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Thank you all for joining us today. We have convened this forum to discuss one of the most significant, yet stressful times in the lives of consumers – mortgage closing time. Mortgage closing comes after the neighborhoods have been scoured. Schools have been evaluated. Countless websites have been perused. Wish lists were made and deal breakers considered. But finally, a home has been found. An offer was made and accepted. The consumer has applied for and been approved for a mortgage – hopefully after careful shopping and thoughtful evaluation of the future. Now it is down to the final hours before the consumer can take ownership of the new home, and standing between the consumer and those keys is a mountain of paperwork.
Bureau Releases Guidelines for New eClosing Mortgage Pilot Project Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today published a report which finds that many consumers are frustrated by the short amount of time they have to review a large stack of complex closing documents when finalizing a mortgage. The Bureau also released guidelines […]
WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman released a report highlighting complaints of “auto-defaults” in private student lending. Borrowers report that some lenders demand immediate full repayment upon the death or bankruptcy of their loan co-signer, even when the loan is current and being paid on time. Borrowers also describe facing bureaucratic barriers to releasing co-signers from their loans, a commonly advertised benefit that could help avoid auto-defaults. To help borrowers overcome obstacles to co-signer release, today the CFPB also issued a consumer advisory and sample letters.
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today proposed revisions to its international money transfer rule. The revisions are intended to preserve the rule’s new consumer protections while providing federally insured institutions, such as banks and credit unions, with additional time to provide exact disclosures in certain cases. “It is critical that we […]
Thank you for joining us on this call today. Central to our mission here at the Consumer Bureau is the duty to identify and root out unfair, deceptive, and abusive practices in financial markets. So when we see credit card companies charging customers for services they did not receive or using deceptive marketing to pitch […]
Millions of Consumers Harmed by Bank’s Deceptive Marketing and Unfair Credit Card Billing Practices WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has ordered Bank of America, N.A. and FIA Card Services, N.A. to provide an estimated $727 million in relief to consumers harmed by practices related to credit card add-on products. Roughly 1.4 […]
Thank you so much for inviting me here tonight and for this award, which reflects favorably on the excellent work being done by my teammates at the Consumer Financial Protection Bureau. Jump$tart’s leadership and efforts to promote financial literacy for the next generation are truly admirable and make this award deeply meaningful. Over the years, […]
Testimony of Meredith Fuchs General Counsel, Consumer Financial Protection Bureau Chairman Hensarling, Ranking Member Waters, and Members of the Committee, thank you for the invitation to appear today on the impact of regulation on financial markets and institutions. My name is Meredith Fuchs and it is my privilege to serve as General Counsel at the […]
Thank you for joining us today. All of us here share the same goal of educating and empowering consumers to help them make responsible financial decisions that are sustainable over time. But I think we also need to share something else: not just the substance of this goal, but a sense of its urgency. We […]
We appreciate the important role that Greenlining played in urging the creation of the CFPB. We also know how hard Greenlining pushed for authorizing the Offices of Minority and Women Inclusion in the federal financial regulatory agencies. Orson and I have discussed our joint interest in making sure we achieve full implementation of these mandates, and I have also had the opportunity to get input from leading members of Congress on these issues. As a result, we have recently changed our internal structure to elevate the role of our OMWI in addressing issues of diversity and inclusion throughout the Bureau.
Thank you. It is a pleasure to be here and to have the opportunity to reflect more generally about the regulatory work we do day in and day out on behalf of consumers.
Thank you for making time for me today at CBA Live and for the valuable input you all have given us over the past few years. I appreciate the strong and candid relationship we have developed and our ability to discuss issues fruitfully whether we agree or disagree. Today I would like to share some updates on our work at the Consumer Bureau.
Annual Consumer Response Report Highlights CFPB Help in Getting Problems Addressed WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) announced today that consumer complaint volume nearly doubled from 91,000 complaints received in 2012 to 163,700 complaints received in 2013. The CFPB’s Consumer Response Annual Report also highlighted the many issues the CFPB is helping […]
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) issued a report on payday lending finding that four out of five payday loans are rolled over or renewed within 14 days. The study also shows that the majority of all payday loans are made to borrowers who renew their loans so many times that they end up paying more in fees than the amount of money they originally borrowed.
Thank you all for joining us. And we thank Nashville for a warm welcome. Today we are releasing a research study on payday loans. We chose this part of the country to release this study because of the prevalence of payday lenders both here and in many of the neighboring states. Congress has charged the […]