Here. An excerpt: At the center of the regulations being considered, the people familiar with the matter said, is a requirement that lenders assess whether borrowers can repay loans — interest and principal — at the end of a two-week period by examining their income, other debts and their payment history. Few people can, the […]
Category Archives: Consumer Financial Protection Bureau
by Jeff Sovern As previously reported in The New York Times and CFPB Monitor, a CFPB report based on data in the National Survey of Mortgage Borrowers has found that nearly half of borrowers don't shop for a mortgage. The new report,taken together with my earlier survey of mortgage brokers finding that consumers virtually never back […]
The President highlighted consumer issues several times in his speech tonight. Here's some of the relevant text: On Dodd-Frank and the CFPB: "We believed that sensible regulations could prevent another crisis, shield families from ruin, and encourage fair competition. Today, we have new tools to stop taxpayer-funded bailouts and a new consumer watchdog to protect […]
Lauren Willis (of Loyola Los Angeles) and Theresa Amato (of the Fair Contracts Project) have a great op-ed in today's Los Angeles Times on what to do about consumer financial illiteracy. "There are dozens of entities devoted to educating you about all things financial," they write, "[b]ut none of it is working very well." Financial […]
by Maura Dundon (Senior Policy Counsel, Center for Responsible Lending) The sale of Corinthian Colleges (the for-profit college chain that operates Everest, WyoTech, and Heald) to the student loan debt collector ECMC is poised to close today. The deal has raised serious concerns about the fate of Corinthian students and whether the new entity represents […]
Here. An excerpt: Right now, the CFPB is finishing up the second phase of its study, which will hone in on consumers' understanding of arbitration clauses. At that point, it will decide whether it needs to act. If the bureau's findings are anything like those of the law school study, it must. Being stripped of our […]
Bloomberg story here, and here is one from InsideArm.com.
Debra Pogrund Stark of John Marshall,Jessica M. Choplin of DePaul University, Mark A. LeBoeuf of DePaul and Andrew G. Pizor of the National Consumer Law Center have written Dodd-Frank 2.0: Creating Interactive Home-Loan Disclosures to Enable Shrewd Consumer Decision-Making, forthcoming in the Loyola Consumer Law Review. Here's the abstract: Congress and the Consumer Financial Protection […]
by Jeff Sovern Here. To see why it is important to keep the CFPB's budget out of the appropriations process (just as with the other bank regulators), here's an excerpt from one of our posts from 2011 (the more things change, . . . ): To see why this matters, you have only to read New […]