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.

Want to get notified whenever we write about Consumer Financial Protection Bureau ?
Next time we write about Consumer Financial Protection Bureau, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Consumer Financial Protection Bureau
1700 G St NW
Washington, DC - 20552

More News