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Author archive: Richard Cordray

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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Prepared Remarks of CFPB Director Richard Cordray at The Clearing House

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Thank you all for inviting me to speak again this year. Last year, I spoke to you about the Consumer Financial Protection Bureau’s important new mortgage rules. I talked about how we are working to create a level playing field for all consumer financial products and services – among banks and nonbank firms in both the mortgage origination market and the mortgage servicing market. And I described how we are striving to strike the right balance as we write rules, conduct examinations, and handle investigations.

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Prepared Remarks of CFPB Director Richard Cordray at the Prepaid Products Field Hearing

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Thank you so much for joining us today. It is our pleasure to be here in “the first state.” At the Consumer Financial Protection Bureau, we try to get out and talk with consumers across the country on a regular basis. Today, we are here in Delaware to discuss a market that has seen rapid growth in recent years, which is the market for prepaid cards and other prepaid products.

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Prepared Remarks of CFPB Director Richard Cordray at the Bank On 2.0 Conference

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Thank you for inviting me to speak with you today. We very much enjoy the work we are doing with cities and communities across the country, including those that are part of the Cities for Financial Empowerment coalition, which is reinforcing the fact that municipal government can be a tremendous resource for changing and improving people’s lives. The concentration of focus that comes from dealing with a dense population in a relatively small area is powerful. It becomes possible to reach people who rally around a civic identity, and city leaders often feel the great satisfaction of seeing the results of their positive actions up close and in real time. This can be especially true in the realm of consumer finance.

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