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New Project Catalyst research pilot to study early intervention credit counseling

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Today, we’re announcing a research pilot aimed at assessing the potential impact of early intervention credit counseling. We know that defaulting on credit card debt is a very stressful event for anyone and impacts consumers’ ability to access credit in the future. We’d like to use this opportunity to explore what ways may help consumers better manage their credit card debt and avoid default.

Many people who are having trouble paying their credit card debt could benefit from the help of credit counselors, who can help them create more practical budgets and more manageable schedules to repay debt.

Barclaycard (Barclays Bank Delaware) and Clarifi (Consumer Credit Counseling Service of Delaware Valley) have partnered on a pilot program in which Barclaycard will offer cardholders who may need help with managing their credit card debt the opportunity to get help from Clarifi. Cardholders can then choose to enroll in Clarifi’s credit counseling services at no cost to them. As part of our Project Catalyst initiative, Barclaycard and Clarifi have agreed to share insights from their trial project with us. The information shared by Barclaycard and Clarifi will be de-identified, and appropriate precautions will be taken to ensure that individual consumers cannot be identified through the data. The program can help inform our work and our understanding of what strategies may help consumers better manage their existing debt as well as improve their credit scores and their access to credit in the long run.

As part of Project Catalyst, we continue to encourage consumer-friendly innovations. Through collaborations such as this one, we’ll have the opportunity to improve our understanding of what works best for consumers in the consumer financial marketplace.

Reserve la cita, Miami-Dade, Florida!

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Únase a nosotros para una audiencia pública en el Condado de Miami-Dade sobre prestatarios de préstamos estudiantiles. La audiencia se celebrará el miércoles 8 de mayo a las 6 p.m. (de la tarde.)

El evento contará con las palabras del Director del CFPB Richard Cordray, así como con los testimonios de grupos de consumidores, representantes de la industria y miembros del público.

La audiencia se celebrará en:

Miami Dade College
Wolfson Campus Chapman Center, Sala 3210
300 N.E. 2nd Avenue
Miami, Fl. 33132

El evento está abierto al público y debe RSVP.

Para RSVP envíe un mensaje con su nombre completo y su afiliación organizacional a cfpb.events@cfpb.gov.

¡Nos vemos allá!

Save the date: join us for a field hearing in Des Moines

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Join us for a field hearing in Des Moines, Iowa, on the Consumer Financial Protection Bureau’s Office of Consumer Response Consumer Complaint Database. The hearing will take place on Thursday, March 28 at 11 am CST.

The event will feature remarks from CFPB Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. More information on the event to follow.
This event is open to the public and requires an RSVP.

To RSVP

Email cfpb.events@cfpb.gov with:

• Your full name
• Your organizational affiliation (if any)

See you there!

Twitter: Let’s chat!

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We’re excited to co-host a twitter chat with the Federal Trade Commission and the General Services Administration as part of National Consumer Protection Week to answer questions about consumer issues on March 6, 2013, at 2 p.m. ET.

We’ll be taking questions on consumer finance products and services and other consumer issues.

Join the conversation

To participate, tweet questions with the hashtag #NCPW and follow us @CFPB.

Project Catalyst develops portfolio to support innovation

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The initiatives announced at the start of Project Catalyst are gaining early traction. In November 2012 in Mountain View, Calif., we launched Project Catalyst, a program to support the creation and growth of innovative consumer financial products and services. The pilot collaborations we announced at our November launch have been actively moving forward. We have received data and are excited to be learning more about financial products and consumer behavior from real world startups.

In December, we announced the Bureau’s proposed Policy to Encourage Trial Disclosure Programs, an initiative aimed at working with industry to identify the best disclosure forms for consumers. In January, we explained the policy in a call with interested innovators. Once the policy becomes final, we will organize another call with the innovator community to answer questions about how to apply for permission to conduct a trial disclosure program.

As promised, we continue to engage with innovators across the country in formal and informal dialogue. Last week, we again went outside the Beltway – this time to New York City to meet with large financial institutions that share our interest in consumer-friendly products and services. We learned more about how these financial institutions are thinking about building and scaling a variety of new financial products. We also received valuable feedback about the policy tools we are using to implement Project Catalyst.

We will continue to engage with the innovator community to ensure the best financial products and services can reach American consumers. Every week we receive a number of new submissions from startups and other innovative companies looking to work with us. We encourage interested parties to send comments, submissions, and questions to us at: ProjectCatalyst@cfpb.gov

Save the date, Mountain View, CA!

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We invite you to participate in the CFPB’s Project Catalyst launch.

The program will take place on Wednesday, Nov. 14, 2012, at 10 a.m. PST at the Computer History Museum, 1401 N. Shoreline Boulevard, Mountain View, CA.

We’ll have remarks from CFPB Director Richard Cordray and Deputy Director Raj Date, as well as presentations by thought-leaders.

This event is open to the public and requires an RSVP.

To RSVP
Email CFPB_ProjectCatalyst@cfpb.gov with:

  • Your full name
  • Your organizational affiliation (if any)

See you there!