Blog

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Published Category: Policy & Compliance

Explainer: How small businesses play a role in the rulemaking process

We often hear many questions about how the rulemaking process works. We decided to write a series of posts that explain some key parts of the rulemaking process. Before we propose a rule, we’re sometimes required to organize a Small Business Review Panel so that we can hear from small businesses about the potential impacts of the rule. Small businesses provide us with valuable feedback as we write regulations to help consumer financial products and services work for Americans.

Published Category: Info for consumers

Explainer: Federal student loan interest rates to jump

While rates aren’t set in stone yet, interest rates on new federal student loans are expected to jump this July. We’ve updated our Paying for College tool using our best guess of what the rates will be, so you can have a better estimate of what your monthly payment might be after graduation.

Explainer: Compensating consumers for Bank of America’s illegal tactics for credit card add-on products

We’re ordering Bank of America to refund up to $727 million to approximately 2.9 million consumers for unfair billing and deceptive marketing and sales practices related to credit card “add-on” products. Read more to see who is eligible for compensation.

Published Category: Policy & Compliance

Explainer: How the final TILA-RESPA rule differs from the proposal

When we first proposed the TILA-RESPA disclosure rule, we got a lot of questions about the length of the document containing the rule. We synthesized those questions into one representative question and wrote a post to give you some answers. Now that we’re finalizing the rule, we wanted to do it again to talk about […]

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: Policy & Compliance

Explainer: What is a nonbank, and what makes one “larger”?

Dear CFPB, I noticed you posted a request for public comments on “larger participants” for your “nonbank supervision” program. I don’t understand what this is about. I know what a bank is – I walk past one every day on my way to work – but what is a nonbank? And larger than what, anyway? […]