USA Today: Debt collectors can now DM you on social media. “Debt collectors have a variety of ways to contact you, and the Consumer Finance Protection Bureau added a new way for them to reach you: social media. Don’t worry, debt collectors won’t be able to comment on your posts or write up something for the public to see. But according to a release from the CFPB Tuesday, they now can privately message you on social media.”
Consumer Finance Protection Bureau: CFPB Releases Online Tool to Help Renters and Landlords Access Federal Assistance. “The Consumer Financial Protection Bureau (CFPB) today released an online tool to help renters and landlords impacted by the pandemic easily find and apply for payment assistance for rent, utilities and other expenses. The Rental Assistance Finder, available at http://www.consumerfinance.gov/renthelp, connects renters and landlords with the state and local programs that are distributing billions of dollars in federal assistance nationwide to help renters stay housed during the pandemic.”
Bloomberg Law: Financial Watchdog Hit With Deluge of Covid-Related Complaints. “The Consumer Financial Protection Bureau saw a 60% spike in consumer complaints in 2020, a development expected to lead to an increase in enforcement activity under the Biden administration, which has promised to be tougher on financial institutions. Consumers filed nearly 445,000 complaints with the bureau in 2020—the greatest one-year total on record—compared with 277,366 in 2019, according to a Bloomberg Law data analysis.”
Consumer Financial Protection Bureau: Consumer Financial Protection Bureau Releases Online Tool to Help College Students Determine How to Pay for College. “‘Your Financial Path to Graduation’ helps students turn financial aid offers into plans to pay for school step-by-step. Along the way, it explains terms, offers money saving tips, and tracks uncovered costs. Once students finish making a plan, the tool estimates the total debt at graduation and offers information to help the student evaluate whether that debt is affordable in the long run. Students can save their plans and revise them if their circumstances change.”
Consumer Financial Protection Bureau: CFPB, FHFA, & HUD Launch Joint Mortgage and Housing Assistance Website for Americans Impacted by COVID-19. “CFPB, FHFA and HUD are offering extensive CARES Act assistance and protection for Americans having trouble paying their mortgage or rent during the COVID-19 national health emergency. This joint website consolidates the CARES Act mortgage relief, protections for renters, resources for additional help, and information on how to avoid COVID-19 related scams. It also provides lookup tools for homeowners to determine if their mortgage is federally backed, and for renters to find out if their rental unit is financed by FHA, Fannie Mae, or Freddie Mac.”
Consumer Financial Protection Bureau: Protections for renters during the coronavirus pandemic. “If you’re having trouble making rent payments as a result of the coronavirus pandemic, you are not alone. Across the country, many tenants are facing job losses, furloughs, or reduced hours, and having to make tough financial decisions in order to make ends meet. Fortunately, there are steps all renters can take, as well as many significant protections from eviction that apply in certain situations.”
Consumer Financial Protection Bureau: Guide to coronavirus mortgage relief options. “If you’re among those financially impacted by the coronavirus pandemic, you might be concerned about how to pay your mortgage or rent. Federal and state governments, as well as financial institutions and loan servicers, have announced plans to help struggling homeowners during this time. Keep reading to get information on what to do now, and what your options are for mortgage, rental relief, and utility disconnections.”
MarketWatch: New CFPB database of expensive prepaid cards is missing key information, advocates say. “The Consumer Financial Protection Bureau has launched a new database revealing the terms and conditions on prepaid cards and payroll cards that can sometimes hit users with high fees. But people wouldn’t know that from the federal watchdog agency, consumer advocates say.”
New York Times: Consumer Bureau’s Complaints Database Is ‘Here to Stay,’ Director Says. “The Consumer Financial Protection Bureau will continue to publish its database of consumer complaints about financial companies, ending — for now — a battle over public access to one of the agency’s most powerful tools.”
Reveal News: CFPB moves to limit home loan data. “Want to know which banks target people of color for loans with high interest rates, steep fees, or reverse mortgages? Or which banks deny home loans to African Americans and Latinos even when their income shows they could easily cover the monthly payment? You won’t be able to find out if new regulations proposed by the Consumer Financial Protection Bureau go through.”
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