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Published Category: Policy & Compliance

More time for comments on proposed changes to the definition of the finance charge

One part of our proposed rule to improve the disclosures consumers receive when applying for and closing on a mortgage was a change to the current definition of “finance charge.” The finance charge is intended to reflect the cost of credit for consumers as a dollar amount. It’s used to calculate the Annual Percentage Rate […]

Published Category: Info for consumers

More than 70 percent of people with 401(k)s don’t realize they’re paying fees

Last week, I got my 401(k) plan fee disclosure notice in the mail. I almost threw it away. At first, it looked like all of those form notices you get – you know, the ones with the window envelope and “US Postage Paid” in the top right-hand corner. Not the most exciting-looking mail. So, why […]

Research updates on private student loans

Last month, we released a report to Congress with the Department of Education on the private student market. This report helped shed light on how the private student loan market works and where there are opportunities for improvement. When we design a form or develop a regulation, we work to gather continuous feedback. The same […]

Published Category: Info for consumers

Meet Tom from Virginia

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. Periodically, we’ll feature stories from consumers who we […]

Your chance to weigh in on mortgage servicing

Your opinion is important – weigh in now. As we talked about on Friday, the Bureau is trying to put the customer service back in mortgage servicing. We are proposing nine rules to address issues that consumers face when paying their mortgage loans, dealing with escrow accounts, or figuring out what to do when they […]

Published Category: Policy & Compliance

Putting the ‘service’ back in ‘mortgage servicing’

Today, we’re proposing new mortgage servicing rules. So, what’s mortgage servicing and why does it need the new rules? The short answer is that mortgage servicing is the processing of mortgage payments. That may sound simple, but as many borrowers have learned in the aftermath to the financial crisis, it can get complicated very quickly. […]

Published Category: Info for consumers

Consumer advisory: Accessing your scholarships and student loan funds

The Consumer Financial Protection Bureau is issuing a consumer advisory today to all students expecting to receive scholarship and student loan proceeds onto – what appears to be – a school-endorsed debit card. We are also asking consumers to tell us about their experiences getting their financial aid funds. Yesterday, the Federal Deposit Insurance Corporation, […]

Published Category: Info for consumers

Meet Julio from Florida

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. Periodically, we’ll feature stories from consumers who we […]

Published Category: Info for consumers

Meet Jonna from Texas

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. Periodically, we’ll feature stories from consumers who we […]