At least some of the millions and millions of dollars that consumers shell out to buy their credit scores could be misspent, and possibly even damaging, the Consumer Financial Protection Bureau suggested in a report released today.
Consumers spend more than $1 billion a year buying credit reports and credit scores from credit rating agencies or other online scoring sites, the study said.
The Securities and Exchange Commission is preparing a fiduciary standard for brokers that is expected to require them to disclose their financial conflicts. The Consumer Financial Protection Bureau plans to launch next week with a plan for new mortgage term disclosure forms. And Elizabeth Warren, the president’s adviser who set up that agency, has given speech after speech in which she discusses the virtues of requiring clear disclosures as a mode of financial regulation.
WASHINGTON, July 13 (Reuters) – The much vaunted and feared
Consumer Financial Protection Bureau officially opens for
business next week.
When it does, it will most likely have a laundry list of
consumer issues to manage, a smaller budget than it asked for,
and an empty chair where its director should sit.
When should you turn on the tap that gets your Social Security benefits flowing?
If you’ve got an itchy finger you might want to check out the brand-new calculator unveiled today by the AARP. It’s a clear and multi-featured tool that professes to help workers and retirees decide when they should start taking benefits. But what it really does is encourage everyone to wait as long as possible before they start collecting.
There’s an irony about the new credit score disclosure rules issued by the Federal Reserve Board on July 6, and this is it: Would-be borrowers who are most likely to get their credit scores for free are still the people who may find it advantageous to buy their scores.
The borrowers who won’t get their scores may find they don’t need to buy them, either.
WASHINGTON (Reuters) – In some circles, the graduation gift du jour is a Manhattan apartment, according to a recent New York Times story. Note to my kids: Sorry, we are not in those circles.
Still, it would be nice. Given current market conditions, a compelling argument could be made for helping your kids buy their first home.
According to a Wall Street Journal report, some of them will scour state mortality lists to make sure they aren’t paying out any lifetime benefits (such as from annuities) to people who have died. But they won’t bother to check those lists for life insurance policyholders whose beneficiaries may have some money coming to them.
“That’s not their job,” said fee-only insurance consultant Peter Katt. “It’s in their business interest to avoid paying death claims.”
The risk that retirees will outlive their assets is a growing challenge, the federal Government Accountability Office said in a not-so-newsy report released on Friday. To meet that challenge, experts advise retirees to delay the start of their Social Security benefits, avoid spending down their nest eggs too fast and consider using annuities in some situations, says the study.
The report could be used to nudge forward policy initiatives already under consideration that would encourage companies to offer annuity choices to their retiring workers. The report was requested by Senator Herb Kohl, chairman of the Senate Special Committee on Aging. He has cosponsored a bill, called the Lifetime Income Disclosure Act, that would require 401(k) statements to include an annuity equivalent number — the amount of monthly income that the savings accumulated would support.
President Obama took aim at tax breaks for the wealthy at his press conference today, saying, “You can afford it. You’ll still be able to ride on your corporate jet. You’re just going to pay a little more.”
Obama singled out oil and gas subsidies “for oil companies that are making money hand-over-fist” and “wealthy” CEOs and hedge fund managers. He predicted that Republican anti-tax legislators would eventually have to come around and accept some tax increases as part of a big budget-cutting/debt-ceiling-hiking compromise package. The Administration has said the U.S. would not be able to meet all of its obligations if the federal debt ceiling isn’t increased by August 2.
WASHINGTON (Reuters) – You would think that after a few decades of marriage, raising kids and going through the ups and downs of life together, retirement would be a cakewalk for couples. But you’d be wrong.
Spouses who have managed to negotiate a lifetime of decisions together are finding that their well-oiled partnership machine may break down when they face those post-career issues.