Mar 26 -- The Consumer Finance Protection Bureau (CFPB) invites public comments by May 28, 2024 on the proposed next Making Ends Meet Survey.
The Dodd-Frank Wall Street Reform and Consumer Protection Act charges the Consumer Financial Protection Bureau with researching, analyzing, and reporting on topics relating to the CFPB's mission including consumer behavior, consumer awareness, and developments in markets for consumer financial products and services. To improve its understanding of how consumers engage with financial markets, the CFPB has successfully used surveys under its “Making Ends Meet” program. The “Making Ends Meet” program has also used the CFPB's Consumer Credit Information Panel (CCIP) as a frame to survey people about their experiences in consumer credit markets. The CFPB seeks approval for two yearly surveys under the “Making Ends Meet” program. These surveys solicit information on the consumer's experience related to household financial shocks, particularly shocks related to the economic effects of the COVID–19 pandemic, how households respond to those shocks, and the role of savings to help provide a financial buffer.
The first survey will be a follow-up to respondents from the CFPB's 2023 “Making Ends Meet” survey to better understand household financial experiences dealing with medical debt as well as consumers' interactions with various financial products. The second survey will go to a new sample of consumers from the CCIP and will address several topics of interest to the CFPB possibly including the impact of natural disasters and other environmental events, credit shopping behavior, additional follow-up regarding debt collection, and the assessment of various fees throughout the financial services ecosystem.
Making Ends Meet in 2023: Insights from the Making Ends Meet Survey:
https://www.consumerfinance.gov/data-research/research-reports/making-ends-meet-in-2023-insights-from-the-making-ends-meet-survey/
Draft survey instrument and technical documentation requested from CFPB by AEAStat.
FRN:
https://www.federalregister.gov/d/2024-06407
