Alert August 07, 2012

CFPB Releases Reports to Congress

The CFPB released both its Semi-Annual Report to Congress and its Annual Report to the Congressional committees on Appropriations.  Both reports discussed the CFPB’s activities, such as, hosting field hearings and launching “Tell Your Story” on the CFPB’s website, allowing consumers to share their experiences with obtaining financial products. The reports noted that consumers have consistently voiced concerns about challenges in: (1) refinancing loans even with high credit scores; (2) qualifying for effective mortgage loan modifications; (3) refinancing, consolidating, or paying private student loans; (4) comprehending credit scoring; and (5) understanding overdraft protection.  The report indicates that the majority of complaints received by the CFPB are related to mortgages and credit cards.