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Chairman Neugebauer, Ranking Member Clay, and Members of the Subcommittee, thank you for the opportunity to testify today about the Consumer Financial Protection Bureau’s (Bureau or CFPB) extensive and ongoing work related to payday lending. My name is David Silberman, and I serve as Associate Director for Research, Markets, and Regulations at the CFPB, a […]
Thank you and I am glad the Commission is focusing on post-secondary education and financial inclusion, each of which affects the financial well-being of millions of Americans. Today I will talk about some of the ways the Consumer Bureau is working to help young people and their families make more informed decisions about paying for […]
Thank you for joining us today in Louisville to talk about individual checking and savings accounts. When I think about these deposit accounts, I am reminded of my Dad, now 97 years old, who lost all his paper route money in a bank failure during the Depression. Of course, banking today has little in common […]
CFPB Concerned that Screening Inaccuracies and Lack of Account Options are Keeping Consumers Out of the Banking System WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is taking steps to improve checking account access amidst Bureau concerns that consumers are being sidelined by the lack of account options and by inaccurate information used […]
Minority Borrowers Who Paid Higher Rates for Auto Loans Will Receive Up to $21.9 Million WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) resolved an action with Toyota Motor Credit Corporation, under which Toyota Motor Credit will change its pricing and compensation system to substantially reduce dealer discretion […]
Report Includes Look at Consumer Complaints from New York State and the New York City Metro Area WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaint snapshot, highlighting consumer complaints about financial services such as debt settlement, check cashing, money orders, and credit repair. The report shows that […]
Subprime “Buy Here Pay Here” Dealer Hid Finance Charges, Deceived Consumers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Herbies Auto Sales, a buy-here pay-here used car dealer, for abusive financing schemes, hiding auto finance charges and misleading consumers. Herbies will pay $700,000 in restitution to harmed consumers, with a […]
Guide Highlights Trade-Offs Between Lump-Sum and Lifetime Monthly Payout Options WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) is releasing a guide to help consumers navigate their pension payout options and make the right decision about their retirement income. The guide gives near-retirees the information they need to understand the trade-offs of taking […]
Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced that David Silberman will serve as Acting Deputy Director beginning next week, replacing Meredith Fuchs. Silberman currently serves as Associate Director for Research, Markets, and Regulations, a position he has held since 2011 and will retain in the interim. Silberman will serve as Acting […]
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced it is seeking public feedback on the resubmission of mortgage lending data reported under the Home Mortgage Disclosure Act (HMDA). In October 2015 the Bureau finalized a rule updating the reporting requirements of the HMDA regulation, to improve information reported about the residential mortgage […]
Order Would Bar Georgia Law Firm from Churning Out Illegal Collections Lawsuits and Require $3.1 Million Penalty WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed consent order in federal court that would resolve a lawsuit against Frederick J. Hanna & Associates, a Georgia-based law firm, and its three principal partners, […]
Report Also Includes In-Depth Look at Consumer Complaints from Georgia WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaint snapshot, highlighting consumer complaints about money transfers. The report shows that consumers’ complaints about money transfers center around trouble safely and efficiently sending money, and complaints about being victims […]
HMDA Asset-Size Exemption Threshold Unchanged at $44 Million; Higher-Priced Mortgage Loan Escrow Account Exemption Threshold Declines to $2.052 Billion WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued two final rules regarding annual threshold adjustments under the implementing regulations for the Home Mortgage Disclosure Act and the Truth in Lending Act. Home Mortgage […]
T3Leads and Lead Publisher Exposed Consumers to Harassment and Deceit WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today took separate actions against a company and an individual that resold sensitive personal data to lenders and debt collectors, allegedly exposing millions of consumers to harassment and deceit. In a complaint filed in federal court, […]
One of Nation’s Biggest “Buy-Here, Pay-Here” Auto Dealers Provided Inaccurate Credit Information WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is taking action against CarHop, one of the country’s biggest “buy-here, pay-here” auto dealers, and its affiliated financing company, Universal Acceptance Corporation, for providing damaging, inaccurate consumer information to credit reporting companies. CarHop […]