The CFPB Dodd-Frank Mortgage Rules Readiness Guide

The Consumer Financial Protection Bureau (CFPB or Bureau) is updating the CFPB Dodd-Frank Mortgage Rules Readiness Guide (Guide) to help financial institutions come into and maintain compliance with the mortgage rules outlined in the Summary of the Rules in this Guide. The CFPB has designed this Guide for use by institutions of all sizes. Consists of Summary of the Rules, Readiness Questionnaire, Frequently Asked Questions, Tool

Economic Growth and the Harmful Effects of Student Loan Debt on Biomedical Research

Modern theories of economic growth emphasize the role of research and development (R&D) activities in determining a society's standard of living. In some advanced economies, however, higher education costs and the level of indebtedness among graduates have increased dramatically during recent years. Student loans are evident throughout the Western world, particularly in the United States, and within the bio-medical sciences. In this paper the authors develop a basic model of economic growth in order to investi-gate the effects of biomedical graduates indebtedness on the allocation of human re-source in the R&D activities, and thus on the process of economic growth. Using this modified model to understand the consequences of the rising cost in biomedical educa-tion, we derive a 'science-growth curve' (a relation between the share of pure researcher and the economy rate of growth), and we find two possible effects of biomedical stu-dent indebtedness on economic growth: specifically, a composition effect and a productivity effect. First, we outline the Romer's classical growth model, and we apply it to a 'biomedical' knowledge-based economy, and second, the model is developed by factoring the difference between pure and applied biomedical research. The 'biomedical science sector' is one of the key pillars of modern knowledge-based economy. The costs of higher education in biomedical sciences and the graduates level of indebtedness represent, not only a great problem of equality of opportunity, but also a serious threat to future prosperity of the advanced economies

Financial Coaching and Financial Therapy: Differences and Boundaries

The purpose of this conceptual paper is to disentangle differences between financial coaching and financial therapy. While financial coaching and financial therapy share many techniques and approaches, financial therapy is a more inclusive practice. Financial therapy (e.g., financial therapists) has the ability to address dysfunctional money attitudes, as well as money disorders, and covers a wider time spectrum of healing a person\u27s past trauma and old pains. Another difference between financial coaching and financial therapy that is discussed in the paper is the arrangement of services and compensation. The paper does not suggest that one approach is better or right. Each approach can be appropriate for particular situations