Dodd-Frank News Center

CFPB issues report on patterns of revolving and repayment of credit card accounts

This story appeared in Bank Digest.                         

The Consumer Financial Protection Bureau has issued the latest in its occasional series of data point reports—this one studying patterns of revolving and repayment of credit card accounts in the United States. Cardholders can either repay their balances in full at the end of a billing cycle or repay only a portion of the balance, borrowing the unpaid portion, in which case they are said to revolve a balance. The current report examines how often balances are revolved (or borrowed) on an account, how long balances are revolved, and how regularly they are paid down.

According to the report, about two-thirds of actively used credit card accounts carry a revolving balance, and once consumers pay less than the balance due and begin to revolve on an account, they do so continuously for about 10 months on average. The report added that the longer a balance is revolved, the higher the chances are that a consumer will continue to revolve a balance on the account.

 

CFPB issues 2018 Fair Lending Report

This story appeared in Bank Digest.                                   

The Consumer Financial Protection Bureau has issued its Fair Lending Report to Congress for 2018, which describes the Bureau's "2018 activities to expand fair, equitable, and nondiscriminatory access to credit and to ensure that consumers are protected from discrimination," according to an introductory message from CFPB Director Kathleen Kraninger. As described in a related Bureau blog post, the report explains how in 2018, the CFPB: (1) convened a symposium entitled "Building a Bridge to Credit Visibility" that brought together diverse stakeholders to expand credit access; (2) monitored compliance with anti-discrimination laws; and (3) issued new guidance to facilitate implementation of the Home Mortgage Disclosure Act, among other activities.

 

CFPB updates Payday Lending Rule small entity compliance guide

This story appeared in Bank Digest.                                   

The Consumer Financial Protection Bureau has updated its small entity compliance guide entitled "Payday, Vehicle Title, and High-Cost Installment Lending Rule: Payment-Related Requirements." The guide has been updated to address the delay of the mandatory underwriting provisions for, and the technical corrections to, the Bureau's Payday Lending Rule that were set forth in the final rule released on June 6, 2019.