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CFPB Unveils a Web-Based Tool to Deliver Regular Updates on Consumer Lending

The Consumer Financial Protection Bureau (CFPB) unveiled Consumer Credit Trends, a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks. The beta version of the tool covers the mortgage, credit card, auto loan, and student loan markets. The first Consumer Credit Trends release shows a sharp uptick in mortgage originations from August to October compared to last year, growth in credit card lending to lower-income consumers, fewer auto loans to borrowers with lower credit scores, and a slight slowdown of new student loans.

The beta version of the Consumer Credit Trends tool tracks originations for mortgages, credit cards, auto loans, and student loans. The CFPB plans to include other consumer credit products and information on credit applications, delinquency rates, and consumer debt levels. The tool also charts how specific groups of consumers are faring in financial markets. By tracking trends over time, it should help warn of potential problems lurking in a given market. The CFPB plans to update this information regularly, and will offer analyses on notable findings as warranted. The information included in the Consumer Credit Trends tool reflects changes in lenders’ and consumers’ behavior and will be a starting point for deeper analysis by the CFPB and others.

News Characteristics

Date : Dec 15, 2016
Region : North America
Industry : Mortgage Companies
Function : Operations and IT
Sub-Function : IT Modernization/Transformation