Research by Bureau experts supports and often impacts Bureau policy. Under the new procedures the Bureau will subject important research to external peer review. Peer review by outside experts ensures the quality and credibility of technical and scientific research.
These advisory committees provide us with information about emerging trends and practices in the consumer financial marketplace. Apply today to become a member.
These advisory committees provide us with information about emerging trends and practices in the consumer financial marketplace. Apply today to become a member.
We are accepting applications for membership on our Academic Research Council (ARC).
We recently released a study about payments for online payday loans and other high-cost online loans and their effects on consumers. We found that online lenders’ repeated attempts to debit payments from a borrower’s checking account add significant costs to online payday loans.
We are looking to fill three additional seats on the Academic Research Council in 2016. The ARC was created as a technical advisory body of scholars to make sure that we hear from a variety of experts with diverse viewpoints, knowledge, and expertise.
Today we’re releasing the results of a pilot program where we explored tools and process changes that can help consumers better navigate closing by accessing and signing their closing documents in different ways. Specifically, we examined what would happen if there was more technology involved in the mortgage closing process, with documents being delivered electronically earlier together with online tools and resources. The electronic delivery and signing of closing documents using electronic signatures is sometimes referred to as eClosing.
An important part of our mandate is to make rules more effective and create new rules when necessary. Today, we’re posting a semi-annual update of our rulemaking agenda as part of the federal government’s Unified Agenda of Regulatory and Deregulatory Actions.
Join us for the CFPB Research Conference on May 7-8, 2015. The conference will be focused on high-quality consumer finance research, with academic and government researchers presenting their research papers.
During this meeting, we’ll discuss trends in consumer finance research, the activities of consumer financial protection agencies in other countries, and recent publications produced by CFPB’s Office of Research.
Join us for a Community Bank Advisory Council meeting with Director Cordray where we will discuss credit scores and credit reporting and implications for community banks.
Tens of millions of consumers use financial products or services like credit cards and student loans that include pre-dispute arbitration clauses in their agreements. These clauses can require disputes be resolved through arbitration, rather than through the court system. Since 2012, we’ve being working on a study of arbitration provisions and report to Congress. Here’s what we learned and why it matters.
We shop to find the best price for laptops or appliances, but a report of recent mortgage borrowers found that almost half of us don’t shop around for a mortgage when we buy a home. Failing to shop for a mortgage could cost you. Consumers who consider interest rates offered by multiple lenders or brokers may see substantial differences in the rates. Our report sheds light on consumer behavior, and we have tools that can help.
Today, we’re releasing a report that looks at deals between financial institutions and colleges to market credit cards to students. This year we found that there are fewer schools marketing credit cards, and those that do are not making their agreements with credit card companies readily accessible to students.
We believe that consumers are more likely to save if they have access to the right tools. Today, we’re announcing that, as part of Project Catalyst, we’ll be working with American Express to evaluate practices to promote regular saving habits among prepaid card users.
Next Spring, we’ll host our first research conference on consumer finance in Washington, D.C.
Today, I want to share with you the CFPB Ombudsman’s third annual report, which I delivered to Director Cordray.
Today, we’re announcing that as part of Project Catalyst, we’ll be working with H&R Block to evaluate practices to promote consumer saving behavior during tax time.
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.
Last year, we released a web-based tool that provides the public with easier access to mortgage data for 2007 through 2012. Today, we’re updating the database with 2013 data.
To provide more transparency and to be responsive to the requests we’ve received, we’re changing the format of our Board and Council meetings and opening these full meetings to the public.
We’re pleased to announce the two new members appointed to our ARC are Raphael Bostic from the University of Southern California and Melvin Stephens from the University of Michigan.
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.
We held a field hearing on payday loans in Nashville, Tennessee. The event featured remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, academics, and members of the public. You can check out a recording of the event.
The ARC was created to make sure that we hear from a variety of experts with diverse viewpoints, knowledge, and expertise.
