Advertisement
CFPB Debuts Consumer Credit Trends Tool
The Consumer Financial Protection Bureau (CFPB) is now offering a beta version of Consumer Credit Trends, a Web-based tool that the agency claims will “help the public monitor developments in consumer lending and forecast potential future risks.”
“Our Consumer Credit Trends tool can chart the state of consumer markets,” said CFPB Director Richard Cordray. “This critical information will help us identify and act on trends that warn of another crisis or that show credit is too constricted.”
The beta version of the tool will track the mortgage market, and the initial Consumer Credit Trends data report has determined that mortgage lending increased 48.5 percent on a year-over-year basis in the period between August and October. The CFPB also found more than 900,000 mortgages totaling $243 billion were originated in October, which the agency defined as “an unusually large number likely due to a high rate of mortgage refinancing.”
The new tool will also follow trends in the auto lending, credit cards and student loans markets.
About the author