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

Know Before You Owe: Just one example of our approach to policy-making

As the mortgage disclosure team said last week, we based Know Before You Owe on the idea that disclosure information is clearer when the people who will have to use those disclosures participate in designing them. We got feedback from many sources in many ways: In-person testing of the forms in cities across the country […]

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

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

CFPB’s rulemaking agenda

Today, we are posting a semi-annual update of the CFPB’s rulemaking agenda. The Office of Management and Budget (OMB) has not published the full federal Unified Agenda yet, but this is the version we submitted to OMB. Federal agencies typically release regulatory agendas twice a year. Each spring and fall, OMB works with the agencies […]

Category: Info for consumers | Category: Data, research, and reports |
Published

Making consumer complaints available to the public

Today marks a major step forward in our work to protect consumers. In a first by a federal financial regulator, the Consumer Financial Protection Bureau (CFPB) will share with the public individual-level consumer complaint data received by the CFPB.

Introducing the Consumer Complaint Database.

No longer will consumer complaints only be known to the complainant, bank, regulator, and those who pursue this information through the Freedom of Information Act. Instead, this data-rich window into consumer financial issues will be widely available to everyone: developers, policymakers, journalists, academics, industry, and you.

Learn more.
Visit the database.

Category: Info for consumers |
Published

CFPB Ombudsman’s Office — A resource available to you

Did you know that the CFPB Ombudsman’s Office is a resource that is available to you? We are an independent, impartial, and confidential resource to help you resolve process issues arising from CFPB activities. You may have encountered an ombudsman in other areas of your life – maybe you’ve read a newspaper ombudsman’s column, used […]

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

Protecting the public’s trust

We would be hard pressed to ensure that markets for consumer financial products and services are fair, transparent and competitive without the trust of citizens and financial institutions in our work. To build and protect that trust, we are working to establish a strong ethics and compliance program.

Learn more.

Category: Info for consumers |
Published

Taking your kids to work is a great time to talk about money

My kids were so excited when I asked them if they wanted to come to work with me today. At ages 6 and 9, this will be their first Take Our Daughters and Sons to Work Day. The CFPB is focused on consumer financial products and services, so we are using today to teach our children about personal finances – our theme is Spend Save Share.

This is also a good opportunity for all parents to teach their children a little something about money. It’s a chance to talk about how parents work for money, and how our salaries give us a limited amount of money to spend every month. Parents can also talk about how they have to use some of that money to pay for the family’s needs, like food, clothing and shelter, and how we might have to save for other things we want.

Category: Data, research, and reports | Category: At the CFPB |
Published

The CFPB’s source code policy: open and shared

The Consumer Financial Protection Bureau was fortunate to be born in the digital era. We’ve been able to rethink many of the practices that make financial products confusing to consumers and certain regulations burdensome for businesses.

Many of the things we’re doing are new to government, which has made them difficult to achieve. But the hard part lies ahead. Our goal is not to tie the Bureau to 2012’s technology, but to create something that stays modern and relevant – no matter the year. Good internal technology policies can help, especially the policy that governs our use of software source code. We are unveiling that policy today. Read more.

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

Coordinating Consumer Complaints

The Dodd-Frank Act requires the CFPB to share consumer complaint information with the FTC and other state and federal agencies. The goal is to make sure agencies coordinate their enforcement of consumer financial protection laws. Recently, we signed an agreement with the FTC that moves us one step closer to achieving that goal. The agreement […]

Category: At the CFPB |
Published

CFPB Spending Update

Today, the CFPB is issuing its second spending update. As we stated in our last update, the goal of these releases is to provide you with a snapshot of how we are spending funds so you can gain a broader perspective on how we are using our resources to fulfill our mission.

Category: At the CFPB |
Published

Keeping It Sunny at the CFPB

What do tap water, your eyeglasses, and the Consumer Bureau all have in common? They’re all better when they’re transparent! Okay, that was a pretty bad joke. But it reflects something we take very seriously here at the Bureau: That transparency is a core value, and that living by it will make us a better […]

Category: At the CFPB |
Published

CFPB Spending Update: First Quarter – 2011

Today, the CFPB is issuing its first spending update. In our spending update, we will provide a snapshot of quarterly and year-to-date spending and the funds we have received. We will provide a description of major purchases or financial commitments we have made during the quarter. The goal of these updates is to provide you […]

Category: At the CFPB |
Published

An Accountable Consumer Bureau

Last week, Professor Warren testified before Congress on our progress in building the consumer bureau. She talked about the many ways in which the CFPB is accountable to Congress, and to you, the public we’re here to serve. From her testimony: “The CFPB was designed to increase accountability by consolidating into a single agency the […]

Category: At the CFPB |
Published

It’s Always Sunny at the CFPB

This week, I’ll be headed to Capitol Hill to testify before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. I’m looking forward to testifying on our progress in building the CFPB and highlighting our efforts to promote openness and accountability. The timing couldn’t be better: it’s Sunshine Week, a national effort focused […]

Category: At the CFPB |
Published

Open for Suggestions: Our Favorite Videos

A couple weeks ago, we asked you to submit your suggestions on building an effective new consumer bureau. Since then, we’ve been taking some of these suggestions and asking members of our team to record video responses. Some of them are pretty camera shy – and some aren’t – but once they started talking about […]

Category: At the CFPB |
Published

The CFPB’s Budget

Last year, the President signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, which established the new consumer bureau. The central idea behind the creation of the CFPB was the need to increase accountability by consolidating core consumer financial protections that were scattered across government. Previously, seven different federal agencies were responsible […]

Category: At the CFPB |
Published

Calendars, Credit Cards, and Consumer Education

Over the past week, the CFPB web team has been reading through the feedback we’ve gotten via Twitter, YouTube, and email for Open for Suggestions. Yesterday, we posted several new videos. A number of suggestions concern financial education. Policy analyst Alejandra Lopez-Fernandini recorded a response video earlier today: One suggestion came from a consumer who […]

Category: At the CFPB |
Published

The CFPB and the Religious Community

Today, the Consumer Financial Protection Bureau implementation team will hold a roundtable at the White House with key leaders from the religious community. At the new consumer bureau, we spend a lot of time listening. We know that when Americans feel overwhelmed by financial problems, many of them turn to their ministers or other spiritual […]

Category: At the CFPB |
Published

Responding to Your Suggestions

We’ve had a fun, busy day: launching the website, checking out suggestions as they come in and rounding up a few of our staffers to respond to your suggestions. And now we’ve just posted the first of these Open for Suggestions response videos. Rich Cordray, the leader of our Enforcement team, responds to a suggestion […]