“The Consumer Financial Protection Bureau (CFPB) released a report, A snapshot of debt collection complaints submitted by older consumers, highlighting debt collection as a top complaint for older Americans, many of whom say they struggle with debt in retirement. According to the report, some of the debt collection issues older Americans complain about include collectors: hounding about… Continue Reading
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Search Results for: CFPB
OIG’s List of Major Management Challenges for the CFPB
Major Management Challenges for the Consumer Financial Protection Bureau, September 2014 Management Challenge 1: Improving the Operational Efficiency of Supervision Management Challenge 2: Building and Sustaining a High-Performing Workforce Management Challenge 3: Implementing New Management Operations Continue Reading
New GAO Reports – Army Corps of Engineers, Bureau of Prisons, CFPB, ID Theft, Oil and Gas Transportation, Affordable Care Act
ARMY CORPS OF ENGINEERS: The Corps Needs to Take Steps to Identify All Projects and Studies Eligible for Deauthorization, GAO-14-699: Published: Aug 21, 2014. Publicly Released: Sep 22, 2014. BUREAU OF PRISONS: Management of New Prison Activations Can Be Improved, GAO-14-709: Published: Aug 22, 2014. Publicly Released: Sep 22, 2014. CONSUMER FINANCIAL PROTECTION BUREAU:Some Privacy and Security Procedures for Data Collections… Continue Reading
CFPB Publishes Report to Promote Financial Wellness in the Workplace
“The Consumer Financial Protection Bureau (CFPB) published a report to promote financial wellness in the workplace. The report contains case studies that are designed to educate employers about practices that can improve employees’ financial health and increase worker productivity…Research has shown that, particularly since the recession, financial distress is widespread among the American workforce. This… Continue Reading
CFPB Finds Small Debit Purchases Lead to Expensive Overdraft Charges
“Today, the Consumer Financial Protection Bureau (CFPB) released a report that raises concerns about the impact of opting in to overdraft services for debit card and ATM transactions. The study found that the majority of debit card overdraft fees are incurred on transactions of $24 or less and that the majority of overdrafts are repaid… Continue Reading
New GAO Reports – CFPB, Drinking Water, Media Ownership, Railroad Retirement, Security Clearances
CONSUMER FINANCIAL PROTECTION BUREAU: Opportunity Exists to Improve Transparency of Civil Penalty Fund Activities, GAO-14-551: Published: Jun 26, 2014. Publicly Released: Jul 28, 2014. DRINKING WATER: EPA Program to Protect Underground Sources from Injection of Fluids Associated with Oil and Gas Production Needs Improvement, GAO-14-555: Published: Jun 27, 2014. Publicly Released: Jul 28, 2014. MEDIA OWNERSHIP: FCC Should Review the Effects of… Continue Reading
2014 Financial literacy annual report – CFPB
“Empowering people to take more control over their economic lives is essential to our mission. That’s why we’ve made financial education a critical component of our work. Our financial education strategy focuses on providing information and tools to help consumers navigate financial choices, and integrating financial capability training into other programs and services where consumers… Continue Reading
Semi-Annual Report Spring 2014 – CFPB
“Congress created the CFPB to stand on the side of consumers and ensure they are treated fairly in the financial marketplace. Since we opened our doors, we’ve been focused on making consumer financial markets work better for the American people, and helping them improve their financial lives. In our fifth Semi-Annual Report, we describe our efforts… Continue Reading
Truth in Lending rule now available in easier-to-navigate format – CFPB
“The public, industry, and the government all benefit from regulations that are easier to find, read, and understand. That is why last year we launched our eRegulations tool which combines important information that can often be difficult to navigate or is spread throughout a regulation, often separated by dozens or even hundreds of pages. Ideally, using eRegulations… Continue Reading
House Hearing Considers 11 Bills that Would Weaken CFPB Protections
News release: “Today at a hearing of the House Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Financial Services, eleven bills will be discussed that will weaken the Consumer Financial Protection Bureau and make it harder to protect consumers in the financial marketplace. The Consumer Financial Protection Bureau has proven itself to… Continue Reading
Medical debt and credit scores – CFPB
“Information about unpaid medical bills is reported to the nationwide credit reporting agencies (NCRAs) from two sources. It can be reported directly by the medical service provider (e.g., a doctor) or by a third-party debt collection agency that has purchased the debt or been contracted to collect it. The vast majority of medical debt reported… Continue Reading
CFPB – Mortgage closings today
A preliminary look at the role of technology in improving the closing process for consumers, April 2014 “The mortgage closing process is complex and often onerous for all involved. For most consumers, closing a mortgage signifies the most substantial financial transaction they will complete in their lifetimes. However, the process can be time-consuming and confusing. Consumers face a daunting… Continue Reading
