Consumer Financial Protection Efforts
Consumer Financial Protection Efforts

Author: United States. Congress

Publisher: Createspace Independent Publishing Platform

Published: 2017-12-12

Total Pages: 116

ISBN-13: 9781981625192

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Consumer financial protection efforts : answers needed : hearing before the Committee on Oversight and Government Reform, House of Representatives, One Hundred Twelfth Congress, first session, July 14, 2011.

Your Money, Your Goals
Your Money, Your Goals

Author: Consumer Financial Consumer Financial Protection Bureau

Publisher: Createspace Independent Publishing Platform

Published: 2015-03-18

Total Pages: 0

ISBN-13: 9781508906827

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Welcome to the Consumer Financial Protection Bureau's Your Money, Your Goals: A financial empowerment toolkit for social services programs! If you're reading this, you are probably a case manager, or you work with case managers. Finances affect nearly every aspect of life in the United States. But many people feel overwhelmed by their financial situations, and they don't know where to go for help. As a case manager, you're in a unique position to provide that help. Clients already know you and trust you, and in many cases, they're already sharing financial and other personal information with you. The financial stresses your clients face may interfere with their progress toward other goals, and providing financial empowerment information and tools is a natural extension of what you are already doing. What is "financial empowerment" and how is it different from financial education or financial literacy? Financial education is a strategy that provides people with financial knowledge, skills, and resources so they can get, manage, and use their money to achieve their goals. Financial education is about building an individual's knowledge, skills, and capacity to use resources and tools, including financial products and services. Financial education leads to financial literacy. Financial empowerment includes financial education and financial literacy, but it is focused both on building the ability of individuals to manage money and use financial services and on providing access to products that work for them. Financially empowered individuals are informed and skilled; they know where to get help with their financial challenges. This sense of empowerment can build confidence that they can effectively use their financial knowledge, skills, and resources to reach their goals. We designed this toolkit to help you help your clients become financially empowered consumers. This financial empowerment toolkit is different from a financial education curriculum. With a curriculum, you are generally expected to work through most or all of the material in the order presented to achieve a specific set of objectives. This toolkit is a collection of important financial empowerment information and tools you can access as needed based on the client's goals. In other words, the aim is not to cover all of the information and tools in the toolkit - it is to identify and use the information and tools that are best suited to help your clients reach their goals.

Semi-Annual Report of the Consumer Financial Protection Bureau
Semi-Annual Report of the Consumer Financial Protection Bureau

Author: Consumer Financial Protection Bureau

Publisher: Createspace Independent Publishing Platform

Published: 2015-01-18

Total Pages: 188

ISBN-13: 9781507609798

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The Consumer Financial Protection Bureau (CFPB or Bureau) presents this Semi-Annual Report to the President, Congress, and the American people, in fulfillment of its statutory responsibility and commitment to accountability and transparency. This report provides an update on the Bureau's mission, activities, accomplishments, and publications since the last Semi-Annual Report, and provides additional information required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank or Dodd-Frank Act). The Dodd-Frank Act created the Bureau as the nation's first federal agency with a mission of focusing solely on consumer financial protection and making consumer financial markets work for American consumers, responsible businesses, and the economy as a whole. In the wake of the financial crisis of 2008-2010, the President and Congress recognized the need to address widespread failures in consumer protection and the rapid growth in irresponsible lending practices that preceded the crisis. To remedy these failures, the Dodd-Frank Act consolidated most Federal consumer financial protection authority in the Bureau. The Dodd-Frank Act charged the Bureau with, among other things: - Ensuring that consumers have timely and understandable information to make responsible decisions about financial transactions; - Protecting consumers from unfair, deceptive, or abusive acts and practices, and from discrimination; - Monitoring compliance with Federal consumer financial law and taking appropriate enforcement action to address violations; - Identifying and addressing outdated, unnecessary or unduly burdensome regulations; - Enforcing Federal consumer financial law consistently in order to promote fair competition; - Ensuring that markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation; and - Conducting financial education programs. The Bureau has continued its efforts to listen and respond to consumers and industry, to be a resource for the American consumer, and to develop into a great institution worthy of the responsibility conferred on it by Congress.

Democracy Declined
Democracy Declined

Author: Mallory E. SoRelle

Publisher: University of Chicago Press

Published: 2020-12-14

Total Pages: 302

ISBN-13: 022671182X

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As Elizabeth Warren memorably wrote, “It is impossible to buy a toaster that has a one-in-five chance of bursting into flames and burning down your house. But it is possible to refinance an existing home with a mortgage that has the same one-in-five chance of putting the family out on the street.” More than a century after the government embraced credit to fuel the American economy, consumer financial protections in the increasingly complex financial system still place the onus on individuals to sift through fine print for assurance that they are not vulnerable to predatory lending and other pitfalls of consumer financing and growing debt. In Democracy Declined, Mallory E. SoRelle argues that the failure of federal policy makers to curb risky practices can be explained by the evolution of consumer finance policies aimed at encouraging easy credit in part by foregoing more stringent regulation. Furthermore, SoRelle explains how angry borrowers’ experiences with these policies teach them to focus their attention primarily on banks and lenders instead of demanding that lawmakers address predatory behavior. As a result, advocacy groups have been mostly unsuccessful in mobilizing borrowers in support of stronger consumer financial protections. The absence of safeguards on consumer financing is particularly dangerous because the consequences extend well beyond harm to individuals—they threaten the stability of entire economies. SoRelle identifies pathways to mitigate these potentially disastrous consequences through greater public participation.

Watchdog
Watchdog

Author: Richard Cordray

Publisher: Oxford University Press

Published: 2020-02-03

Total Pages: 305

ISBN-13: 0197503012

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Every day across America, consumers face issues with credit cards, mortgages, car loans, and student loans. When they are cheated or mistreated, all too often they hit a brick wall against the financial companies. People are fed up with being run over by big corporations, and few have the resources or expertise to fight back on their own. It is no wonder consumers feel powerless: they are outgunned every step of the way. Since 1970, the financial industry has doubled in size. It is the biggest source of campaign contributions to federal candidates and parties, spending about $1 billion annually on campaigns and another $500 million on lobbying. The four biggest banks each now has more than $1 trillion in assets. Financial products have become a mass of fine print that consumers can hardly even read, let alone understand. Growing problems in the increasingly one-sided finance markets blew up the economy in 2008. In the aftermath, Congress created the Consumer Financial Protection Bureau. Sharing the stories of individual consumers, Watchdog shows how the Bureau quickly became a powerful force for good, suing big banks for cheating or deceiving consumers, putting limits on predatory lenders, simplifying mortgage paperwork, and stepping in to help solve problems raised by individual consumers. It tells a hopeful story of how our system can be reformed by putting government back on the side of the people, to strengthen our families, safeguard the marketplace, and establish a new baseline of fairness in our democratic society.