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Let me thank everyone here today for your efforts to bring financial literacy to consumers. The work our agencies do to ensure consumers can become more financially capable and confident is not always glamorous, but it is vitally important. Today I want to describe some of the work the Consumer Financial Protection Bureau is doing […]
Program Targets Transitioning Veterans and Economically Vulnerable Consumers WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is launching its Financial Coaching Initiative, targeting recently-transitioned veterans and economically vulnerable consumers to help them with their financial goals. The program places 60 certified financial coaches at organizations around the country to provide individualized educational services. […]
Thank you for joining us today to announce the launch of our Financial Coaching Initiative. The Consumer Financial Protection Bureau is offering coaching support to veterans and economically vulnerable consumers during critical times of transition: veterans when they are taking off the uniform and becoming civilians; and economically vulnerable consumers as they are looking for […]
Thank you for joining us on this call. Today, the Consumer Financial Protection Bureau is filing a complaint and a proposed consent order against PayPal for illegally signing up and billing tens of thousands of consumers for its online credit product, PayPal Credit. The Bureau alleges that PayPal lured in consumers to this product with […]
PayPal to Refund $15 Million to Consumers and Pay $10 Million Fine WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) filed a complaint and proposed consent order in federal court against PayPal, Inc. for illegally signing up consumers for its online credit product, PayPal Credit, formerly known as Bill Me Later. The CFPB […]
Crossposted from the Milwaukee Journal Sentinel. This opinion editorial originally ran on May 14, 2015 online. As millions of students and their families across the country celebrate graduation season, many will be joining the ranks of the more than 40 million other Americans on the hook for over $1.2 trillion in student debt. The average […]
Bureau Seeks Information On Industry Practices That Can Create Student Debt Stress WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is launching a public inquiry into student loan servicing practices that can make paying back loans a stressful or harmful process for borrowers. The issues that the Bureau is seeking information on include: […]
Thank you all for joining us today in Milwaukee. Plato once said, “The direction in which education starts a man will determine his future life.” More Americans are heeding that advice and going to college at record rates – including both women and men, I might add, unlike in Plato’s day. At the same time, […]
Thank you for joining us today. It is notable that we are amongst the nation’s attorneys general to announce an action that has required quite a bit of federal and state coordination. Together, and alongside the FCC, we are taking action against Sprint and Verizon for illegally cramming consumers’ bills with unauthorized third-party charges. In […]
Companies Will Also Pay $38 Million in Fines for Unauthorized Charges on Customers’ Mobile Bills WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau filed proposed orders in federal courts against Sprint and Verizon which, if approved, would provide $120 million in redress to wireless customers who were illegally billed hundreds of millions of dollars […]
Thank you for having me join you today. My work with realtors dates back to 1992, when I was serving in the Ohio House of Representatives. The Ohio Association of Realtors teamed up with me to pass legislation requiring sellers of residential real estate to disclose to prospective buyers any material matters that might affect […]
Bureau Issues Bulletin on Fair Lending Practices WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is issuing a bulletin to help mortgage lenders avoid illegal discrimination against applicants whose income includes vouchers from the Section 8 Housing Choice Voucher (HCV) Homeownership Program. Discriminating against a consumer because some or all of their income […]
Consumers Paid $49 Million in Fees for Deceptive Mortgage Payment Program WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal district court against Nationwide Biweekly Administration, Inc., Loan Payment Administration LLC, and the companies’ owner, Daniel Lipsky, alleging that Nationwide misrepresents the interest savings consumers will achieve through a […]
Thank you all for joining this public session of the annual meeting of our Academic Research Council. It is impressive to see so many people here this morning to participate in the session. Let me start by noting that we truly appreciate the opportunity to discuss consumer finance issues with the experts in the field. […]
Thank you for joining us on this call. Today we are releasing a report finding that about one in 10 adults in this country, or about 26 million consumers, are “credit invisible.” Consumers that are credit invisible do not have credit history with any of the three nationwide credit reporting companies. An additional 19 million […]