CFPB: Rule Issued to Ban Companies from Using Arbitration Clauses
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today announced a new rule to ban companies from using mandatory arbitration clauses to deny groups of people their day in court. Many consumer financial products like credit cards and bank accounts have arbitration clauses in their contracts that prevent consumers from joining together to sue their…
CFPB: Buying a Home? Watch out for Mortgage Closing Scams
Summer is a busy homebuying season. If you’re in the market for a new home this year, watch out for email phishing scams. According to reports, the scams target homebuyers who are nearing the closing date on their mortgage loan. The scammers attempt to steal the homebuyer’s closing funds—for example, their down payment and closing…
CFPB: Updates to “Know Before You Owe” Mortgage Disclosure Finalized
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today finalized updates to its “Know Before You Owe” mortgage disclosure rule with amendments that are intended to formalize guidance in the rule, and provide greater clarity and certainty. The changes will facilitate implementation of the Know Before You Owe rule by the mortgage industry. The…
CFPB: New Advisory Board and Council Members Announced
WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) announced the appointment of new consumer experts from outside the federal government to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. The four bodies provide advice to CFPB leadership on a broad range of consumer financial issues…
CFPB: Certify Your Service | Guides to Public Service Loan Forgiveness
If you’re a teacher, member of the military, first responder, government employee, or work in another area of public service and have student loan debt, you may be eligible for the Public Service Loan Forgiveness (PSLF) program. STAY ON TRACK Check out these tips to certify your service and make sure you’re on track for Public…
CFPB: Certify Your Service and Stay on Track for Public Service Loan Forgiveness
We often hear from people working hard in public service who are struggling to stay on track with their student loans. Public service employees may be eligible to have their loans forgiven through the Public Service Loan Forgiveness (PSLF) program. After these borrowers make ten years’ worth of qualifying payments (120 payments), the PSLF program…
CFPB: Preventing Financial Exploitation on World Elder Abuse Day
By Stacy Canan June 15, 2017, marks the twelfth annual World Elder Abuse Awareness Day , or WEAAD. This day isn’t likely to show up on your calendar, though it is recognized globally. Elder financial exploitation is one of the most common and devastating forms of elder abuse. It can destroy the financial security of…
CFPB: Comment on Proposed Changes to Prepaid Rules
Proposal Would Adjust Error Resolution Requirements and Provide More Flexibility for Credit Cards Linked to Digital Wallets WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) announced today that it is seeking comment on proposed updates to its prepaid rule. The CFPB issued the prepaid rule in 2016, requiring financial institutions to limit consumers’ losses when…
CFPB: Effective Financial Education – Five Principles and How to Use Them
We’re offering five broad principles that support financial well-being through effective financial education. By Janneke Ratcliffe Everyone has goals. You want to learn a new language. You want to learn to bake. You want to read more books. But, how we move from those goals or intentions to action and results can be a difficult…
CFPB: More than Just Fun – Summer Money Matters for Young Workers
Each summer, millions of young people get their first job. With every first job comes a first paycheck, and that first paycheck is an opportunity for young workers to develop their own financial skills. This important milestone is often when young people first take control of their finances, make choices about various financial products, and…