CFPB: Protecting Credit While in the Criminal Justice System
Checking your credit report regularly and making sure the information is correct is an important part of building and maintaining healthy credit. For incarcerated individuals, monitoring personal accounts or credit reports can be a challenge. Individuals who can’t monitor their credit reports could face an increased risk of fraud or identity theft. Errors or other…
CFPB: Student Loan “Payback Playbook” Unveiled
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) unveiled the student loan Payback Playbook, a set of prototype disclosures that outline a path to affordable payments for borrowers trying to avoid student debt distress. The Payback Playbook provides borrowers with personalized information about their repayment options from loan servicers so they can secure a…
CFPB: Half of Online Payday Borrowers Rack Up an Average of $185 in Bank Penalties
Repeat Debit Attempts Add Steep, Hidden Cost for Borrowers Yet Typically Fail to Recover Payments WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) issued a report that found that attempts by online lenders to debit payments from a consumer’s checking account add a steep, hidden cost to online payday loans. Half of online borrowers…
CFPB: Policy Finalized to Facilitate Consumer-Friendly Innovation
Bureau Publishes Policy to Reduce Potential Regulatory Uncertainty for Innovative Products that Promise Significant Consumer Benefits WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) finalized a policy to facilitate consumer access to financial products and services that promise substantial benefit to consumers. The new policy establishes a process for companies to apply for a…
CFPB: Steps Taken To Improve Checking Account Access
CFPB Concerned that Screening Inaccuracies and Lack of Account Options are Keeping Consumers Out of the Banking System WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is taking steps to improve checking account access amidst Bureau concerns that consumers are being sidelined by the lack of account options and by inaccurate information used to…
CFPB: Guide To Help Consumers Navigate Pension Payouts Released
Guide Highlights Trade-Offs Between Lump-Sum and Lifetime Monthly Payout Options WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) is releasing a guide to help consumers navigate their pension payout options and make the right decision about their retirement income. The guide gives near-retirees the information they need to understand the trade-offs of taking their…
CFPB: Tool Released To Help Measure Financial Well-Being
Resource Will Provide Questions Financial Educators Can Use to Assess the Financial Wellness of Consumers WASHINGTON, D.C. — 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…
CFPB: “Planning for Retirement” Tool Released to Help Consumers Decide When To Claim Social Security
CFPB Report Shows Many Consumers Base Critical Claiming Decision on Limited Information WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released “Planning for Retirement,” an interactive, online tool designed to help consumers decide when to claim their Social Security retirement benefits. According to a report released by the CFPB, many older Americans are relying…
CFPB: Financial Education Curriculum Review Tool Released
Resource Will Help Guide Educators Looking to Select Appropriate Financial Education Material for Students WASHINGTON, D.C – Today the Consumer Financial Protection Bureau (CFPB) is releasing a tool that educators can use when selecting financial education curriculum for students. The curriculum review tool will help educators identify effective and unbiased material to increase the financial capability…