The Consumer Financial Protection Bureau (CFPB) wants to hear your stories about practices and financial products that leave you financially worse off as a result of being indebted to your employer or an affiliated third party.
The CFPB has released a Request for Information seeking data about, and worker experiences with, practices and financial products referred to as Employer-Driven Debt. Though it may take other forms, employer-driven debt can include a worker going into debt with their employer or an affiliate for the purchase of equipment and supplies that the employer requires. It can also include a worker going into debt for training required by the employer.
We want to hear about Employer-Driven Debt from stakeholders across the marketplace, including workers, employers, advocacy organizations, and academics and researchers. Potential areas of focus include:
- How and why workers enter into credit arrangements with an employer or a third party
- Whether the cost incurred appears to reflect the product or service’s fair market value
- How the debt is collected if workers don’t pay their employers or a third party back
- What effects the debt has on workers’ finances and careers
We welcome your submissions, which will help us achieve our mission of monitoring markets for consumer financial products and services to ensure that they are fair, transparent, and competitive. We will study Employer-Driven Debt products and services in order to better understand the potential impact on workers, jobseekers, and the broader marketplace.