Thank you for joining us in Richmond for this field hearing. When I was originally appointed to serve as the Director of the Consumer Financial Protection Bureau, we decided to hold our first field hearing in Birmingham, Alabama on the topic of payday lending – the same subject we are addressing here today. That was […]
First of all, I thank Uncle Allan Madden for that warm welcome to country on my very first visit to Australia. On behalf of all my colleagues, allow me to pay my respects to the traditional owners of these lands. Also, my thanks to Alan Kirkland for his thoughtful introduction and to all of you […]
While you can see hundreds of thousands of complaints in the Consumer Complaint Database, these complaints are much more than just data to us. They reflect real and tough challenges people face every day as they try to navigate the financial world. Now we’re giving you the choice to publish your story in our Consumer Complaint Database and help others see what’s happening in the financial marketplace. Learn more about how we’re lifting your voice.
Today we are releasing the results of our study and we are providing our arbitration report to Congress as the law requires us to do. As far as we are aware, this is the most comprehensive empirical study of consumer financial arbitration ever conducted. It is not possible in the space of a few minutes to do justice to the depth and richness of the Consumer Bureau’s report. But I want to discuss a few key findings that shed light on some of the major questions that have been much debated by various stakeholders.
Earning a college degree has become increasingly important to personal and professional success in life. Yet we know it also can impose long-term burdens that borrowers struggle to manage. Today, outstanding student debt in this country has topped a trillion dollars, making it the second largest source of debt behind mortgages. Before taking out loans to finance their education, our young people must be better equipped to make smart decisions about managing college costs.
Chairman Hensarling, Ranking Member Waters, and Members of the Committee, thank you for the opportunity to testify today about the Bureau’s Semi-Annual Report to Congress. We appreciate your continued leadership and oversight. I look forward to getting to know the new Members of the Committee as we all work together to strengthen our financial system […]