On September 15th, the FTC will hold a workshop to examine the testing and evaluation of disclosures that companies make to consumers about advertising claims, privacy practices, and other information. The FTC’s workshop will explore how to test the effectiveness of these disclosures to ensure consumers notice them, understand them, and can use them in their decision-making. … Continue Reading
Research
FOIA Lawsuit Filed Challenging CFPB Research Methodology
The law firm Covington & Burling LLP has filed a Freedom of Information Act (FOIA) lawsuit against the CFPB in Washington, D.C. federal district court seeking information relating to the CFPB’s report on, “Consumer Voices on Credit Reports and Scores.” Covington argues that the information requested, “is necessary for the public to verify the quality of the study’s methodology.” … Continue Reading
CFPB Issues Study on Credit Reports; Next Steps are Unknown
The CFPB recently released a report that documents the results of a research project undertaken by the CFPB’s Office of Research to better understand the demographic characteristics of consumers without traditional credit reports or credit scores. The Report concludes that the current credit reporting system is precluding certain populations from accessing credit and taking advantage of other economic opportunities. … Continue Reading
An Opportunity to Collaborate? The CFPB’s credit report study
On February 19, 2015, the CFPB released its credit report study, entitled “Consumer voices on credit reports and scores.” After conducting focus groups with 308 consumers in four major metropolitan areas, the study concludes that while many consumers do access their credit scores and credit reports in various ways, confusion about both still persists.… Continue Reading
CFPB report explores consumers’ mortgage shopping experience
In a report released on January 13, 2015, the CFPB announced that nearly half of consumers do not shop among multiple lenders before applying for a mortgage loan. Even fewer—about one of every four—submit multiple applications to gauge the best deal, the Bureau says.
The report is the first to harness data gathered by the National Survey of Mortgage Borrowers, an ongoing research effort funded jointly by the Bureau and the Federal Housing Finance Agency (FHFA). … Continue Reading
Independent Research Could Improve the CFPB Rulemaking Process
Recently, the Research Integrity Council (RIC) held its first Research Academic Forum, a panel discussion that focused on how independent academic research can help inform the agency rulemaking process, especially at the CFPB. As previously reported, the RIC’s objective is to ensure that good, quality research forms the basis for the rulemaking process. … Continue Reading
ABA and CBA Express Concern That The CFPB’s Consumer Debt Collection Survey Falls Short
On May 6, 2014, the American Bankers Association (“ABA”) and Consumer Bankers Association (“CBA”) submitted comments to the CFPB’s “Debt Collection Survey from the Consumer Credit Panel” (the “Survey”). While the ABA and CBA applauded the CFPB’s collection of information regarding actual consumer experiences with the collection industry, both expressed concern that as currently formatted, the Survey will likely fall short of producing reliable and representative data that can be used to inform any related rulemakings or other agency actions.… Continue Reading
Research Integrity Council Formed to Improve CFPB Rulemaking Process
Last week, a group of representatives from across a variety of industries met to discuss the formation of a Research Integrity Council (RIC), the purpose of which will be to make recommendations to improve the quality and veracity of the research being conducted by the CFPB to inform its rulemaking process.… Continue Reading