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Today the Consumer Financial Protection Bureau is ordering GE Capital Retail Bank and its subsidiary, CareCredit, to refund up to $34.1 million to consumers who were victims of deceptive credit card enrollment tactics at doctors’ and dentists’ offices around the country. When people seek medical care, they are in a particularly vulnerable situation. They are […]
More than 1 Million Consumers Were Potential Victims of Misleading Practices WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau is ordering GE Capital Retail Bank and its subsidiary, CareCredit, to refund up to $34.1 million to potentially more than 1 million consumers who were victims of deceptive credit card enrollment tactics. At doctors’ and […]
The Consumer Federation of America has been one of our foremost and fiercest allies for consumers. I would like to thank everyone here for your leadership and extraordinary work on behalf of all Americans. Your efforts were critical to passing the Dodd-Frank Act. And you have been ardent supporters of our new agency ever since. It is a special treat for me to speak today with a group that is so closely aligned to our own goals.
The Consumer Financial Protection Bureau (CFPB) issued a rule today that allows the Bureau to supervise certain nonbank student loan servicers for the first time. The rule brings new oversight to the nation’s second largest consumer debt market – student loans – which have seen a rise in borrower delinquency in recent years.
Thank you for joining us on this call today. John F. Kennedy once noted that economic growth requires “the maximum development of every young American’s capacity.” College remains the gateway to the middle class for millions of Americans. Over the course of their lives, college graduates will earn nearly a million dollars more than they would without that degree.
Prepared Remarks of Richard Cordray Director of the Consumer Financial Protection Bureau The Clearing House Annual Conference November 21, 2013 Thank you so much for having me here today. I very much enjoy coming to visit The Clearing House, which has long played a central role in our financial markets. Or, as your own slogan […]
Chairman Rockefeller, Ranking Member Thune, and distinguished Members of the Committee, I’d like to thank you for the opportunity to speak with you today concerning consumer protection for the military, particularly in the area of predatory lending to servicemembers and their families.
Prepared Remarks of Richard Cordray Director of the Consumer Financial Protection Bureau “Know Before You Owe” Mortgage Field Hearing Boston, MA November 20, 2013 The dream of having a place of one’s own has long been part of our American way of life. For many people today, even after all the heartache we have experienced […]
Cash America to Refund up to $14 Million for Robo-Signing and Illegally Overcharging Servicemembers Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today took its first enforcement action against a payday lender by ordering Cash America International, Inc. to refund consumers for robo-signing court documents in debt collection lawsuits. The CFPB also found that […]
New Forms Improve Consumer Understanding, Aid Comparison Shopping, and Help Prevent Surprises Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) is issuing a rule today requiring easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for a homebuyer. The new “Know Before You Owe” mortgage forms will replace the existing […]
Welcome to this call to discuss a new report from the Consumer Financial Protection Bureau on financial education. I’m Camille Busette, Assistant Director of the Office of Financial Education here at the CFPB. By way of background, the Consumer Financial Protection is a federal agency created in 2011 in response to the financial crisis. The […]
Thank you for joining us on this call. Today we are talking about financial education, which is a topic that I believe is of the utmost importance for the future of our economy and our country. The Consumer Financial Protection Bureau is releasing a study that analyzes the amount of money spent to educate consumers about financial products and, for comparison, the amount spent trying to influence consumers’ decisions about financial products. While it is not surprising that we found that financial education programs are significantly outspent by financial marketing, the gap between the two is nonetheless staggering.
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau published a report analyzing the amount of money spent on providing financial education to consumers and the amount spent trying to influence consumers’ decisions about financial products. The report found that for every dollar put towards financial education, $25 is spent on financial marketing, which can make it difficult for consumers to find objective information.
Thank you to President Jim Bullard and everyone at the Federal Reserve Bank of St. Louis for inviting me to speak today on the impact of rising student debt on the balance sheets of young American households. As the name of St. Louis Fed’s Center indicates, household financial stability is a key ingredient to the health of our economy and financial system. First, I will outline some of the distressing debt and wage trends among young Americans. I will then discuss some of the striking structural similarities between the mortgage and student loan markets, particularly in the years leading up to the crisis. Finally, I will argue that we must resist the temptation to address these concerns solely through an education policy lens, when, in fact, they may require very significant attention from financial regulators and the financial services industry.
Republic Mortgage Insurance Corporation to Pay $100,000 Fine and Halt Illegal Activity WASHINGTON, DC — The Consumer Financial Protection Bureau (CFPB) today took action against Republic Mortgage Insurance Corporation (RMIC), for allegedly paying illegal kickbacks to mortgage lenders in exchange for business. The CFPB filed a complaint and proposed consent order against RMIC to stop […]