The Office of Inspector General (OIG) for the Board of Governors of the Federal Reserve System (Board) and the Consumer Financial Protection Bureau (CFPB) is an independent and objective oversight authority established under the Inspector General Act of 1978, as amended: “Though not statutorily required, the OIG compiles annual listings of major management challenges facing… Continue Reading
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CFPB – Midyear Update on Student Loan Complaints
“This midyear update analyzes complaints submitted by consumers from October 1, 2015 through May 31, 2016. During this period, the Bureau also began handling complaints about problems managing or repaying federal student loans; this is the first report released by the Bureau discussing data on federal student loan servicing complaints. This report highlights the problems… Continue Reading
CFPB Proposes Updates To “Know Before You Owe” Mortgage Disclosure Rule
“The Consumer Financial Protection Bureau (CFPB) today proposed updates to its Know Before You Owe mortgage disclosure rule. The proposed amendments are intended to formalize guidance in the rule, and provide greater clarity and certainty. The changes proposed today would augment implementation of the Know Before You Owe rule, which took effect last year, and… Continue Reading
Mortgage Servicing: Community Lenders Remain Active under New Rules, but CFPB Needs More Complete Plans for Reviewing Rules
Mortgage Servicing: Community Lenders Remain Active under New Rules, but CFPB Needs More Complete Plans for Reviewing Rules, GAO-16-448: Published: Jun 23, 2016. Publicly Released: Jul 25, 2016. “As of September 30, 2015, community lenders held about $3.1 billion in MSRs on their balance sheets. Servicing is a part of holding all mortgage loans, but… Continue Reading
GAO – CFPB – Additional Actions Needed to Support a Fair and Inclusive Workplace
Consumer Financial Protection Bureau: Additional Actions Needed to Support a Fair and Inclusive Workplace, GAO-16-62: Published: May 19, 2016. Publicly Released: Jun 20, 2016.” “Nonexecutive employees at the Consumer Financial Protection Bureau (CFPB) who responded to GAO’s survey identified strengths and areas for improvement in CFPB’s personnel practices and culture. Most respondents agreed that enthusiasm… Continue Reading
CFPB – Take control of your auto loan
“Whether you’re a first time borrower or a pro, getting an auto loan can be complicated. Learn how to prepare so you can save money, reduce stress, and get the auto loan that’s right for you. Auto loan worksheet – Experts know to focus on total cost, not just the monthly payment. Our shopping sheet… Continue Reading
Management Report: Improvements Needed in CFPB’s Internal Controls and Accounting Procedures
Management Report: Improvements Needed in CFPB’s Internal Controls and Accounting Procedures, GAO-16-522R: Published: Jun 13, 2016. Publicly Released: Jun 13, 2016. “During its audit of the Consumer Financial Protection Bureau’s (CFPB) fiscal years 2015 and 2014 financial statements, GAO identified deficiencies in CFPB’s internal control over accounting for property, equipment, and software that collectively constituted… Continue Reading
CFPB Releases Tool to Help Measure Financial Well-Being
“Today the Consumer Financial Protection Bureau (CFPB) is releasing a tool to measure consumer financial well-being, based on a definition that the Bureau released in January 2015. This first-of-its-kind tool provides questions that educators and others working to build financial capability can use to accurately and consistently quantify the financial well-being of consumers…In January 2015,… Continue Reading
2015 annual report from the CFPB Ombudsman’s Office
“The CFPB Ombudsman’s Office is an independent, impartial, and confidential resource that assists consumers and companies in informally resolving issues with the CFPB. This report summarizes our activities in fiscal year 2015. The report includes a description of how our office works in practice with a new flowchart of when to contact us and what… Continue Reading
GAO Reports – End-Stage Renal Disease, Financial Audit of CFPB, FHFA, SEC, GAO Performance, DOD Small Business Subcontracting
End-Stage Renal Disease: Medicare Payment Refinements Could Promote Increased Use of Home Dialysis, GAO-16-125: Published: Oct 15, 2015. Publicly Released: Nov 16, 2015. Financial Audit: Bureau of Consumer Financial Protection’s Fiscal Years 2015 and 2014 Financial Statements, GAO-16-96R: Published: Nov 16, 2015. Publicly Released: Nov 16, 2015. Financial Audit: Federal Housing Finance Agency’s Fiscal Years… Continue Reading
CFPB Planning for Retirement tool
News release: “There is a good chance that you or someone you know may benefit from our new “Planning for Retirement” tool, which we created to help consumers approaching retirement make an informed decision about when to claim their Social Security benefits.” See also via Brookings – 10 facts about Social Security and retirement saving… Continue Reading
Opportunities Exist to Enhance Management Controls Over CFPB’s Consumer Complaint Database
OIG – Board of Governor’s of the Federal Reserve – CFPB Report: 2015-FMIC-C-016 September 10, 2015 “The Consumer Financial Protection Bureau (CFPB) publicly discloses certain consumer complaint data through its Consumer Complaint Database, which is available on its website. Our audit objective was to assess the effectiveness of the CFPB’s controls over the accuracy and completeness of… Continue Reading
