Testimony of David M. Silberman Associate Director for Research, Markets, and Regulation Consumer Financial Protection Bureau Before the Senate Special Committee on Aging July 24, 2013 Introduction Chairman Nelson, Ranking Member Collins, and Members of the Committee, thank you for the opportunity to provide you with an overview of the Consumer Financial Protection Bureau’s recently […]
Thank you for the opportunity to provide you with an overview of the Consumer Financial Protection Bureau’s recently released white paper on payday loans and deposit advance products. This is perhaps the largest study to date on the short-term, small-dollar loan market.
Today, we presented our annual report to Congress on the Fair Debt Collection Practices Act (FDCPA.) From the report: “This report covers much good work done together over the past year by the CFPB and the FTC. In the last year, we began an important new chapter in the history of the FDCPA. Under the […]
Updated on August 8, 2013: The remittance rule goes into effect October 28, 2013. Visit the remittance rule page for additional information regarding the rule including the most recent updates. In November, we announced that we would be proposing to make some limited amendments to our new international remittance transfer rule. We also announced that […]
When you take out a mortgage loan to buy a home, you trust the mortgage servicing industry to work. Mortgage servicers are responsible for sending you bills, processing your payments, answering your questions, and addressing any problems that may arise. When servicers fall down on the job, that can have serious consequences for consumers. People […]
Today, we’re proposing new mortgage servicing rules. So, what’s mortgage servicing and why does it need the new rules? The short answer is that mortgage servicing is the processing of mortgage payments. That may sound simple, but as many borrowers have learned in the aftermath to the financial crisis, it can get complicated very quickly. […]