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Consumer Financial Protection Bureau Irene Skricki April 26, 2012.

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Presentation on theme: "Consumer Financial Protection Bureau Irene Skricki April 26, 2012."— Presentation transcript:

1 Consumer Financial Protection Bureau Irene Skricki April 26, 2012

2 A (very brief) timeline 2007 The United States starts facing its most significant financial crisis since the Great Depression President Obama proposes a consumer-protection bureau as part of Wall Street reform. July 21, 2010 The Dodd-Frank Wall Street Reform and Consumer Protection Act becomes law. Implementation of CFPB begins immediately under the Treasury Department. July 21, 2011 The CFPB becomes a bureau. January 4, 2012 Richard Cordray named the first Director of the CFPB 2

3 A consumer finance marketplace… where customers can see prices and risks up front and where they can easily make product comparisons; in which no one can build a business model around unfair, deceptive, or abusive practices; that works for American consumers, responsible providers and the economy as a whole. Our Vision 3

4 The CFPB Toolbox: Many Different Approaches 4 Supervision/Examination/Enforcement Research, Markets & Regulations Consumer Response Consumer Education & Engagement External Affairs Supervision/Examination/Enforcement Research, Markets & Regulations Consumer Response Consumer Education & Engagement External Affairs

5 Alternative Mortgage Transaction Parity Act Consumer Leasing Act Electronic Fund Transfer Act Equal Credit Opportunity Act Fair Credit Billing Act Fair Credit Reporting Act Home Owners Protection Act Fair Debt Collection Practices Act Federal Deposit Insurance Act (selected sections) Gramm-Leach-Bliley Act (selected sections) Scope of Authority Enumerated Statutes that the CFPB can Implement and Enforce (as listed in Sec. 1002(12)) Home Mortgage Disclosure Act Home Ownership and Equity Protection Act Interstate Land Sales Full Disclosure Act Omnibus Appropriations Act of 2009 (section 626) Real Estate Settlement Procedures Act S.A.F.E. Mortgage Licensing Act Truth in Lending Act Truth in Savings Act 5

6 CFPB has authority to supervise and examine banks and credit unions with assets exceeding $10 billion, their affiliates and their service providers. Dodd-Frank defines "affiliates" to include any person that controls, is controlled by, or is under common control with another person. (Sec. 1002(1)) "Service providers" are defined as companies providing a material service to a covered institution. (Sec. 1002(26)) "Material services" include designing, operating, or maintaining a consumer financial product or service and processing related transactions. 6 Depository Institution Supervision

7 1.All sizes of nonbank firms that offer or provide: Origination, brokerage, or servicing of residential mortgage loans, or loan modification and foreclosure relief services related to such loans Payday loans Private education loans 2.For other markets of consumer financial products or services, a “larger participants” of these markets as the CFPB defines by rule. Initial rule to be issued by July 21, Issued Notice and Request for Comment on larger participant rulemaking on June 29 th, which asked in part how a larger participant in specific industries should be defined (over 10,400 comments received) 3.Other entities that the CFPB has reasonable cause to determine engage in conduct that poses risks to consumers related to consumer financial products or services, after notice and a reasonable opportunity to respond Non-Depository Supervision Firms Subject to CFPB’s Nonbank Supervision Program Under Section

8 Research, Markets & Regulation 8 Selected Reports Available on Impact of the CARD Act of 2009 Use of Remittance History for Credit Scores and Remittance Exchange Rates Variation in Credit Scores Fair Debt Collection Practices Act

9 Consumer Response 9 Consumer Response now accepts complaints related to all bank products, including: credit cards mortgages all bank accounts private student loans Help available in 187 languages (855) 411-CFPB (2372) (Eng./Esp.) TTY/TDD (855) 729-CFPB (2372) Tell Your Story portal

10 Servicemembe rs Improve financial protection Escalate complaints Coordinate w/ DoD, etc million Older Americans Protect against financial abuse Improve financial literacy Planning for life events 50 million aged 62+ Students Increase awareness of debt in college choice Escalate complaints Build campus awareness million (age 16-26) Financial Empowerment Improve financial stability for working families/new entrants 30 million underbanked 46 million lower income CEE’s Offices Financial Education Provide targeted educational content Identify and promote effective fin ed practices Financial Education Provide targeted educational content Identify and promote effective fin ed practices Consumer Engagement Create interactive, informative relationship with consumers Consumer Engagement Create interactive, informative relationship with consumers 10

11 Welcome to the CFPB 11

12 Feedback?

13 Know Before You Owe: Student Loans 13

14 ConsumerFinance.gov/askcfpb

15 15 Office of Financial Education Objectives: Build a comprehensive approach to financial education in the U.S. Develop knowledge about what works in financial education and provide opportunities for financial educators to learn about effective strategies Promote innovation: Test new ideas and share successful innovations with the field Educate consumers: Provide understandable information to consumers that helps them make informed financial decisions Increase federal coordination: Director of the CFPB serves as the vice chair of the Financial Literacy and Education Commission

16 Build knowledge about what works Commission evaluations of promising financial education projects Link financial educators and researchers with each other in a learning network Strengthen the field Share best practices Four listening sessions with financial education practitioners Additional webinars Tax-time savings materials for VITA sites 16 TITLE YYYY/MM/DD Build a comprehensive approach to financial education

17 Identify existing innovations in the field Seed new innovations in the field 17 Promote Innovation

18 18 Aspires to be a trusted resource for information for consumers and practitioners Identify and share innovative practices and communication strategies in financial education Work to provide consumer-focused materials in everyday language Inform Motivate Help consumers achieve their own financial goals Educate Consumers

19 19 FLEC is a 21-member federal commission charged with improving coordination on financial education among federal agencies Dodd-Frank Act names CFPB Director as the vice chair OFE is actively engaged with FLEC working groups Improve Federal Coordination

20 How to Participate CFPB Blog: : https://help.consumerfinance.gov/app/tellyourstory CFPB CFPB Facebook: Go to ConsumerFinance.gov to sign up for our newsletter. Weigh in on current rulemakings: 20

21 Contact us:

22 Questions?


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