WASHINGTON (Legal Newsline) —
The Consumer Financial Protection Bureau (CFPB) announced Dec. 15 the unveiling
of Consumer Credit Trends, a digital tool that will help consumers monitor
developments in lending and forecast potential risks.
A beta version of the product
will allow users to monitor mortgage, credit card, auto loan, and student loan
markets. According to the first release from the platform, mortgage
originations increased from August to October compared to 2015. Additionally, lower-income
consumers saw a growth in credit card lending, while borrowers with lower
credit card scores attained fewer auto loans.
“Our Consumer Credit Trends
tool can chart the state of consumer markets,” CFPB Director Richard Cordray
said. “This critical information will help us identify and act on trends that
warn of another crisis or that show credit is too constricted.”
Future reports from the tool
are expected to include other consumer credit products and information on
credit applications, delinquency rates and consumer debt levels. Additionally,
the CFPB plans to chart how specific consumer groups fare in financial markets.
The goal of the program is to help consumers know of potential problems hiding
in a given market by providing them access to historical trends.