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Explainer: Why did it take 1,099 pages to propose a three-page mortgage disclosure?

Dear CFPB, Recently, I saw your notice of proposed rulemaking to combine and simplify existing mortgage disclosures. It’s 1,099 pages long! Why does it take so many pages to create something that’s supposed to be easy to use and understand? Sincerely, Interested in your regulations Dear Interested, This is a great question, one you’re not […]

Published Category: Info for consumers

Meet Greg from Michigan

Since we launched on July 21st 2011, we’ve heard directly from consumers about the challenges they face in the marketplace, brought their concerns to the attention of financial institutions, and helped address their complaints. Accepting, resolving, and analyzing consumer complaints is an integral part of our work. This week, we’ll be featuring stories from consumers […]

Published Category: Info for consumers

Meet Ronald from Georgia and Nelda from California

Since we launched on July 21st 2011, we’ve heard directly from consumers about the challenges they face in the marketplace, brought their concerns to the attention of financial institutions, and helped address their complaints. Accepting, resolving, and analyzing consumer complaints is an integral part of our work. This week, we’ll be featuring stories from consumers […]

Published Category: Info for consumers

Falling behind on your student loans? Know your options.

At the Consumer Financial Protection Bureau, we are working to understand the impact of the recession on young consumers and to learn more about what increasing levels of student debt mean for the economy as a whole. But we also know that millions of borrowers are struggling and need help now. Today, the Consumer Financial […]

Pushing forward on the CFPB’s financial aid comparison tool

This past year, we’ve been working with the Department of Education on a project to help colleges provide clear and comparable financial aid information. Over the course of that project, we learned that more standard information could spur the innovation of apps and digital tools to allow students to better understand their decision to take […]

Published Category: Info for consumers

How to stop mystery credit card fees

When you’re activating a new credit card, watch for “the pitch.” When you call to activate a new credit card, you may be routed to representatives who try to sell you things like “credit protection” or “identity monitoring” to add to your account. These services, or “add-on products,” are additional, optional services that will cost […]

How will the Capital One order handle refunds?

The Consumer Financial Protection Bureau (CFPB) has determined that Capital One marketed certain “add-ons” – fee-based services added to credit card accounts – in a way that violated federal law. As a result of enforcement action by the CFPB, Capital One agreed to automatically refund $140 million to 2 million Capital One customers. Capital One […]

So how many consumer reporting companies are there?

You may know about the three biggest nationwide credit reporting companies: Experian, Equifax, and TransUnion. But did you know that there are other companies out there that may be providing reports on you that could be used to decide if you’re eligible for consumer financial, insurance, medical and other products? Today the CFPB is posting […]

Published Category: At the CFPB

Live from Detroit, MI!

For the first time, consumer reporting agencies will be subject to a federal supervision program. We made the announcement at a field hearing in Detroit, which we streamed right here. You can watch footage from the event here, featuring remarks from Richard Cordray, CFPB Director, as well as testimony from consumer groups, academics, industry representatives, and members of the public. You can also…

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