NEWS: Countdown to CFSA's Annual Conference & Expo

ALTERNATIVE FINANCIAL SERVICE PROVIDERS ASSOCIATION

NEWS: January 11

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CFPB Shuffles Exec Deck Days Before Inauguration

With less than two weeks before Donald Trump's inauguration, the Consumer Financial Protection Bureau has released five changes to its senior leadership lineup.

"I am very excited for the new additions we are announcing today to the Bureau's senior leadership," said CFPB Director Richard Cordray. "The mix of experience and talent this group brings will provide great value to the Bureau as we continue to work on behalf of consumers everywhere."

The CFPB changes include Leandra English returning as chief of staff, Jerry Horton as chief information officer, Paul Kantwill as assistant director for servicemember affairs, John McNamara as assistant director of consumer lending, reporting and collections markets and Elizabeth (Eli) Reilly as the CFPB's chief financial officer.

This leadership changeup is happening simultaneously as the CFPB faces an uncertain future in a Trump administration. The five-year-old agency may be facing challenges under a President Trump. Republicans have expressed strong interest in overhauling the Dodd-Frank Act, which gave it life. This uncertain future also comes at a time that the agency continues fighting its own legal battles after the U.S. Court of Appeals for the D.C. Circuit ruled that its governance was "unconstitutional."

Public interest groups say they will try to fight for keeping not only the Bureau but also for Director Richard Cordray to finish his term, which isn't set to expire until mid-2018. Cordray has expressed his interest in completing his term, while other agency heads have announced plans to step down.

For years, GOP lawmakers have argued that the CFPB has too much power. The party's leaders have expressed an interest in restructuring the agency by adding a bipartisan commission, changing its budget to be approved by Congress and implementing a veto option for the agency. Read more at PYMNTS.COM

CFPB Releases 10th Semiannual Report to Congress

The CFPB's report provides an overview of recent consumer financial complaints, including the number of debt collection complaints across financial products, as well as a summary of recent enforcement actions and rulemaking activity.

The Consumer Financial Protection Bureau released its 10th Semiannual Report to Congress, once again highlighting recent consumer complaints and company complaint handling, supervisory and enforcement activity, and current rulemaking efforts. The report, which includes information specific to the debt collection industry, generally covers the period from April 1 to Sept. 30, 2016. Read the report at the Consumer Financial Protection Bureau

Ohio payday lenders charging most in the country, so what are state legislators doing about it?

CLEVELAND - Ohio payday lenders charging most in the country, so what are state legislators doing about it?

Running short on cash? You may be tempted to use a short-term loan place, but a new study found here in Ohio you'll pay way more for that loan, than anywhere else in the U.S.

News 5's Lauren Wilson has spent all week learning about this issue and explains what the state's doing about it.

So far, she's found only one state lawmaker who's on board.

"A spiral yeah, of you still being in poverty"

That's what Brenda Brown said she felt after using a payday loan service just one time years ago.

"I would feel ripped off now," she expressed.

That's because in some cases, Ohio lenders charged customers up to 591 percent.

Read the story at NEWS 5

When Will You Be Ready to Retire? MassMutual Has Fresh Answers

SPRINGFIELD, Mass., Jan. 9, 2017 /PRNewswire/ -- With two in five American workers saying they are unsure if they are on target to retire comfortably1, Massachusetts Mutual Life Insurance Co. (MassMutual) is sharpening an online tool to give retirement plan savers clearer information and help them make better decisions.

MassMutual upgraded its RetireSMART(SM) Ready tool available on the RetireSMART website to provide savers in 401(k)s and other defined contribution plans with better guidance and potentially improved outcomes to help reach their retirement goals:

The tool now provides a graphic illustration of how much income savers will potentially need in retirement and whether they are saving enough to get there;

Savers can automatically include other sources of retirement savings and income they may have outside of their current employer-sponsored retirement plan as part of their ongoing retirement income calculations;

Savers can obtain guidance on what steps to take if their current savings strategy is falling short of their retirement goals. Savers can choose to implement the recommended strategies by themselves, or work with a financial advisor on a recommended strategy. The guidance and managed outcomes are provided by Envestnet | Retirement Solutions (ERS). Neither ERS, a majority owned subsidiary of Envestnet, Inc. (ENV), nor Envestnet are affiliated with MassMutual or any of its subsidiaries.

The enhancements are designed to help educate savers about their progress in reaching their retirement goals and to assist them with implementing plans, as 42 percent of American workers say they are unsure about whether they are on target to retire comfortably, according to the 2015 MassMutual Employee Benefits Security Study.

"Determining when you will have the resources to retire is one of the biggest decisions you will make in your lifetime," said Tina Wilson, Head of Investment Solutions and Innovation. "MassMutual continues to refine its tools and educational resources to provide retirement plan savers with the insights they need to make the best decisions possible."