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Category: Policy and compliance

We’re open to innovative approaches to benefit consumers

Take a look around and you’ll see that the consumer financial marketplace is experiencing constant and rapid change. New technologies and insights can impact the way we borrow, save, transact, and receive information we need about finances. This environment can pose benefits and risks to consumers. Consumer-friendly innovation can drive down costs, improve transparency, and make people’s lives better. On the other hand, new products can also pose unexpected risks to consumers through dangers such as hidden costs or confusing terms.

Published
Category: Data, research, and reports

New Project Catalyst research pilot to study early intervention credit counseling

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.

Published
Category: Policy and compliance

Disclosures: A new avenue for improvement

We have finalized a new trial disclosure policy, which allows companies to apply for a waiver to test potential disclosure improvements on a trial basis. The new policy is one more tool at our disposal, which is good news for consumers and companies. The tests will provide us with data that will help inform improvements to disclosure rules.

Published
Category: Policy and compliance

An update on trial disclosures

Yesterday, we made a significant update to our proposed policy to encourage trial disclosure programs, which allow companies, on a trial basis, to test disclosures that may work better for consumers and companies. Data from the trial program would then help us determine if the proposed innovation works better than the status quo. We are inviting comments on Section A of the revised proposed policy, which describes the information companies should submit to us for their proposals. This comment process lasts 30 days, until July 18.

Thanks to your feedback and discussions with stakeholders, we’ve made some important revisions and clarifications to the proposed policy

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

Project Catalyst develops portfolio to support innovation

The initiatives announced at the start of Project Catalyst are gaining early traction. In November 2012 in Mountain View, Calif., we launched Project Catalyst, a program to support the creation and growth of innovative consumer financial products and services. The pilot collaborations we announced at our November launch have been actively moving forward.