Reported 19 days ago
In light of the Federal Reserve's recent interest rate cut, Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), emphasizes the agency's commitment to ensuring that everyday consumers benefit from these changes rather than just wealthier individuals. He highlights the need for streamlined refinancing processes to alleviate the financial burden from high interest rates on loans and credit cards that have accrued since 2022. The CFPB also intends to tackle 'junk fees' that hinder refinancing attempts, aiming to provide a clearer and more equitable financial landscape for households.
Source: YAHOO