Our latest Data Point report takes an in-depth look at the different types of auto lenders, the interest rates they charge, and the correlations between the interest rates they charge and the rates of default among their subprime borrowers.
Credit access declined during the pandemic for credit cards, but increased for mortgages and auto loans
This post is the fifth in a series documenting trends in consumer credit outcomes during the COVID-19 pandemic. Access to new credit cards has decreased, but access to mortgages and auto loans has increased since the start of the pandemic.
This post is the fourth in a series documenting trends in consumer credit outcomes during the COVID-19 pandemic. Credit card limits stagnated or declined for most credit score groups early in the pandemic, but have been rising in recent months. Despite a spike in accounts closed by creditors at the start of the pandemic, accounts are not being closed at unusual rates.
This post is the third in a series documenting trends in consumer credit outcomes during the COVID-19 pandemic. The economic disruption of the pandemic does not appear to have caused consumers to run up large credit card balances. The opposite seems to be the case, since April 2020, credit card balances and utilization rates have continued to decline, and the share of credit card borrowers that carry a balance rather than pay in full have also declined.
This post is the second in a series documenting trends in consumer credit outcomes during the COVID-19 pandemic. Since July 2020, consumers have transitioned out of assistance to varying degrees across all credit products, but a significant share of mortgage borrowers continue to receive assistance.
New research finds that over 2.8 million consumers have information on their business loans and other commercial credit products on their consumer credit reports. An examination of commercial and consumer credit also finds common inconsistencies in reporting practices and strategies, with the potential for significant implications for consumers.
We continue to monitor the market to assess new and developing risks to consumers, and we share updated charts from our report that show an improving economic picture, yet sustained housing insecurity risk.
New Bureau research examines consumer credit trends through April 2021, finding little increase in delinquencies on credit cards, auto loans, mortgages, and student loans during COVID-19. Delinquency rates also remain lower than pre-pandemic levels, likely as a result of public and private interventions.
In this blog, we explain the data source and analytical approach, as well as key findings from the report ‘A Brief Note on General Lending Patterns of Small to Medium Size Closed-end HMDA Reporters’
The Bureau hosted its 5th Research Conference that highlighted recent research in consumer and household finance. The conference brought together members of the academic and policy research communities, including a keynote address by Raphael Bostic, President of the Federal Reserve Bank of Atlanta.
A new analysis in our Making Ends Meet survey series looks at how consumers use payday, auto title, and pawn loans. Use of these loans is persistent from year to year. Some consumers of these loans have lower cost credit available, while others lack access to other credit.
Making Ends Meet series: Changes in consumer financial status during the early months of the pandemic
A new analysis in our Making Ends Meet survey series looks at the early impact of COVID-19 on the financial status of consumers, finding that their ability to stay on top of their finances was greater in June 2020 than June 2019, likely as a result of government policies and private programs to reduce financial distress.
A new CFPB report shows more than 11 million renters and homeowners are behind on their housing payments. Communities of color are disproportionately vulnerable to housing insecurity. Here's what we’re doing to prevent harm to vulnerable consumers.
The Bureau is working hard to address housing insecurity, promote racial equity, and protect small businesses’ access to credit
In furtherance of our mission, I have directed the Division of Research, Markets, and Regulations (RMR) to take some immediate actions, and I want to share my directions publicly.
A CFPB-led research experiment suggests that people seek to find balance between paying off debt and having savings.
We use the Bureau’s Making Ends Meet survey to study whether financially vulnerable consumers have turned to credit card debt during the coronavirus pandemic. We find that credit card debt fell even for consumers who were financially vulnerable before the pandemic.
This report explores the prevalence of actual payment information in consumer credit reporting. Quarterly Consumer credit trends reports focus on a specific consumer financial product or issue using a longitudinal, nationally representative sample of de-identified credit records maintained by a nationwide consumer reporting agency.
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.
The Office of Research released a report that synthesizes the rigorous research of programs and strategies aiming to help consumers achieve greater savings. We examine three broad research areas—savings products, financial incentives, and behavioral and psychological approaches to increase savings.
Many Americans continue to face economic challenges during these uncertain times. As Consumer Financial Protection Week comes to a close, the CFPB continues to be here for you with resources to explain your rights, options and protections during the coronavirus pandemic.
New research report from the Office of Servicemember Affairs detailing the credit records of young servicemembers.
The Bureau is committed to ensuring fair, equitable, and nondiscriminatory access to credit for both individuals and communities. This report describes our fair lending activities in innovation, outreach, prioritization, guidance and rulemaking, supervision, and enforcement for calendar year 2019.
Here's what we’ve been doing over the past year to help military families plan for their next financial journey.
The Office of Servicemember Affairs’ annual report highlights complaints from military consumers as well as continuing trends facing the military community in the financial marketplace.
The Consumer Financial Protection Bureau released a new Market Snapshot that explores first-time homeownership. For households attempting to transition from renting to owning, shifts in the housing and mortgage markets can play a large role in whether they can afford to buy a home. This report investigates the prevalence and ease of first-time homeownership today by comparing current and historical market trends.
In July 2017, the nationwide consumer reporting agencies began removing civil judgments and tax liens from credit reports. Millions of consumers had records wiped from their report. Following these consumers over the next two years, this report looks at how the removal affected the relationship between credit scores and consumers’ credit performance.