Links in “CFPB”
- High Student Loan Debt’s Impact on Future Housing Market
CFPB Director Cordray speaks on the effects of the growing $1.2 trillion student loan debt and its negative ramifications on the housing market of the future. [5/22]
- CFPB to Open Advisory Group Meeting Doors
Bowing to industry and political pressure, CFPB announces it is ending its closed-door policy for its four advisory groups. [5/22]
- CFPB Union Leader: Bureau Slow to Address Complaints
In hearings in the House, union leader to testify that the CFPB was not responsive when unfair treatment to minority and older employees was first raised in September 2013. The disparities became public in March 2014, which seemed to make a notable difference in how the CFPB responded. [5/22]
- CFPB Releases Study That Gives Evidence to Underestimated Credit Scores
Today the Consumer Financial Protection Bureau is releasing a study on how the collection of medical debt affects a consumerâs credit score. The study found that the credit scoring models accounted differently for medical debt in collections and medical debt that is repaid by the borrower. In short, scores could be more predictive if they treat medical debt and non-medical debt differently. [5/21]
- New Student Loan Legislation Could Lower Interest Rates for Existing Borrowers
The Bank on Students Emergency Loan Refinancing Act would allow eligible student loan borrowers to refinance their loans at lower rates offered to new borrowers. The CFPB foresees that "there may be a domino effect on the broader economy if we ignore borrowers currently stuck with high student loan payments."  [5/21]
- House Hearing to Address CFPB Transparency
Besides the hearing on alleged employee discrimination at the CFPB, there will be a second hearing this week on the need for greater transparency at the bureau. There are nearly a dozen bills and discussion drafts in varying stages that address CFPB's administrative practices. [5/21]
- Presto: CFPB Fixes Employee Rating Disparities
Ahead of this week's House hearing probing allegations of retaliation and discrimination among employees at the CFPB, the agency releases a report that finds its discrimination wasn't just based on race, but age, location, tenure, and union membership. At a cost of $5 million or more, the agency will pay agency employees as if they received the highest rating available at the time of their evaluation. [5/20]
- Treatment of Older Consumers Hits CFPB’s Radar
The CFPB has received more than 15,000 complaints submitted by older consumers, with one-third of those related to mortgages. The CFPB notes that older consumers are carrying more mortgage debt into retirement, with few older homeowners owning their home outright than in the past two decades. [5/19]
- Remittance Proposal: Speak Now or Until June 6, 2014
The CFPB seeks comments, data, and information from the public about proposed amendments to certain disclosure and error resolution requirements set forth in subpart B of Regulation E (Remittance Proposal). The comment period on the Remittance Proposal has been extended to close on June 6, 2014. [5/16]
- CFPB’s Electronic Version of Reg. Z: Trust, But Verify
CFPB's new "easier-to-navigate" electronic version of Reg. Z includes a disclaimer worth noting. [5/16]
