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Over the past several years, the American financial climate has changed drastically. One of the major changes was the passing of the 2010 Dodd-Frank Act and the subsequent establishment of the Consumer Financial Protection Bureau (CFPB).
In 2010, the CFPB was established by Congress to protect consumers by enforcing federal consumer financial laws. Created in the wake of the ‘Great Recession’ of 2007 to 2008, the CFPB was authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act (also known as the Dodd-Frank Act).
The CFPB helps consumers understand lending agreements by providing accurate information and working to make regulations clear. Writing rules, restricting unfair practices, taking consumer complaints, promoting financial education and enforcing financial laws are some of the other activities of the CFPB. Although the Bureau focuses on mortgages, credit cards, and student loans, it is concerned with safeguarding consumers in other ways as well.
Currently, the CFPB has a number of initiatives in the works. Some of these issues may affect individuals who could be planning on taking out a personal loan online for good credit in 2016:
According to Investopedia, there are other changes happening in the United States which will impact the cost of living. These changes could also affect consumers who are planning on taking out a personal loan in 2016. Below are some of the changes that consumers can expect this year:
According to financial analysts, consumers can expect to see even more changes in 2016. Some of these changes may directly impact those who are taking out a personal loan, either positively or negatively.
For a lot of Americans, taking out a personal loan is an option for alleviating short-term financial pressures.