Term: CFPB
7 found

Obama, CFPB Seek to Regulate Payday Loan “Debt Traps”

By Steven Shaw on 3/26/2015

Obama, CFPB Seek to Regulate Payday Loan “Debt Traps”

Payday lenders would face a new set of restrictions under rules being proposed Thursday by the Consumer Financial Protection Bureau. The rules include requirements that lenders ensure borrowers have the ability to repay the loans, and limits to the number of times consumers can renew the loans. The proposal covers a wide set of short-term, high-cost lending products, including title loans. President Obama is expected to call for stronger payday loan rules in a speech on Thursday.

CFPB
Personal Loans

5 Ways to Get Things Off Your Credit Report

By Steven Shaw on 6/24/2014

off your credit report 

Negative information on your credit can be extremely frustrating. You know it’s not good, and you just want it to go away. Before you pull your hair out or spend thousands of dollars trying to repair your credit, you’ll want to understand the ways this kind of information can be removed from your reports.

CFPB
Consumer Financial Protection Bureau
credit report
credit reports
Dispute

Where Did Credit Reports Come From?

By Steven Shaw on 5/1/2014

credit report origin  

We may be in an age of Big Data, but collecting information on consumers is nothing new. Credit reporting goes back to the late 1800s, when it was just a couple of guys going from door to door, asking merchants to describe the customers who had credit at their stores. The technical, sometimes-long files we now know as credit reports started out as a few notes in a ledger that said something like, “Reliable,” “Slow to repay” or “Won’t pay, but father will cover debt.”

CFPB
credit reports
Equifax
Experian
TransUnion

CFPB to Regulate More Student Loan Servicers

By Steven Shaw on 12/3/2013

CFPB student loan servicers

The Consumer Financial Protection Bureau has expanded its oversight of student loan servicers, the bureau announced today, and it will now supervise several nonbank servicers to ensure compliance with federal consumer financial laws.

CFPB
college graduate
Consumer Financial Protection Bureau
student debt
student loan repayment
student loans

Consumer Watchdog Now Accepting Payday Loan Complaints

By Steven Shaw on 11/7/2013

CFPB Now Accepting Payday Loan Complaints

The Consumer Financial Protection Bureau began overseeing the payday loan industry in 2012 and is now accepting complaints from borrowers who experience issues with them.

Consumers who take out payday loans, or cash advances, generally borrow less than $500 for a short period of time. These loans carry high interest rates, and while 12 million Americans use them each year, only 14% can afford to pay the amount in full, and the average borrower ends up in debt for five months, according to data from the Pew Charitable Trusts. That average borrower ends up paying $520 in finance charges for a $375 loan.

CFPB
Consumer Financial Protection Bureau
Payday Loan
Payday Loan Complaints

CFPB Focuses on Ensuring Credit Report Errors Get Fixed

By Steven Shaw on 9/5/2013

credit report errors

The Consumer Financial Protection Bureau issued a bulletin to companies that supply information to credit reporting agencies, stressing their legal obligation to investigate consumer disputes of credit reports.

CFPB
credit report
Credit Report Errors
Dispute

CFPB Shifts Focus to Student Money Issues

By Steven Shaw on 2/8/2013

CFPB

As part of its ongoing effort to better protect consumers of all ages from potentially unfair or misleading accounts that can land them in money trouble, one federal watchdog is now collecting data related to financial products specifically for young adults.

The Consumer Financial Protection Bureau recently began asking college students to provide it with information related to the kinds of bank accounts and credit cards that are specifically targeted for their age group, in an effort to better understand the kinds of financial decisions and situations young adults face in their everyday lives, according to a report from the agency. While there have been many regulations put into place to better protect younger consumers who might be getting their first taste of financial independence in particular, the agency feels it needs to examine just how these accounts are working under the new regulatory microscope.

Pay Off Debts
CFPB
college students
Consumer Financial Protection Bureau
student credit cards