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Author archive: Richard Cordray

What we really need to be better off financially

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We are facing a financial education crisis in this country. The gap between the complex financial world and our ability to navigate it is growing wider. Too many financial lessons are learned through trial and error, where it is costly to recover from a financial mistake, let alone to achieve your financial goals.

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Prepared Remarks of CFPB Director Richard Cordray at Operation HOPE

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Thank you for your kind words. I also want to express my appreciation to the indefatigable John Hope Bryant, his advisor Jena Roscoe, and the entire Operation HOPE team. We are deeply grateful for their invaluable support of our work at the Consumer Financial Protection Bureau and for all they do to help those who struggle with their finances.

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Prepared Remarks of CFPB Director Richard Cordray on the Student Accounts Press Call

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Thank you for joining us on this call. We know that student loan debt is one of the most significant burdens on young people in this country. Another important issue for young people is how best to manage their money while they are still in school. They may be managing money on their own for the first time, and they can become a focus for financial providers looking for new customers with a long future ahead of them.

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Prepared Remarks of CFPB Director Richard Cordray at the Brookings Institution

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Thank you for having me today and I bring you best wishes for the New Year. I can also offer sage counsel from humorist Ogden Nash, who once advised about the new year, “Ring Out the Old, Ring in the New, But Don’t Get Caught in Between.” For myself, every January has marked a significant personal development at the Consumer Financial Protection Bureau. Four years ago, that was when I first joined the Bureau. Three years ago, President Obama named me as the first director by means of a recess appointment. Two years ago, we finalized our first set of important new rules to improve the mortgage market. Last year, those rules went into effect all across the country. And this year, this January, we are continuing that ongoing work by helping consumers gain greater control over the mortgage process.

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Prepared Remarks of CFPB Director Richard Cordray at the Sprint Enforcement Press Call

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Thank you for joining us on this call. Today we are announcing that we are suing Sprint, the wireless carrier, for illegally cramming consumers’ bills with unauthorized third-party charges. Sprint’s flawed billing system allowed unscrupulous merchants to add unauthorized charges to wireless bills, and consumers ended up paying tens of millions of dollars in such […]

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Prepared Remarks of CFPB Director Richard Cordray at the Medical Debt Collection Hearing

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Today the Consumer Financial Protection Bureau has come here to talk about debt collection and credit reporting, both in general and more specifically as they relate to medical debt. Collection of consumer debts serves an important role in the proper functioning of consumer credit markets. Obviously if lenders and other providers cannot get paid what they are owed, they cannot provide the kinds of products and services that consumers need to improve their lives.

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