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WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB), Federal Reserve Board, and Office of the Comptroller of the Currency (OCC) today announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2016 will remain $25,500. The threshold amount will be effective January 1, 2016, and is the same […]
WASHINGTON, D.C. — The Federal Reserve Board and the Consumer Financial Protection Bureau (CFPB) today announced the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2016. These thresholds are set pursuant to the Dodd-Frank Wall Street Reform and […]
Report Also Includes In-Depth Look at Consumer Complaints from Connecticut WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaint snapshot, highlighting bank account and service complaints. The report shows many consumers are experiencing problems opening up and managing accounts, while other consumers found their accounts closed without explanation. […]
Bureau Publishes Action Letters for Consumers Seeking to Stop Auto Debits WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) issued a bulletin alerting companies that they must obtain authorization before automatically debiting a consumer’s account. The bulletin also reminds companies that they are required by law to provide notifications to consumers that clearly […]
Bureau Alleges Integrity Advance Misrepresented the Cost of Loans, Seeks Redress for Borrowers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) took action today against an online lender, Integrity Advance, LLC, and its CEO, James R. Carnes, for deceiving consumers about the cost of short-term loans. The Bureau alleges that the company’s contracts did […]
Thank you. It is really helpful for us to spend some time at this meeting talking about long-term savings and investing. We all know these are key building blocks for planning and securing our futures. Today I want to highlight some of the ways the Consumer Bureau and our colleagues on the Commission are working […]
This year marks the 80th anniversary of the Social Security Act. As Franklin Roosevelt said in 1934, “Old age is at once the most certain, and for many people the most tragic of all hazards. There is no tragedy in growing old, but there is tragedy in growing old without means of support.” Actually, at […]
CFPB Report Shows Many Consumers Base Critical Claiming Decision on Limited Information WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released “Planning for Retirement,” an interactive, online tool designed to help consumers decide when to claim their Social Security retirement benefits. According to a report released by the CFPB, many older Americans are […]
It is a pleasure to be back at the American Bankers Association. Before I begin, I would like to take a moment to congratulate Governor Keating for his dedication to the financial services industry, and for his long and distinguished record of public service. During my time at the Consumer Bureau, it has been my […]
Examiners Uncover Illegal Practices in Student Loan Servicing, Mortgage Origination and Servicing, Consumer Reporting, and Debt Collection Markets WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released its latest supervision report outlining the illegal practices uncovered by the Bureau’s examiners from May 2015 to August 2015. The Bureau found violations in the student […]
Operation Ripped Off Students and Families Applying for College Financial Aid WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) announced it is taking action to halt a nationwide student financial aid scam that allegedly ripped off tens of thousands of students and families across the country by illegally charging millions of dollars in […]
General Information Services and Affiliate Failed to Verify the Accuracy of Consumer Reports Sold to Employers about Job Applicants WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against two of the largest employment background screening report providers for failing take basic steps to assure the information reported about job applicants was […]
Court Rules that Corinthian Engaged in Deceptive Lending Practices and Illegal Debt Collection Practices WASHINGTON, D.C. — Yesterday, at the request of the Consumer Financial Protection Bureau (CFPB), a federal court entered a final default judgment against Corinthian Colleges, Inc., resolving a lawsuit filed by the CFPB in September 2014. The Bureau’s lawsuit against Corinthian […]
Bureau Sued Auto Lender Earlier This Year for Deception and Threats to Contact Commanding Officers WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) filed an administrative order against Security National Automotive Acceptance Company (SNAAC), an auto lender specializing in loans to servicemembers, for engaging in illegal debt collection practices. The order requires the […]
Report Also Includes In-Depth Look at Consumer Complaints in the Chicago Metro Area WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaints snapshot, which highlights credit card complaints. Consumers’ most frequent credit card-related complaints were about incurring late fees and credit report problems due to confusing payment processing […]