Section 502(a) of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act or Act) requires the Consumer Financial Protection Bureau (CFPB) to conduct a review of the consumer credit card market, within limits of its existing resources available for reporting purposes. In connection with conducting that review, and in accordance with Section 502(a) of the Act, the CFPB is soliciting information from the public about a number of aspects of the consumer credit card market. Click here to read the NASCUS Summary. (Log-in required)
The Consumer Financial Protection Bureau issued a circular that asked if “persons” that engage in negative option marketing practices violate the prohibition on unfair, deceptive, or abusive acts or practices in the Consumer Financial Protection Act (CFPA). Click here to read the NASCUS Summary. (Log-in required)
The circular was issued on January 19, 2023, and can be accessed here.
Office of Research blog: Credit score transitions during the COVID-19 pandemic
The distribution of credit score tiers shifted upward during the pandemic. Individuals in all credit score tiers were more likely to move up at least one tier or remain in their own tier during the pandemic, but upward mobility was especially improved for consumers with subprime credit scores.
Mortgage servicers have direct communication with homeowners. Servicers may remind homeowners that one option to avoid foreclosure is selling the home. Servicers may recommend homeowners speak with a real estate agent for a free estimate of the home’s current value. Servicers can also direct struggling homeowners to HUD-approved housing counseling agencies.
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