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.
The CFPB is beginning a new system of Consumer Financial Protection Circulars to provide guidance to enforcers of federal consumer financial law and to increase transparency for the public and regulated entities.
At the CFPB, we are committed to delivering trustworthy, impartial, accurate and timely information to the people we serve. To maintain this commitment we provide clear, impartial answers to hundreds of financial questions on Ask CFPB. Ask CFPB offers information you can use to make more informed choices about your money. Ask CFPB helps more than 6 million people do so each year and has helped more than 43 million lifetime users.
Financial institutions have responsibilities to serve their communities, including communities that predominantly speak languages other than English. To help them serve their customers, we provide Spanish translations of disclosures.
The CFPB’s Data Spotlight report examines the characteristics of older adults living in mobile homes. Many older adults living in mobile homes are burdened by housing costs and frequently struggle to afford regular living expenses.
The CFPB recently filed two amicus briefs to ensure that credit reporting companies and furnishers follow their legal responsibilities with respect to accuracy in consumer reports.
This report describes our fair lending activities in enforcement, guidance and rulemaking, interagency coordination, and outreach and education for calendar year 2021.
The CFPB is taking action against private student loan servicers that fail to live up to their promises. Consumers rely on servicers execute on incentive programs and provide promised payment relief. When they don’t, the Bureau will hold them accountable.
Durante el Mes Nacional del Adulto Mayor, el CFPB y la FTC se han asociado para juntos, educar a los adultos mayores y sus familias sobre qué hacer, y dónde reportar estafas y fraude.
The Division of Supervision, Enforcement, and Fair Lending is taking action against sloppy servicing practices that cause consumer harm, such as unfair practices that may occur when add-on products terminate. We will continue to scrutinize servicer practices to make sure that borrowers aren’t overcharged when their loans end early.
During Older Americans Month, the CFPB and FTC are partnering together to educate older adults and their families on what to do and where to report scams and fraud.
When you send money overseas, remittance providers have to comply with rules about disclosing costs and fees, taking care of cancellations and refunds, resolving errors, and more.