CFPB Resource Center

  • December 12, 2014
    CFPB Moves to Tacle Medical Debt Issues This week the CFPB took several steps to address the challenge of consumer medical debt, releasing a report and data points, as well as new requirements on Wednesday, December 10, 2014, followed by a field hearing in Oklahoma City on Thursday, December 11, 2014. The Bureau's report addressed the impact of medical debt on consumer credit scores and pointed...
  • December 5, 2014
    CFPB Ombudsman Releases 2014 Annual Report On Monday, November 24, 2014, the CFPB Ombudsman released its third annual report detailing "inreach" within the Bureau, and summarizing the interactions with parties outside the CFPB in its information collection. The report covers various topics including ways the Bureau can improve access for the visually impaired, to facilitating resolutions and...
  • November 21, 2014
    GAO Finds Deficiencies with Internal Controls at CFPB On Tuesday, November 18, 2014, the Government Accountability Office (GAO) released their annual audit report conducted on the CFPB for the year ending September 30, 2014. The report found the agency continues to struggle with internal controls, among other issues. Specifically, GAO found the CFPB did not have effective procedures in place to...
  • November 14, 2014
    CFPB Hosts Field Hearing on Prepaid Cards; Releases Proposed Rule On Thursday, November 13, 2014, the CFPB, at a field hearing in Wilmington, DE, released its proposed rule on prepaid products. The hearing included opening remarks from CFPB Director Richard Cordray, a panel of consumer and industry representatives, and concluded with a question and answer session with the public. "By bringing...
  • November 7, 2014
    CFPB Issues Report on Seniors and Debt Collection Complaints On Wednesday, November 5, 2015, the CFPB released a report highlighting debt collection as the chief complaints received from older Americans. "It is increasingly common for older Americans to carry debts into their retirement years, and consumers living on fixed incomes often struggle to pay off these debts," said CFPB Director Richard...
  • October 31, 2014
    OIG Issues List of CFPB Major Management Challenges On Thursday, October 30, 2014, the Office of Inspector General (OIG) for the Federal Reserve released its findings on major management concerns for the CFPB. The release is the first list issued by the OIG concerning challenges facing the Bureau. If left unaddressed, the OIG believes these challenges may hamper the CFPB's strategic objectives...
  • October 24, 2014
    CFPB Proposes a Language Access Plan On Thursday, October 23, 2014, the CFPB announced a proposed Language Access Plan , which seeks to expand the availability of financial information to those members of the public who have difficulty with the English language. According to the U.S. Census Bureau, about 24 million people in the United States say they don't speak English "very well." The Language...
  • October 17, 2014
    White House Announces Action on Data Security and Consumer Financial Transactions On Friday, October 17, 2014, the President signed an Executive Order directing the government to lead by example in securing transactions and sensitive data. The BuySecure Initiative is intended to provide consumers with more tools to secure their financial future by assisting victims of identity theft, improving...
  • October 10, 2014
    CFPB Holds Forum on Checking Account Access On Wednesday, October 8, 2014, the CFPB held a forum on access to checking accounts. The event featured remarks from CFPB Director Richard Cordray, as well as presentations from consumer groups, federal and local government officials, and industry representatives. The CFPB's stated goal of the forum was to learn more about how the checking account...
  • October 3, 2014
    CFPB Issues Report on Loans for Manufactured Housing On Tuesday, September 30, 2014, the CFPB issued a report on the manufactured housing market, owner demographic, and loan terms. The Bureau found the median age of manufactured-home owners to be 53, with most living in rural areas and possessing a low net worth. Borrowers of manufactured home loans pay a higher interest rate than borrowers whose...

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