Examining the factors driving high credit card interest rates
A new analysis finds that credit card interest rates continue to rise even though risks to the industry continue to drop and profitability increases.
Blog
New risks emerge as line between payments and commerce blurs
Innovations across the payments ecosystem are transforming how people access financial products and services. This raises concerns that peoples’ financial data may be aggregated and monetized without their knowledge or permission.
CFPB recognizes national whistleblower day
Whistleblowers can help the CFPB protect consumers and support the rule of law. The law protects whistleblowers at financial institutions from retaliation.
Office of Research blog: Housing inflation is hitting low-income renters
Housing costs rose rapidly last year but some people experience this inflation more than others. New research shows that low-income renters’ credit card debt increased sharply last year.
Time is running out for student loan servicers to help servicemembers with student loans get debt relief
Student loan servicers with military borrowers should act quickly to identify and notify military borrowers about the PSLF Limited Waiver before October 31, 2022.
Long hold times or excellent care? Tell us about the customer service at your bank or credit union!
Banks and credit unions should ensure you’re getting timely responses to your banking questions. To help ensure they’re meeting your needs, the CFPB is asking for you to share your experiences, good or bad.
Banks’ overdraft/NSF fee revenues evolve along with their policies
This blog post examines recent changes in overdraft and NSF fee revenues reported in call reports to understand how announced changes in overdraft policies affected these revenues.
Using special purpose credit programs to serve unmet credit needs
Far too many households and businesses continue to lack fair and equitable access to credit. Through SPCPs, lenders can better serve historically disadvantaged individuals and communities.
Protecting servicemembers from costly auto loans and wrongful repossessions
Servicemembers face unique challenges in the financial marketplace. The CFPB is working to protect servicemembers and military families from costly auto loans and wrongful repossessions.
Promoting Competition in Our Financial Markets
Congress has charged the CFPB with ensuring that markets for consumer financial products are competitive. Over the last year, the CFPB has taken a number of steps to promote competition in our markets.
Technologists wanted
The CFPB is hiring product managers, designers, engineers, data scientists, and more to help detect and prevent unfair, deceptive, and abusive practices in financial markets.
Accepting applications for CFPB advisory committees
Beginning on July 5, the CFPB is accepting applications to serve on our four advisory committees, which provide insight and advice as we carry out our work.
New report explores the impact of credit card line decreases on consumers
Credit cards play a critical role for consumers. Lenders can cut card lines, and have done so especially during economic downturns. New CFPB research shows the impact line cuts have on consumers.
Identifying and addressing the financial needs of immigrants
The CFPB is working to identify and address the financial needs of immigrant consumers.
Tell us your stories about employer-driven debt
The CFPB is seeking public comments about debt that workers take on to pay for trainings, equipment, or other items or services required by their employer.
Rethinking the approach to regulations
The CFPB is seeking to move away from highly complicated rules that have long been a staple of consumer financial regulation and towards simpler and clearer rules.
Measuring the impact of financial institution overdraft programs on consumers
Banks and credit unions heavily rely on fees from overdrafts and non-sufficient funds transactions. We’ve launched a supervisory effort to measure the impact of overdraft practices on consumers.
Buy Now, Pay Later and Credit Reporting
Consumers’ Buy-Now-Pay-Later repayment data is starting to be furnished to the nationwide credit reporting companies. A standardized approach would promote consistency and accuracy.
CFPB publishes Beginner’s Guide to Accessing and Using Home Mortgage Disclosure Act Data
The CFPB has published a Beginner’s Guide to Accessing and Using Home Mortgage Disclosure Act Data, a resource for those interested in using this comprehensive source of U.S. mortgage data.
Protecting servicemembers from abuses of the military allotment system
Servicemembers should guard against predatory lenders outside military bases, including those that require them to use the allotment system to repay loans.
Loan Cancellation for Student Loan Borrowers Who Attended Corinthian Colleges
The U.S. Department of Education announced the cancellation of $5.8 billion in federal student loans for 560,000 individuals who borrowed to attend schools owned by Corinthian Colleges, the for-profit college conglomerate that is now defunct.
Credit disputes: getting a clear statement of results from your furnisher
When you dispute credit information with your bank or other furnisher, you should get a clear and understandable response stating a result.
CFPB tells credit card CEOs: Practice of suppressing payment data has potential for consumer harm
Accurate and complete information on your credit card payments can be a valuable tool to accessing fair credit – but credit card companies are suppressing this information.
FFELP student loan borrowers: take full advantage of fixes to Income-Driven Repayment
New fixes to income-driven repayment will help borrowers reach loan forgiveness faster. Commercial FFELP borrowers will need to apply for consolidation to benefit.
Explainer: What is nonbank supervision?
The CFPB examines financial companies for compliance with Federal law, to protect consumers and maintain well-functioning markets.