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Category: Info for consumers |
Published

You just got your college acceptance letter. Now what?

This month, Americans across the country will receive college acceptance letters. For many students, the excitement of being one step closer to realizing their dream or reaching a major life milestone is coupled with anxiety about how to pay for it all and the prospect of taking on student loan debt. Compare your financial aid […]

Category: Policy and compliance |
Published

A small entity compliance guide for the Ability-to-Repay and Qualified Mortgage rule

Today, we published our Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule. Our goal with this guide is to provide a comprehensive rule summary in a plain language and FAQ format, which makes the content more accessible and consumable for a broad array of industry constituents, especially smaller businesses with limited legal […]

Category: At the CFPB | Category: Policy and compliance |
Published

How do you build financial capability?

In case you missed it, we’re gathering information on how to build financial capabilities for people with disabilities, veterans in transition, and people who are economically vulnerable. If you or your organization would like to contribute, please send us your comments by 4 p.m. ET on Friday April 12, 2013. Americans with disabilities CFPB is […]

Category: Policy and compliance |
Published

Our proposed rule on student loan servicers

In case you missed it, yesterday Director Cordray announced our proposed rule on student loan servicers. As so many families are all too aware, the cost of higher education has been steadily rising in recent years. As a result of these rising costs, more consumers need loans in order to afford college. By the end […]

Category: Policy and compliance |
Published

Proposed changes to the remittance rule and an extension of rule’s effective date

Updated on August 8, 2013: The remittance rule goes into effect October 28, 2013. Visit the remittance rule page for additional information regarding the rule including the most recent updates. Today we issued a bulletin explaining that we intend to propose certain limited adjustments to our rule on international money transfers, as well as a […]

Category: Data, research, and reports |
Published

More than 500 colleges agree to adopt financial aid shopping sheet

Cross posted from the Department of Education. We were proud to work with the Department of Education on this Know Before You Owe Project. By Arne Duncan I am pleased to announce that more than 500 colleges and universities (.xls), enrolling more than 2.5 million undergraduate students (thirteen percent of all undergrads), have committed to […]

Category: At the CFPB |
Published

A second clean financial audit for CFPB

Yesterday we issued our financial report for fiscal year 2012, as required by the Dodd-Frank Act. The financial report has two main parts. The first part includes a narrative description of the bureau, including our mission, operating units, main activities, performance, and results. It provides some financial analysis and a description of our operating environment. […]

Category: At the CFPB |
Published

Crowdsourcing in action: A view into the CFPB’s first advisory board and council meetings

In order to make sure our work is informed by different perspectives, we gather input in many different ways.  One of the ways in which we have started to gather information is through formal independent advisory groups. Our advisory groups will meet throughout the year and during these meetings we will facilitate conversations on different […]

Category: Info for consumers |
Published

Checklist to rebuild your finances

Americans up and down the East Coast are still coping with the devastation of Hurricane Sandy. Power outages, food shortages, and long lines at the gas pump are affecting millions of families. In the days following a disaster of this magnitude, your first priorities are the safety of you and your family, and meeting your […]

Category: Policy and compliance |
Published

Helping small businesses understand and comply with the new remittance rule

Updated on August 8, 2013: The remittance rule goes into effect October 28, 2013. Visit the remittance rule page for additional information regarding the rule including the most recent updates. The compliance guide announced on this blog post is now out of date. Please see the remittance rule page for the latest version. Update November […]

Category: At the CFPB | Category: Policy and compliance |
Published

Remittance Rule Session

Updated on August 8, 2013: The remittance rule goes into effect October 28, 2013. Visit the remittance rule page for additional information regarding the rule including the most recent updates. The live session discussed below is now out of date. Please see the remittance rule page for an updated compliance video. Updated on November 27, […]

Category: Policy and compliance |
Published

Working to help industry understand and comply with the new remittance rule: Countries list and webinar

Updated on August 8, 2013: The remittance rule goes into effect October 28, 2013. Visit the remittance rule page for additional information regarding the rule including the most recent updates. The rule to implement the consumer protections created by the Dodd-Frank Act for certain electronic transfers of funds to other countries – the remittance rule […]

Category: At the CFPB |
Published

What do you think about our draft strategic plan for the next five years?

We have an expansive, vital mission: to make markets for consumer financial products and services work for Americans. But, how do we do that with limited resources? We’ll accomplish our mission by setting goals, establishing strategies, and measuring performance. Our strategic plan outlines this information and describes how we will focus our resources on the […]

Category: Policy and compliance |
Published

Enforcing consumer protections by gathering information for investigations

The mission of the CFPB is to ensure compliance with federal consumer financial laws through effective enforcement of those laws. When the Office of Enforcement needs to gather information, it may issue a Civil Investigative Demand (CID) to people and institutions that may have materials relevant to an investigation. The law that created the CFPB […]

Category: At the CFPB | Category: Policy and compliance |
Published

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 […]

Category: At the CFPB | Category: Info for consumers |
Published

Pushing forward on the CFPB’s financial aid comparison tool

This past year, we’ve been working with the Department of Education on a project to help colleges provide clear and comparable financial aid information. Over the course of that project, we learned that more standard information could spur the innovation of apps and digital tools to allow students to better understand their decision to take […]

Category: At the CFPB | Category: Policy and compliance |
Published

We’re taking nominations for our Consumer Advisory Board

We are assembling a group of experts who can give us the outside guidance we’ll need as we move forward with our work. Board members will provide us with information about emerging trends and practices.

We are looking for nominees with backgrounds in consumer protection, financial services, fair lending, civil rights, consumer financial products and services, or community development. Learn more and submit a nomination.

Category: Info for consumers | Category: Policy and compliance |
Published

Hearing your stories on payday lending

Today, the Consumer Financial Protection Bureau traveled to Birmingham, Ala., for our first field hearing. We gathered to discuss and collect information on payday lending. The payday lending market is a multi-billion dollar industry in the United States, and Alabama has one of the largest concentrations of payday lenders in the country.

Category: At the CFPB |
Published

The CFPB: Applying the lessons of the financial crisis

This Thursday afternoon, we’re hosting an event in Philadelphia where Raj Date and local leaders will discuss the lessons learned from the mortgage market meltdown and how those lessons can be applied to the consumer bureau’s work moving forward. The CFPB is the first agency with the primary responsibility of making consumer financial markets work […]