CFPB launches new tools for renters, landlords; issues brief on state of credit applications

The CFPB on Wednesday announced a new online tool to help renters and landlords impacted by the pandemic easily find and apply for payment assistance for rent, utilities and other expenses. And on Tuesday, the CFPB published a brief regarding the state of consumer credit applications.

Rental Assistance Finder
The Rental Assistance Finder connects renters and landlords with the state and local programs that are distributing billions of dollars in federal assistance nationwide to help renters stay housed during the pandemic.

According to a CFPB analysis of Census Household Pulse Survey data from June 23 to July 5, 16% of adults living in households who rent said they are currently behind on their payments. Of adults living in households behind on rent, 49%, or approximately 3.6 million, say that eviction in the next two months is somewhat or very likely.

Additionally, along with the U.S. Departments of Agriculture, Housing and Urban Development, Treasury, Veterans Affairs and the FHFA, the CFPB has established a resource page intended to serve as the federal government’s one-stop, go-to resource for up-to-date information on relief options, protections and key deadlines.

Consumer credit applications
The CFPB on Tuesday published an issue brief showing that consumer applications for auto loans, new mortgages and revolving credit cards had mostly returned to pre-pandemic levels by May 2021.

Prime and near-prime consumers are driving the recovery as applications remain down from borrowers with subprime and deep subprime for all types of credit and, for borrowers with superprime credit scores, applications are down for all types of credit but mortgages, according to the brief.

The brief also provides a state-by-state analysis of the change in credit applications for auto loans, new mortgages, and revolving credit cards and shows wide geographic variability in the demand for auto loans. The brief can be accessed on the CFPB website

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