The CFPB's operations are funded principally by transfers made by the Board of Governors of the Federal Reserve System from the combined earnings of the Federal Reserve System, up to the limits set forth in the Dodd-Frank Act. The Director of the CFPB requests transfers from the Federal Reserve System in amounts that he has determined are reasonably necessary to carry out the Bureau's mission without exceeding the limits in the Dodd-Frank Act. Transfers through FY 2013 are capped at set percentages of the total 2009 operating expenses of the Federal Reserve System. In fiscal years 2014 and...

The Consumer Financial Protection Bureau (CFPB or Bureau) is updating the CFPB Dodd-Frank Mortgage Rules Readiness Guide (Guide) to help financial institutions come into and maintain compliance with the new mortgage rules outlined in Part I of this Guide. The CFPB has designed this Guide for use by institutions of all sizes. This Guide summarizes the mortgage rules finalized by the CFPB as of August 1, 2014, but it is not a substitute for the rules. Only the rules and their official interpretations can provide complete and definitive information regarding their requirements. This Guide...

The Consumer Financial Protection Bureau (CFPB or Bureau) is the nation's first federal agency focused solely on consumer financial protection. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203) (July 21, 2010) (Dodd-Frank Act) created the CFPB to protect consumers and to encourage fair and competitive consumer financial markets. The Bureau's mission is to make consumer financial markets work for American consumers, honest businesses, and the economy as a whole. The Dodd-Frank Act requires the CFPB to: Ensure that consumers have timely and understandable...

This white paper provides background on manufactured housing, including the market and regulatory environment, as well as on consumers who purchase or rent manufactured housing. The Consumer Financial Protection Bureau (Bureau) initiated research into manufactured housing to provide the Bureau and others with a more comprehensive understanding of manufactured housing and its financing. Manufactured housing accounts for six percent of all occupied housing and a much smaller fraction of home loan originations in the U.S. These fractions notwithstanding, manufactured housing is of interest to...

The Consumer Financial Protection Bureau (CFPB or Bureau) presents this Semi-Annual Report to the President, Congress, and the American people, in fulfillment of its statutory responsibility and commitment to accountability and transparency. This report provides an update on the Bureau's mission, activities, accomplishments, and publications since the last Semi-Annual Report, and provides additional information required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank or Dodd-Frank Act). The Dodd-Frank Act created the Bureau as the nation's first federal agency...

The Consumer Financial Protection Bureau (CFPB or Bureau) presents this Semi-Annual Report to the President, Congress, and the American people, in fulfillment of its statutory responsibility and commitment to accountability and transparency. This report provides an update on the Bureau's mission, activities, accomplishments, and publications since the last Semi-Annual Report, and provides additional information required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank or Dodd-Frank Act). The Dodd-Frank Act created the Bureau as the nation's first federal agency...

When a debt is seriously delinquent and the creditor sells the debt or refers the debt either to a collection agency or to an internal collection department, the collector or creditor can separately report the account to one or more of the three largest nationwide consumer reporting agencies (NCRAs) as an account in collections. The presence of a collections tradeline can have a negative impact on a consumer's credit score. There are currently an estimated 220 million consumers with a credit report at one or more of the NCRAs. Collections tradelines affect the reports of nearly one out of...

When a debt is seriously delinquent and the creditor sells the debt or refers the debt either to a collection agency or to an internal collection department, the collector or creditor can separately report the account to one or more of the three largest nationwide consumer reporting agencies (NCRAs) as an account in collections. The presence of a collections tradeline can have a negative impact on a consumer's credit score. There are currently an estimated 220 million consumers with a credit report at one or more of the NCRAs. Collections tradelines affect the reports of nearly one out of...

More than 83 percent of the CFPB employee population responded to the third annual employee survey conducted by the Consumer Financial Protection Bureau (CFPB) between July 15, 2014 and August 15, 2014. Bureau leaders use feedback from tools like the annual employee survey to develop strategies to better serve employee needs. Survey results are shared across the organization to encourage leaders to actively seek and respond to opportunities to improve the employee work experience. The 2014 survey results reveal that the majority of employees identify strongly with the CFPB mission, among...

More than 83 percent of the CFPB employee population responded to the third annual employee survey conducted by the Consumer Financial Protection Bureau (CFPB) between July 15, 2014 and August 15, 2014. Bureau leaders use feedback from tools like the annual employee survey to develop strategies to better serve employee needs. Survey results are shared across the organization to encourage leaders to actively seek and respond to opportunities to improve the employee work experience. The 2014 survey results reveal that the majority of employees identify strongly with the CFPB mission, among...