumer Complaint Database Announced Including Viewing Complaints Over Time
The Consumer Financial Protection Bureau (Bureau) today announced the addition of a trends view to the Consumer Complaint Database (Database). The trends view allows users to see information about complaints over time using a robust set of filter options. For several years, the database has provided users with the ability to filter complaints by date,…
CFPB: Updated COVID-19 Consumer Complaint Data Released
The Consumer Financial Protection Bureau (Bureau) today issued an updated Complaint Bulletin, analyzing the more than 8,000 complaints it received from January through May 2020 that mention coronavirus or related terms (“coronavirus keywords”). The bulletin shows that mortgage (19 percent), credit card (18 percent), and credit or consumer reporting (18 percent) complaints top the list…
CFPB: New Online Tool Released to Help College Students Determine How to Pay for College
To help students navigate paying for college, the Consumer Financial Protection Bureau (Bureau) today released the “Your Financial Path to Graduation” web tool designed to help students clearly understand the total cost of attending college and make informed decisions about paying for their education. “Your Financial Path to Graduation” helps students turn financial aid offers…
CFPB: New Study Shows Credit Builder Loan Could Help Consumers Build Credit
The Consumer Financial Protection Bureau (Bureau) today released a report indicating that a credit builder loan could increase the likelihood of establishing a credit record for consumers without one, and could help improve the credit scores of those with no current outstanding debt. The Bureau issued “Targeting Credit Builder Loans: Insights from a Credit Builder…
CFPB: New “Making Ends Meet” Survey Results Released
The Bureau released the first results from the Making Ends Meet survey today. The results provide a deeper understanding of how often U.S. consumers have difficulty making ends meet and how they cope with financial shortfalls. Key results from the survey Among survey respondents, 52 percent reported they could cover expenses for two months or…
CFPB: Report on Debt Settlements and Credit Counseling Released
The Consumer Financial Protection Bureau (Bureau) released a report today examining recent trends in debt settlement and credit counseling. Many Americans struggle with their debts, especially during times of crisis. Today’s report documents changes over time in how consumers have used these debt relief options for unsecured debt. Using the Bureau’s Consumer Credit Panel (CCP),…
CFPB: Final Rule on Small Dollar Lending Issued
The Consumer Financial Protection Bureau today issued a final rule concerning small dollar lending in order to maintain consumer access to credit and competition in the marketplace. The final rule rescinds the mandatory underwriting provisions of the 2017 rule after re-evaluating the legal and evidentiary bases for these provisions and finding them to be insufficient….