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Remittance transfer rule: A personal perspective

As a child of South Asian immigrants, I recall my parents frequently sending money back to our family and friends in India. They would use a service to send money but they never fully understood the process, were charged numerous, unexplained fees, and felt powerless if any errors were made. Unfortunately, other immigrant families and other consumers who must send remittance transfers have had similar experiences, which is why advocates have been calling for greater protections around these transfers of money, or remittance transfers.

Now, with direction from Congress through the Dodd-Frank Act, the CFPB has changed that. We adopted new rules that will go into effect in February 2013. Check out our blog to learn more.

Share your input on payday lending for the official record

Public input is tremendously important to our work at the CFPB. At our January field hearing in Birmingham, we had the opportunity to gather information directly from Alabamans about their experiences with payday loans. We’d also like to hear from you. The CFPB is inviting public comments for the record. Please take this opportunity to […]

Too Big to Fail: Student debt hits a trillion

Recently, we undertook what we understand is the first major effort to understand the size of the private student loan market. This market went through the same boom and bust cycle we saw play out in markets for mortgages and other credit products. Our initial findings on the size of the private student loan market […]

Published Category: At the CFPB

Don’t miss the chance to make a nomination

Last month, Director Cordray announced that we are taking nominations for our Consumer Advisory Board. The CAB offers us advice and consultation on emerging consumer financial issues. We are looking for nominees with backgrounds in consumer protection, financial services, fair lending, civil rights, consumer financial products and services, or community development.

In the weeks since the announcement, we’ve received calls and emails from all over the country from people who want to know more about the board and how to get involved. The deadline to nominate someone is March 30th. Learn more and nominate someone today.

Consumer response now sharing complaints with FTC Consumer Sentinel

The Dodd-Frank Act requires the CFPB to share consumer complaint information with the Federal Trade Commission (“FTC”) and other state and federal agencies. Last August, the Bureau took the first step towards fulfilling this mandate by signing an agreement with the FTC that allows the CFPB to access consumer complaints in the FTC’s Consumer Sentinel […]

Published Category: Info for consumers

Who is going to help with your complaint about an auto or installment loan?

We recently launched the first phase of a new system to help consumers who have problems with auto loans and other types of installment loans, such as loans to buy a refrigerator. Just like the credit card and mortgage complaints within our purview we started taking last year, we will forward complaints for these new […]

Published Category: Info for consumers

Our second National Consumer Protection Week

This week is National Consumer Protection Week. The Consumer Financial Protection Bureau and other federal agencies participate in this week to help consumers safely navigate the markets for consumer products and services. This means also providing consumers with tools and resources to help them make better-informed decisions when confronted with an often-dizzying array of options. […]