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Pew Economic Policy Group;
Examines the current regulatory structures for consumer financial services protection, its limitations, and concerns about the proposal to consolidate consumer protection functions under one agency with research, rule-making, and enforcement authority.
This policy brief summarizes the Consumer Financial Protection Bureau's authorities in the absence of a confirmed director.
Testimony of Spencer Cowan before the Consumer Financial Protection Bureau field hearing on its consumer complaint database discussing how the data could be used and how it should be expanded to include the critical elements of fair lending analysis.
Pew Economic Policy Group;
Outlines key structural provisions of the proposed consumer financial protection agency and ways to minimize concerns about the dangers of over-regulation and higher cost of credit. Suggests that the agency be part of the Securities Exchange Commission.
Testimony of Katie Buitrago before the Consumer Financial Protection Bureau Field Hearing on Student Loans. In this testimony Buitrago discussed the impact for-profit colleges have on students' economic opportunities, with these students graduating with more debt and fewer job opportunities.
Testimony of Tom Feltner, vice president of Woodstock Institute, addressing deposit insurance, access to mainstream financial products, and credit products such as overdraft protection or payday loan-like deposit advances for general purpose reloadable cards.
Pew Internet & American Life Project;
Presents findings on how heavily consumers rely on the Internet to research and buy music, cell phones, and real estate; whether they post online comments on purchased products; and whether the Internet circumvents traditional means of purchase.
Testimony of Lauren Nolan before the Committee on License and Consumer Protection regarding the proposed ordinance under consideration that would prohibit licensees from refusing to accept cash as payment for goods or services.
Testimony of Spencer Cowan before the Consumer Financial Protection Bureau field hearing on the impact of the Credit CARD Act. Cowan thanked the CFPB for enforcement actions against credit card issuers and urged them to assess the pricing of add-on products and restrict up-front fees. Cowan also recommended that the CFPB enact consumer protections for all high-cost small-dollar loans, including installment loans and auto title loans.
The following report provides an overview of a Home Value Protection (HVP) product to evaluate the practicality of making such a program more widely available and provide background for anyone considering such a plan. The paper is based largely on the Home Value Protection product established in Syracuse New York in 2002, and a number of the authors of this paper participated in the establishment of the Syracuse Home Value Protection program.
The paper contains four sections:
1: Investor Outreach
This section provides background information about the Syracuse program, the current and potential participants and what roles they might play, a review of a few of the ways such a program could be implemented, and links to various media coverage.
2: Index Research
The Syracuse program measured changes in house values by a real estate index for the area (rather than individual house sale price), and this section evaluates a number of different index methods using four markets historical data to see how well the different indexes would have performed with a HVP product (had it been available).
3: Capital Requirements & Pricing
This section provides a model for estimating the pricing requirements and capital required for a program across multiple markets. While not exhaustive, this approach will provide a useful reference and starting point for anyone evaluating investment in such a program.
4: Regulatory Environment
This section provides information on some of the regulatory entities across the markets used in the analysis. Due to the variations in the way a HVP product could be implemented, regulations could apply in a variety of ways and this section can only offer a starting point for potential investors or participants.
Pew Charitable Trusts;
This brief summarizes the results of a Pew-commissioned experiment that tested the effect of uniform versus dissimilar disclosure formats on participants' ability to compare accounts. Half of the nationally representative sample of adults viewed summary boxes that were uniformly formatted and worded, and the other half received disclosure forms with differing layouts and language. The experiment found that uniform disclosures:
Made it easier for participants to compare account terms and conditions.Increased participants' confidence in their understanding of practices and fees.Decreased the time users needed to identify account information.Increased participants' understanding of account fees and practices.These findings demonstrate the benefit of uniform disclosure for consumers and align with previous Pew research showing that 78 percent of checking account holders say that requiring banks to provide a one-page summary of key information about their accounts' terms, conditions, and fees would be an improvement. Accordingly, Pew urges the Consumer Financial Protection Bureau to mandate clear, concise, and uniform disclosures for checking accounts -- as it has proposed for general purpose reloadable prepaid cards.
This report analyzes detailed, loan level data and describes the terms and conditions, borrower demographics, and default characteristics of loans made by consumer installment lenders in Illinois.