In May 2015, the Consumer Financial Protection Bureau launched an inquiry into student loan servicing practices. In light of the increasing number of older Americans paying back student loan debt, they asked to hear about how it’s affecting older consumers.
The CFPB received over 30,000 public comments in response to our inquiry, including a number of comments . . . → Read More: CFPB Report on Student Loan Debt Highlights Challenges for Older Consumers
The Effectiveness of Pre-Purchase Homeownership Counseling and Financial Management Skills
Homeownership remains a cherished goal for many people. However, developments in mortgage products and drastic changes in the housing market have made the realization of becoming a homeowner more challenging. Fortunately, homeownership counseling is available to help navigate prospective homebuyers in their quest. But the effectiveness of . . . → Read More: The Effectiveness of Pre-Purchase Homeownership Counseling and Financial Management Skills
ASSESSING THE ECONOMIC INCLUSION POTENTIAL OF MOBILE FINANCIAL SERVICES
Division of Depositor and Consumer Protection
Federal Deposit Insurance Corporation
Last Revised: April 23, 2014
This white paper is presented for discussion purposes and does not represent official policy views of the Federal Deposit Insurance Corporation.
Assessing the Economic Inclusion Potential of Mobile Financial Services
This . . . → Read More: FDIC White Paper: Assessing The Economic Inclusion Potential Of Mobile Financial Services
CFPB: Snapshot of Older Americans and Mortgage Debt
The CFPB has been tracking the increasing levels of debt among older Americans. Today, older homeowners are carrying more mortgage debt than ever before. For many of the roughly 4.4 million retired homeowners with mortgages, making monthly mortgage payments on a fixed income on top of other monthly expenses is . . . → Read More: CFPB: Snapshot of Older Americans and Mortgage Debt
Five Reasons Why Asian American & Pacific Islander (AAPI) Poverty Remains Invisible
The National Coalition for Asian Pacific American Community Development (CAPACD), Asian American Pacific Islanders in Philanthropy (AAPIP), and the Federal Reserve Bank of San Francisco hosted a briefing on growing poverty in the AAPI community. The event highlighted findings from a recently released National CAPACD report . . . → Read More: FRB: Five Reasons Why Asian American & Pacific Islander (AAPI) Poverty Remains Invisible
Navigating the Market
A comparison of spending on financial education and financial marketing
The Consumer Financial Protection Bureau (the CFPB) looked at the information sources consumers are exposed to when they make financial decisions.
Empowering consumers to make the financial decisions that will help them meet their own life goals is a critical part of . . . → Read More: CFPB Report: Navigating the Market – A comparison of spending on financial education and financial marketing
CFPB Report: Empowering Low Income and Economically Vulnerable Consumers
The low-income and economically vulnerable population includes as many as 100 million people. These consumers are diverse in culture, geography, stage of life, and financial status. Last year, the CFPB’s Office of Financial Empowerment hosted a forum to examine the unique consumer financial product and service needs of . . . → Read More: CFPB Report: Empowering Low Income and Economically Vulnerable Consumers
Insights Brief: The Financial Fragility of American Families
The economic crisis that began in 2007 started a wide-ranging spiral that not only weakened the U.S. economy, but also eroded the financial stability of households. This brief explores how American families are positioned to confront economic shocks and the resources they may—or may not—have available to help them . . . → Read More: FINRA: The Financial Fragility of American Families
CUNA Study: Women’s No. 1 Priority Is Saving For Retirement
The Credit Union National Association’s (CUNA) Women’s Financial Survey finds the most important financial concern for women isn’t buying a house or paying off debt, but saving for retirement.
The survey also indicated that although women aren’t confident in their financial knowledge, they might know more than they think.
It . . . → Read More: CUNA Study: Women’s No. 1 Priority Is Saving For Retirement
Our first financial literacy report to Congress
The CFPB posted the following announcement last week.
Today, we’re publishing our first financial literacy report to Congress. It discusses our approach to financial literacy and the work we’ve done to help consumers make better informed choices about their personal finances and achieve financial goals.
As Director Richard Cordray puts it in . . . → Read More: CFPB: Our First Financial Literacy Report to Congress