Transparency Needed for Improvement

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CFPB Not Releasing Ad Data at Core of Recently Released Study

reverse mortgage newsAfter releasing a consumer advisory and the results of focus group findings of reverse mortgage ads that were deemed misleading, ambiguous or difficult to understand to consumers and the media alike, the Bureau is less than forthright in releasing the data. After the release of the report numerous media outlets jumped on yet another negative reverse mortgage study. After all shouldn’t one trust a federal agency such as the Consumer Financial Protection Bureau? Yes, if that agency is fair and transparent in its findings.

Unfortunately that does not appear to be the case. In a press call last week industry representatives asked if the Bureau would make the ads used in the study available. The terse reply: they will not. Strange since the Bureau says they are committed to getting input from all parties to make markets more accessible and efficient for consumers. If that is the case then release the ads shown to the focus groups…

Download a transcript of this episode here.

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