The CFPB has unveiled its latest “Know Before You Owe” initiative aimed at consumers shopping for an auto loan. The new initiative was accompanied by the CFPB’s release of a report entitled “Consumer Voices on Automobile Financing” that is intended to share the CFPB’s research about how consumers approach decisions about auto financing.… Continue Reading
Recycling the “Know Before You Owe” theme of its mortgage loan disclosure project, the CFPB has launched a new student loan project on its web site which it describes as the product of a partnership between the CFPB and the U.S. Department of Education.
The CFPB is looking for feedback on what is actually a draft financial aid offer form, which it calls a “financial aid shopping sheet,” that a college or university would provide to a student who has applied for financial aid.… Continue Reading
In an earlier post about the CFPB’s “Know Before You Owe” project, I commented that it was unclear how the CFPB intended to approach required RESPA/TILA disclosures other than the early TILA disclosure and the RESPA good faith estimate. The project was launched in May to design a simplified mortgage loan disclosure combining the disclosures required by TILA and RESPA.… Continue Reading
The CFPB is close to wrapping up its “Know Before You Owe” project to design a simplified mortgage loan disclosure combining the disclosures required by TILA and RESPA. In addition to completing its proposed design, the CFPB will be writing rules to accompany the new disclosure forms. That message was delivered by Pat McCoy, the CFPB’s assistant director for mortgage and home equity markets, when she spoke to the Mortgage Bankers Association on September 26.… Continue Reading
On September 15, 2011, Raj Date delivered a speech in Philadelphia entitled “Lessons Learned From the Financial Crisis: the Need for the CFPB.” Although the speech was, in some part, an effort to validate the need for the CFPB in the first place, Mr. Date’s remarks present interesting clues about the CFPB’s early priorities with regard to rulemaking, supervision, and enforcement. … Continue Reading