In order to better understand the features and consumer protections currently provided by prepaid products, the Bureau conducted a study (the Study) of publicly available account agreements for prepaid products. The prepaid products included in the Study all appeared to meet the proposed definition of the term prepaid account in its proposed rule governing prepaid accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z), published concurrently herewith. Specifically, the Bureau sought to determine current industry practices in a number of...

In order to better understand the features and consumer protections currently provided by prepaid products, the Bureau conducted a study (the Study) of publicly available account agreements for prepaid products. The prepaid products included in the Study all appeared to meet the proposed definition of the term prepaid account in its proposed rule governing prepaid accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z), published concurrently herewith. Specifically, the Bureau sought to determine current industry practices in a number of...

The Consumer Financial Protection Bureau (CFPB) is the Nation's only Federal agency whose sole focus is protecting consumers in the financial marketplace for products and services. When Congress created the Bureau through the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, it provided the CFPB with a number of tools to fulfill our mission to make those markets work for Americans. Over the past fiscal year we have continued to achieve specific and tangible results for consumers whether they are applying for a mortgage, borrowing for college, choosing a credit card, or using...

The Consumer Financial Protection Bureau (CFPB) is the Nation's only Federal agency whose sole focus is protecting consumers in the financial marketplace for products and services. When Congress created the Bureau through the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, it provided the CFPB with a number of tools to fulfill our mission to make those markets work for Americans. Over the past fiscal year we have continued to achieve specific and tangible results for consumers whether they are applying for a mortgage, borrowing for college, choosing a credit card, or using...

Part 1 of 2 Today we are releasing Version 2 of the CFPB Supervision and Examination Manual, the guide our examiners use in overseeing companies that provide consumer financial products and services. Our manual, originally released in October 2011, describes how the CFPB supervises and examines these providers and gives our examiners direction on how to determine if companies are complying with consumer financial protection laws. We updated the supervision manual to reflect the renumbering of the consumer financial protection regulations for which the CFPB is responsible. The numbering...

Part 2 of 2 Today we are releasing Version 2 of the CFPB Supervision and Examination Manual, the guide our examiners use in overseeing companies that provide consumer financial products and services. Our manual, originally released in October 2011, describes how the CFPB supervises and examines these providers and gives our examiners direction on how to determine if companies are complying with consumer financial protection laws. We updated the supervision manual to reflect the renumbering of the consumer financial protection regulations for which the CFPB is responsible. The numbering...

Welcome to the Consumer Financial Protection Bureau's Your Money, Your Goals: A financial empowerment toolkit for social services programs If you're reading this, you are probably a case manager, or you work with case managers. Finances affect nearly every aspect of life in the United States. But many people feel overwhelmed by their financial situations, and they don't know where to go for help. As a case manager, you're in a unique position to provide that help. Clients already know you and trust you, and in many cases, they're already sharing financial and other personal information with...

Credit scoring uses statistical modeling to predict whether a consumer will default on his or her debts. The quantitative estimates that these methods produce, called "credit scores," allow lenders to rank order consumers in terms of the credit risk they pose and are used pervasively in all aspects of consumer lending. As a result, having a good credit score is important for credit access. Moreover, since credit scores, or other scores generated from credit report information such as insurance scores, can be used for underwriting other financial services products, including checking accounts...

The Consumer Financial Protection Bureau ("CFPB" or "the Bureau") is pleased to submit to Congress its third annual report summarizing its activities to administer the Fair Debt Collection Practices Act ("FDCPA"), 15 U.S.C. 1692 et seq. The Bureau shares overall FDCPA enforcement responsibility with the Federal Trade Commission ("FTC" or "Commission"). The FTC has provided the Bureau with a letter summarizing its debt collection activities during the past year. Information about the FTC's activities is incorporated into this report, and the FTC's letter is included as Attachment A. The Bureau...