CFPB: Financial Coaching Initiative Launched
Program Targets Transitioning Veterans and Economically Vulnerable Consumers WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is launching its Financial Coaching Initiative, targeting recently-transitioned veterans and economically vulnerable consumers to help them with their financial goals. The program places 60 certified financial coaches at organizations around the country to provide individualized educational services. “Having…
CFPB: Report Finds 26 Million Consumers Are Credit Invisible
Bureau Also Finds That Black and Hispanic Consumers Are More Likely to Have a Limited Credit Record WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) published a report finding that 26 million Americans are “credit invisible.” This figure indicates that one in every 10 adults do not have any credit history with a nationwide…
CFPB: Nationwide Effort to Advance Financial Education in Schools Launched
CFPB Publishes Resource Guide for Policymakers WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau announced that it is launching a nationwide effort to advance financial education in schools. The Bureau is publishing “Advancing K-12 Financial Education: A Guide for Policymakers,” a resource guide which contains strategies for furthering the development and implementation of financial education…
ABA: CFPB Prepaid Rules Could Harm Underbanked Customers
In a news release, the American Bankers Association commented on the CFPB’s proposed rulemaking regarding prepaid cards: “The CFPB’s proposed rules for prepaid products include some onerous provisions that could create insurmountable compliance barriers for banks offering the cards, ABA said in a comment letter. This would be particularly harmful for “underbanked” individuals, many of…
CFPB: Study Reports More Than 50 Million Credit Card Consumers Have Access to Free Credit Scores
New Study Indicates that Consumers Access Credit Scores and Credit Reports in a Variety of Ways but Confusion Persists WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) reported that more than 50 million consumers now have free and regular access to their credit scores through their monthly credit card statements or online. Last year,…
CFPB: Safe Student Account Scorecard Released
Bureau Seeks Comment on Scorecard to Help Schools Avoid Promoting Products with Tricks and Traps WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is seeking input on a “Safe Student Account Scorecard” that would help colleges to avoid partnering with financial institutions that offer checking and prepaid accounts with tricks and traps. The scorecard…
CFPB: Report Finds Nearly Half of Borrowers Do Not Shop for a Mortgage
CFPB Releases “Owning a Home” Toolkit to Help Consumers Shopping for a Mortgage WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a report finding that almost half of consumers do not shop around for a mortgage when purchasing a home. The report also found that informed consumers are more likely to shop, especially…