Livestream

Live from Detroit!

By

For the first time, consumer reporting agencies will be subject to a federal supervision program. Earlier today, we held a field hearing today in Detroit for the announcement with remarks from Richard Cordray, CFPB Director, as well as testimony from consumer groups, academics, industry representatives, and members of the public. Director Cordray said:

[The credit reporting] system must merit our trust and confidence for the credit markets to be perceived as fair. We all share in this responsibility. But the credit reporting market is not one where consumers can shop around among different providers, for people have no choice about whether to have any of the credit reporting companies keep track of their credit history. That is why the Consumer Bureau’s new authority is so important, and why it must be exercised carefully and effectively.

Archived footage is available below. You can also read Director Cordray’s full remarks right now.

More on credit reporting

See the rule that establishes our consumer reporting supervision authority.
Read a consumer advisory on checking your credit score.
Find a credit reporting company that specializes in a particular area like medical history, employment history, etc.
Tell us your story about credit reporting.
Tweeting about the event our our announcement? Use #CreditReporting.

Video coverage of today’s event


Video streaming by Ustream

Live from Durham, NC!

By

We’re in Durham, NC, today to hold a field hearing on general purpose reloadable prepaid cards, commonly known as prepaid cards. If you’re looking for our livestream, you’ve come to the right place.

Today’s live events have now ended. You can watch the recording below, or read CFPB Director Richard Cordray’s remarks.

If you missed the event, CFPB Director Richard Cordray announced that the Bureau is asking for comments about general purpose reloadable prepaid cards, referred to here simply as “prepaid cards”, through an Advance Notice of Proposed Rulemaking (ANPR). Before we act, we want your input. Here are some of the things we’re considering:

What steps could the Bureau take to most effectively regulate these products to provide the consumer with transparent, useful, and timely fee disclosures? Should market participants be required to provide disclosure pre-sale, post-sale, or both?

The Bureau intends to extend federal consumer protections to prepaid cards. Should proposed consumer protections be the same as for checking account debit cards? Should there be any modifications to protections as they are extended to prepaid cards?

Currently, most prepaid cards do not offer a savings account associated with the card. The Bureau seeks public input on the costs, and benefits, and consumer protection issues related to savings features offered with prepaid cards.

Additional questions are in the ANPR. Do you have questions or comments of your own to share? We’d love to hear them.

Sign up for our email list and we’ll notify you when the comment period opens.

Here’s the recording of today’s panel and field hearing.