The CFPB published several new items on its website concerning the CFPB’s various initiatives including updates to its Private Student Lending Loan Report. CFPB states that since the release of its original report to Congress in July, it has “developed ways to make better estimates on certain market statistics, particularly in areas where [its] data set was incomplete.” The updates focus primarily on the proportion of private student loan borrowers who exhausted their Federal Stafford Loan options, and the extent to which schools certified a borrower’s need for a private student loan. You may access the entire updated report here.
Another item posted yesterday focuses on 401(k) plans and the fees charged to consumers. This blog posting discusses what impacts fees can have on an investor’s 401(k) retirement funds, and links to a video developed by the Department of Labor’s Employee Benefits Security Administration which further discusses specifics relating to 401(k) plans and retirement investing. You can find more information about the Department of Labor’s retirement plan initiative here.
This morning the CFPB posted a blog entry entitled “Student Banking 101.” In this most recent post, the CFPB details specific advice for students on how to select their first “bank account,” as students head back to school this fall. Notably, this latest blog entry discusses overdrafts and overdraft fees, and instructs students on how to avoid these fees and what features to look for when selecting an account with a financial institution. In a time when there has been much press as of late centered on the mortgage markets and the CFPB’s multiple mortgage proposed rules, it is important for credit unions to be mindful that the CFPB’s overdraft initiative has not been forgotten, and CUNA anticipates that the CFPB will continue its efforts and we will see more information on this topic into 2013. We will continue working with CUNA’s Consumer Protection Subcommittee and others as additional details emerge in this area.