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Proposal Would Cover Payday Loans, Vehicle Title Loans, and Certain High-Cost Installment and Open-End Loans WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) announced it is considering proposing rules that would end payday debt traps by requiring lenders to take steps to make sure consumers can repay their loans. The proposals under consideration […]
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 […]
Good morning. It’s a pleasure to be here with all of you. I believe that we share common goals: a strong and vibrant consumer financial services market as well as a highly competitive, sustainable economy that works for the benefit of consumers and business alike. Today, I will seek to provide you with a better […]
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 […]
Consumers Can Now Opt-In to Share Complaint Narratives in CFPB’s Public Database WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is finalizing a policy to empower consumers to voice publicly their complaints about consumer financial products and services. When consumers submit a complaint to the CFPB, they now have the option to share […]
Bureau Seeks Stakeholder Input on How the Credit Card Market Is Functioning WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on how the credit card market is functioning and the impact of credit card protections on consumers and issuers. This public inquiry will focus on issues including […]
Examiners Recover $19.4 Million in Remediation for more than 92,000 Consumers WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released its latest supervision report highlighting legal violations uncovered by the Bureau’s examiners. The Bureau found deceptive student loan debt collection practices, unfair and deceptive overdraft practices, mortgage origination violations, fair lending violations, and […]
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau released a study indicating that arbitration agreements restrict consumers’ relief for disputes with financial service providers by limiting class actions. The report found that, in the consumer finance markets studied, very few consumers individually seek relief through arbitration or the federal courts, while millions of consumers […]
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 […]
Whether lifeguarding at the local pool or mowing lawns for the city, summer jobs are often a young person’s first small taste of financial freedom and greater responsibility. We made an effort to use this period when young people are receiving their first paychecks to reach them with valuable financial messages. We believe that if we can help instill good saving habits at this early stage, we can help young people lay the proper groundwork for their financial futures. So how can we encourage more youth to start saving?
Bureau Proposes to Temporarily Suspend Card Issuers’ Obligation to Submit Credit Card Agreements WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) issued a proposal aimed at improving the way that companies submit consumer credit card agreements to the Bureau. The proposal would temporarily suspend a requirement that each quarter certain credit card issuers […]
For most Americans, retirement security depends on starting to save early and protecting those savings by making informed investment decisions. The retirement savings market can be complicated and confusing. It can be challenging for consumers to make well-informed decisions about important issues that determine their future economic security. Many Americans rely on professional financial advice when they make decisions about their retirement savings. So it is critical that when they seek out professional guidance, they can trust the financial adviser to put the consumer’s interests first.
Robert F. Kennedy once said something that is apt for the work we all do: “The challenge of politics and public service is to discover what is interfering with justice and dignity for the individual here and now, and then to decide swiftly upon the appropriate remedies.” I have spoken with you before about some of these obstacles that interfere with justice and dignity for consumers – which we regularly refer to as “the four Ds.” We see them much too often: deceptive marketing, debt traps, dead ends, and discrimination. Today I would like to revisit these obstacles and describe some of the progress we are making to combat them.