CFPB wants to hear about consumer mistakes

more+
less-

[author: Barbara S. Mishkin]

In a new blog post, the CFPB is asking consumers to tell it about “common money mistakes.” The CFPB wants to know about mistakes a consumer has made, mistakes a consumer has seen others make, ”habits and practices that make good choices more difficult,” and what the consumer wishes he or she “had known sooner or would do differently next time.”  

The CFPB says it’s looking for “better ways to help others avoid these mistakes in the future.” We assume that the CFPB’s request for information about mistakes stems from the CFPB’s “behavioral economics” approach to rulemaking, which is based on the premise that, by understanding how consumers behave, regulators can devise rules to protect consumers from their own mistakes. Given that the CFPB’s request is likely to elicit lots of anecdotal information, we hope the CFPB will proceed cautiously in using the information it receives as a basis for rulemaking.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ballard Spahr LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×