June 10 2015

CFPB to Oversee Nonbank Auto Finance Companies

The Consumer Financial Protection Bureau (CFPB) published a rule today that will allow the agency to supervise larger nonbank auto finance companies for the first time. The CFPB also released the examination procedures that examiners will use to ensure that auto finance companies are following the law.

For entire article, click here.

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June 4 2015

CFPB Study Finds Reverse Mortgage Advertisements Can Create False Impressions

Today the Consumer Financial Protection Bureau (CFPB) released results of a focus group study on reverse mortgage advertisements that found many participants were left with misimpressions about the product. After viewing the ads, consumers were confused about reverse mortgages being loans, and they were left with false impressions that they are a government benefit or that they would ensure consumers could stay in their homes for the rest of their lives. Today, the CFPB is also issuing an advisory that warns consumers that many reverse mortgage ads do not tell the full story.

For the entire article, click here.

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June 3 2015

CFPB Launches Financial Well-Being Initiative Targeted To People With Disabilities

Today, the Consumer Financial Protection Bureau (CFPB) is announcing the launch of the Reach Outcomes. Achieve Dreams. Succeed. (ROADS) to Financial Independence initiative, which is aimed at improving the financial well-being and economic security of individuals with disabilities. The initiative, which is piloting with local partners in six communities across the country, will integrate financial counseling with employment, independent living, and other support services that are being provided to individuals with disabilities.

For the entire article, click here.