As credit card profitability increases, a new analysis looks at why credit card interest rates continue to rise despite historically low charge-offs and cost of funds alongside a stable share of subprime accounts.
Innovations across the payments ecosystem are transforming how people access financial products and services. However, the ease and utility of these services may raise concerns if peoples’ financial data is aggregated and monetized without their full awareness, knowledge, or permission.
Whistleblowers can help the CFPB protect consumers and support the rule of law. The law protects whistleblowers at financial institutions from retaliation.
Housing costs rose rapidly last year but some people feel this inflation more than others. New research shows that low-income renters’ credit card debt increased by nearly 40 percent over the last year, far faster than owners.
Student loan servicers with military borrowers should act quickly to identify and notify military borrowers about the PSLF Limited Waiver before October 31, 2022.
Banks and credit unions should ensure you’re getting timely responses to your banking questions. To help ensure they’re meeting your needs, we’re asking you to share your experiences, good or bad, by August 22, 2022
This blog post examines recent changes in overdraft and NSF fee revenues reported in call reports to understand how announced changes in overdraft policies affected these revenues.
Far too many minority households and businesses continue to lack fair and equitable access to credit. Federal agencies encourage lenders to explore use of special purpose credit programs to better serve historically disadvantaged individuals and communities.
Servicemembers face unique challenges in the financial marketplace. The CFPB is working to protect servicemembers and military families from costly auto loans and wrongful repossessions.
Congress has charged the CFPB with ensuring that markets for consumer financial products are competitive. Over the last year, the CFPB has taken a number of steps to promote competition in our markets.
The CFPB is hiring product managers, designers, engineers, data scientists, and more to help detect and prevent unfair, deceptive, and abusive practices in financial markets.
Beginning on Tuesday, July 5, we’re accepting applications to serve on our four advisory committees, which provide insight and advice as we carry out our work. Applications are due by July 24, 2022. Credit Union Advisory Council, Community Bank Advisory Council, Consumer Advisory Board, Academic Research Council.
Access to credit plays a critical role in financial resiliency, especially during an economic downturn. Credit card companies used credit card line decreases to reduce their credit exposure during the Great Recession and the COVID-19 pandemic. New research explores the impact of credit line decrease decisions on consumers.
The CFPB is working to identify and address the financial needs of immigrant consumers.
The CFPB is seeking public comments about debt that workers take on to pay for trainings, equipment, or other items or services required by their employer.
Markets work best when rules are simple, easy to understand, and easy to enforce. The CFPB is seeking to move away from highly complicated rules that have long been a staple of consumer financial regulation and towards simpler and clearer rules. In addition, the CFPB is dramatically increasing the amount of guidance it is providing to the marketplace, in accordance with the same principles.
Banks and credit unions heavily rely on fees from overdrafts and non-sufficient funds transactions. We’ve launched a supervisory effort to measure the impact of overdraft practices on consumers.
Consumers’ Buy-Now-Pay-Later repayment data is starting to be furnished to the nationwide credit reporting companies. A standardized approach would promote consistency and accuracy.
We’ve published a Beginner’s Guide to Accessing and Using Home Mortgage Disclosure Act Data, a resource for those interested in using these comprehensive data on the U.S. mortgage market. The Guide covers the basics of what HMDA data are and how to access them, as well as a step-by-step guide for creating certain data summaries.
Companies located outside military bases sometimes target servicemembers with costly loans and expensive contracts. They also capitalize on the military’s unique payment system.
The U.S. Department of Education announced the cancellation of $5.8 billion in federal student loans for 560,000 individuals who borrowed to attend schools owned by Corinthian Colleges, the for-profit college conglomerate that is now defunct.
When you dispute credit information with your bank or other furnisher, you should get a clear and understandable response stating a result.
Our research shows that credit card companies are suppressing data and information on exact payment amounts repaid by borrowers. A new letter to the CEOs seeks to find out why.
The Education Department is making important fixes to income-driven repayment this year. These fixes will help borrowers reach loan forgiveness sooner. Borrowers with Commercial FFELP loans must consolidate your loans in order to benefit from these changes.
The CFPB examines financial companies for compliance with Federal law, to protect consumers and maintain well-functioning markets.
