Archive

Go to:

October 2017
SMTWTFS
1234567
891011121314
15161718192021
22232425262728
293031
< Sep Nov >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

CFPB Launches Project Catalyst Research Pilot for Credit Cards
Thursday, October 9, 2014 6:35 AM

The Consumer Financial Protection Bureau announced a Project Catalyst research pilot to examine the effectiveness of early intervention credit counseling for consumers who are at risk of default on their credit card debt. The research can help improve understanding of strategies that may help consumers avoid defaulting on their credit card debt and harming their credit reports.

"Managing credit card debt can be stressful for consumers and will affect their ability to access credit in the future," said CFPB Director Richard Cordray. "This project can help us better understand what works and does not work to improve life for consumers in the marketplace."

Currently, there is limited research on the effectiveness of early-intervention credit counseling strategies. The CFPB's research pilot will explore whether certain early intervention strategies can improve consumers' financial outcomes. This research may also help inform whether similar strategies could be effective for consumers facing default on other products such as home, auto, or other loans.

The CFPB's Project Catalyst initiative is designed to encourage consumer-friendly developments in markets for consumer financial products and services. The CFPB views this initiative as an important means of fulfilling its mandate under the Dodd-Frank Wall Street Reform and Consumer Protection Act to provide all consumers access to fair, transparent, competitive, and innovative markets.

More information about Project Catalyst will be available at: www.consumerfinance.gov/projectcatalyst/

A summary of the research pilot will be available at: files.consumerfinance.gov/f/201409_summary_project-catalyst.pdf