A new rule amending Regulation X aims to ensure eligible borrowers have a meaningful opportunity for loss mitigation after exiting mortgage forbearance programs.
Last week, I joined the Bureau as Assistant Director of the Office of Financial Empowerment, which is part of our Division of Consumer Education and...
Financial institutions file Suspicious Activity Reports (SARs) to report suspected financial crimes to the federal government. Filers can indicate in their SARs whether the suspicious activity involves elder financial exploitation (EFE). Law enforcement can access the SARs and use the information to conduct investigations and potentially stop EFE. In 2020, financial institutions filed over 62,000 EFE SARs involving over $3.4 billion.
Compared to a decade ago, there are fewer older homeowners who own their homes free and clear. Older homeowners are also carrying more mortgage debt. You can check out our snapshot on older Americans and mortgage debt for more on the numbers and data. Here are three things you can do to keep your retirement on track.
Far too many households and businesses continue to lack fair and equitable access to credit. Through SPCPs, lenders can better serve historically disadvantaged individuals and communities.
For the first time in 2015, large banks began reporting separately certain categories of fees—including overdraft and non-sufficient fund fees. The new fee...
On campus, a bank account may be marketed to you that is co-branded with your college's logo and may be attached to your campus ID through a debit card. But...
Access resources for youth employment programs to help young adults get access to the financial services they need.
As the number of older Americans with student debt has quadrupled, older borrowers complain about many problems with lenders, loan servicers, and debt...
Moving forward, the Division of Consumer Education and External Affairs should redouble its efforts to ensure the Bureau engages all consumers who are economically suffering.
The CFPB has released four potential designs for a new overdraft disclosure form for banks and credit unions.
Check to see if your college and school sponsored or branded checking account is safe and affordable, avoid overdraft fees, always shop around.
Here’s what to do if someone calls you with the offer of a prize or sweepstakes that you have to pay for.
Many new financial innovations rely on people choosing to give a company access to their digital financial records held by another company. If you're using...
Forced collection of Social Security benefits increasingly pushes borrowers into poverty and hardship, undermining the purpose of the Social Security program.
Whether you’ve had a bank or credit union checking account for a long time, or are planning to open a new account soon, we have resources to help you make the best decision for you.
LIBOR is expected to be discontinued sometime after 2021. Here is information to help consumers understand whether this market-wide change might affect the terms of their loans.
Last week, CFPB Director Richard Cordray sent a letter to the CEO’s of several banks, credit unions, and financial companies encouraging them to enable consumers to exert greater control over their credit cards, debit cards, and other payment methods.
We are honored to be here with Attorney General Herring today. The work he is doing to protect Virginians – especially older Virginians – sets a great...
July is Military Consumer Month, and we are partnering with the FTC and DoD throughout the month to spotlight key financial issues impacting the military community.
