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…
ABA: Foundation Invites Volunteers for 2015 “Get Smart About Credit” Day
Calling on banker volunteers to help their local teens become financially fit WASHINGTON — The American Bankers Association Foundation is calling for banker volunteers for its annual Get Smart About Creditprogram, an initiative designed to teach teens how to use credit effectively. Bankers will celebrate Get Smart About Credit Day on Oct. 15 and throughout the…
OCC: Focus On Increasing Sustainable Loan Modifications And Reducing Foreclosures
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today published the latest edition of its Community Developments Investments electronic newsletter entitled “Hardest Hit Fund: State Programs to Improve Loan Modification Sustainability and Stabilize Communities.” “There is no single solution for increasing sustainable loan modifications and reducing foreclosures,” said Comptroller of the Currency Thomas J….
ABA: 6 Ways to Boost Your Credit Score
WASHINGTON —In recognition of American Housing Month in June, the American Bankers Association Foundation is reminding consumers of the critical impact credit scores can have on their housing options. “An important step to finding a home, whether you’re renting or buying, is ensuring that you have a good credit history,” said Frank Keating, ABA president…
OCC: Comptroller of the Currency Thomas Curry Discusses CRA and Small Business Lending
WASHINGTON — Comptroller of the Currency Thomas J. Curry today discussed how the Community Reinvestment Act can help spur small business lending. Mr. Curry made his remarks before the 2015 State Small Business Credit Initiative Conference. Related Links Remarks (PDF) Comptroller of the Currency Thomas J. Curry
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…