An official website of the United States Government

Newsroom

We are committed to engaging with the public and members of the media regularly with accurate and up-to-date information on our work. Below are materials produced by our Office of Communications.

You can also view documents that provide guidance to industry and the public.

For press inquiries, please email us at press@consumerfinance.gov. Be sure to include your name, contact information, your publication, and your deadline.

CFPB Finalizes Rule to Promote More Effective Privacy Disclosures

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today finalized a rule to promote more effective privacy disclosures from financial institutions to their customers. The new rule, which was proposed in May, allows companies that limit their consumer data-sharing and meet other requirements to post their annual privacy notices online rather than delivering them individually.


CFPB Report Finds Distressed Private Student Loan Borrowers Driven Into Default

WASHINGTON, D.C. –Today, the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman released a report highlighting complaints by struggling private student loan borrowers who describe being driven into default. Distressed borrowers report that they receive very little information or help when they get in trouble, that there are no affordable loan modification options available, and that the alternatives to default are temporary at best.


CFPB Director Richard Cordray’s Prepared Lecture on Economic Rights as Civil Rights at Michigan State University

By Richard Cordray

My speech today is intended as an incremental contribution to the year-long conversation on civil and human rights that Michigan State University has commenced through the project known as 60/50. Across the country, this year has marked significant anniversaries for civil rights milestones. It is the 60th anniversary of the Supreme Court’s decision in Brown v. Board of Education, which held that segregated schools in America are unconstitutional and struck down the previously accepted doctrine of “separate but equal.” And it is the 50th anniversary of the Civil Rights Act of 1964, which banned discrimination in public accommodations, employment, and other areas.


CFPB Takes Action Against M&T Bank for Deceptively Advertising Free Checking

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) took action against M&T Bank for deceptively advertising free checking accounts. The CFPB found that M&T lured in consumers with promises of “no strings attached” free checking, without disclosing key eligibility requirements. When consumers failed to meet the requirements, M&T automatically switched them to checking accounts with fees. M&T will provide $2.9 million in refunds to the approximately 59,000 consumers deceived into paying fees and it will pay a $200,000 penalty for the violations.


Prepared Remarks of CFPB Director Richard Cordray at Forum on Access to Checking Accounts

By Richard Cordray

Thank you for joining our forum to explore how consumers are affected by checking account screening policies and practices. Today we will look at how these practices work and raise questions about whether they unfairly block some consumers from opening checking accounts, while exposing other consumers to inappropriate risk. We look forward to a fruitful discussion that advances our understanding of these issues.


FDIC and CFPB Collaborate to Develop a Spanish-Language Tool for Older Adults to Prevent Financial Exploitation

The Federal Deposit Insurance Corporation (FDIC) and Consumer Financial Protection Bureau (CFPB) today launched a Spanish-language version of Money Smart for Older Adults. This free financial resource tool is designed to help aid older adults (age 62 and older) and their caregivers prevent, identify and respond to elder financial exploitation, which affects millions of senior citizens each year, with only a fraction of incidents reported.


CFPB Announces Project Catalyst Research Pilot on Tax-Time Saving

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced a Project Catalyst research pilot to explore ways to encourage saving among consumers at tax time. The pilot will focus in particular on tax-time saving practices among low-income consumers in order to help them improve their long-term financial well-being. The initiative will inform work at the Bureau to promote consumer saving and support its mission to empower consumers to lead better financial lives.

Prepared Remarks of CFPB Director Richard Cordray at the President’s Advisory Council

By Richard Cordray

Good morning! I want to start by asking you all to welcome the newest member of my senior team, Janneke Ratcliffe. Janneke joined the Consumer Bureau on Monday as an Assistant Director in charge of our Office of Financial Education. I know she will be working closely with all of you the on Council, and I encourage you to take the opportunity to get to know her better.


CFPB Takes Action Against Mortgage Kickback Agreements

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) ordered Lighthouse Title, a Michigan title insurance agency, to pay $200,000 for illegal quid pro quo referral agreements.

CFPB Finds Majority of Manufactured-Housing Borrowers Have Expensive Loans

Bureau Finds that Manufactured-Home Owners are More Likely to be Older or to Have Lower Net Worth WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) released a report which found that manufactured-home owners typically pay higher interest rates for their loans than borrowers whose homes were built onsite. The report also found that manufactured-home […]


Prepared Remarks of CFPB Director Richard Cordray on the Flagstar Enforcement Action Press Call

By Richard Cordray

Today the Consumer Financial Protection Bureau is taking its first enforcement action under the Bureau’s new mortgage servicing rules. We are entering an order against Michigan-based Flagstar Bank for violating those rules by failing borrowers and illegally blocking them from trying to save their homes. Flagstar took excessive time to process borrowers’ applications, did not tell them when their applications were incomplete, denied loan modifications to qualified borrowers, and illegally delayed finalizing permanent loan modifications. These unlawful practices caused many consumers to lose the homes they had been trying to save. That is wrong and it is unacceptable.

CFPB Takes Action Against Flagstar Bank for Violating New Mortgage Servicing Rules

Washington, D.C. – Today the Consumer Financial Protection Bureau (CFPB) took action against Michigan-based Flagstar Bank for violating the CFPB’s new mortgage servicing rules by illegally blocking borrowers’ attempts to save their homes. At every step in the foreclosure relief process, Flagstar failed borrowers. The bank took excessive time to process borrowers’ applications for foreclosure relief, failed to tell borrowers when their applications were incomplete, denied loan modifications to qualified borrowers, and illegally delayed finalizing permanent loan modifications. The CFPB is ordering Flagstar to halt its illegal activities, pay $27.5 million to victims, and pay a $10 million fine.


CFPB Releases Statement on Department of Defense Proposal to Amend Military Lending Act Rule

WASHINGTON, D.C. – Today, the U.S. Department of Defense issued a proposal that would expand the types of credit products that are covered by the 36-percent rate cap and other military-specific protections under the Military Lending Act. The proposal would close loopholes that have led to lenders skirting the law with products that fall outside […]


CFPB Announces Project Catalyst Research Pilot

WASHINGTON, D.C.– Today, the Consumer Financial Protection Bureau (CFPB) announced a Project Catalyst research pilot to examine the effectiveness of early intervention credit counseling for consumers who are at risk of default on their credit card debt. The research can help improve understanding of strategies that may help consumers struggling with credit card debt avoid defaulting and harming their credit reports. The initiative will inform the Bureau’s work and support its mission to empower consumers to lead better financial lives.