You are currently browsing the tag archive for the ‘CFPB’ tag.

> Posted by Robin Brazier, Communications and Operations Associate, the Smart Campaign

U.S. Capitol BuildingLately, so much has been happening in Washington, D.C. that it feels impossible to keep up. Every day is a whirlwind of new developments. The Smart Campaign has been keeping its eye on one bill in particular: H.R. 10, the Financial CHOICE (Creating Home and Opportunity for Investors, Consumers and Entrepreneurs) Act of 2017. Among its other provisions, the Financial CHOICE Act threatens to disarm the Consumer Financial Protection Bureau (CFPB) and compromise the well-being of financial service consumers in the United States.

Introduced by House Representative Jeb Hensarling (TX-5) in April, the CHOICE Act, according to its sponsors, would loosen the allegedly burdensome and complicated regulations put in place by the Dodd-Frank Act of 2010 with the stated goal of increasing financial services access for small businesses and spurring economic growth. These small businesses are said to be having a difficult time getting loans from small banks due to Dodd-Frank, and the CHOICE Act would purportedly lessen these difficulties and allow more small banks to lend to small businesses.

However, from where the Smart Campaign is sitting, the CHOICE Act looks quite different.

Read the rest of this entry »

> Posted by Center Staff

Embed from Getty Images

Can you confidently speak to the financial inclusion of persons with disabilities (PwDs)? How about the proportion of PwDs that live below the poverty line? …The prevalence of disabilities?

The financial and economic hardships of PwDs don’t get much mainstream attention. You, if you’re like most, don’t know that in the United States, for example, about one-fifth of the population (roughly 60 million) has a disability, PwDs are twice as likely to use informal financial services like payday lenders and check cashers, the unemployment rate for PwDs is more than double the national average, and about one-third of adult PwDs live in poverty. These statistics are severe. Not to mention, current demographic shifts will result in larger older adult populations and position the incidence of disability, and the magnitude of these unmet inclusion needs, to grow.

Last week the Consumer Financial Protection Bureau (CFPB), a mainstream U.S. financial player, announced an initiative that will work in concert with financial empowerment and disability organizations to tackle these pressing issues.

Read the rest of this entry »

> Posted by Jeffrey Riecke, Communications Associate, CFI

Embed from Getty Images

Obtaining a mortgage is often the single largest transaction a person will ever make. Despite this, about half of Americans actively consider only one lender or broker before taking out their mortgage. Why? A new report from the U.S. Consumer Financial Protection Bureau (CFPB) details this phenomenon and some of the factors in play, especially consumer confidence. Tuesday, at an event releasing the report, CFPB Director Richard Cordray put the reality into stark and relatable terms, positing that many individuals spend more time shopping around for a TV or other household appliance than they do looking for a good mortgage. He remarked, “When you are spending a lot of money, you are literally betting the house on the choices you are making.” At the event, Cordray launched a suite of tools from the CFPB to empower informed decision-making. The hope is that these tools will ultimately get Americans to… shop.

Cordray recommends that mortgage seekers fill out applications with multiple lenders to see which one offers the best deal. Filing multiple applications doesn’t hurt one’s credit score, contrary to popular belief; multiple credit checks from potential lenders within a certain time window (generally 14-45 days) are considered a single inquiry. The CFPB report, which is based on new data in the National Survey of Mortgage Borrowers, found that 77 percent of borrowers only apply with a single lender.

Read the rest of this entry »

Enter your email

Join 2,169 other followers

Visit the CFI Website

Twitter Updates

Archives

Founding Sponsor


Credit Suisse is a founding sponsor of the Center for Financial Inclusion. The Credit Suisse Group Foundation looks to its philanthropic partners to foster research, innovation and constructive dialogue in order to spread best practices and develop new solutions for financial inclusion.

Note

The views and opinions expressed on this blog, except where otherwise noted, are those of the authors and guest bloggers and do not necessarily reflect the views of the Center for Financial Inclusion or its affiliates.