The newly appointed board members include experts in consumer protection, financial services, community development, fair lending, civil rights, and consumer financial products or services. They also represent depository institutions that primarily serve underserved communities, and they represent communities that have been significantly impacted by higher-priced mortgage loans.
Today’s report covers the Bureau’s actions from January 1, 2012 through June 30, 2012. It showcases how the Bureau has used its multiple authorities, including regulation, supervision, enforcement, market research, financial education, and the authority to deal directly with consumer complaints regarding consumer financial products and services.
CFPB and U.S. Department of Education Joint Report Finds a Cycle of Boom and Bust in Private Student Loan Market
According to the CFPB’s estimates, outstanding student loan debt in the United States topped $1 trillion in 2011 — $864 billion of federal student debt and approximately $150 billion of private student loan debt.
A reverse mortgage is a special type of home loan that allows older homeowners to access the equity they have built up in their homes now, and defer payment of the loan until they pass away, sell, or move out of the home.
The hearing coincides with the publication of the Bureau’s Short-Term, Small-Dollar Lending Procedures – a field guide CFPB examiners will use to make sure payday lenders – banks and nonbanks – are following federal consumer financial laws.
The CFPB is using the information learned in the first few months of credit card complaints to help identify problems in the market. After careful analysis, the Bureau will determine how best to address these issues through a variety of means ranging from consumer education and engagement to new regulatory policies.
A report released today by the Consumer Financial Protection Bureau (CFPB) recommends principles for maximizing consumers’ ability to receive and use exchange rate information when making remittance transfers, and examines the incentives and challenges related to using remittance data in credit scores.
“One way consumers have tried to empower themselves is by knowing their credit scores. We are assessing whether purchasing a credit score provides a consumer with the information he or she needs.”