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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.

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CFPB Finds Private Student Loan Borrowers Face “Auto-Default” When Co-Signer Dies or Goes Bankrupt

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.

CFPB Proposes Revision to Rule Protecting Consumers Sending Money Internationally

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 […]

CFPB Orders Bank Of America To Pay $727 Million In Consumer Relief For Illegal Credit Card Practices

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 […]

Prepared Remarks of CFPB Director Richard Cordray Director at Jump$tart Coalition Awards Dinner

By Richard Cordray

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, […]

Meredith Fuchs Before the House Committee on Financial Services

By Meredith Fuchs

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 […]

Prepared Remarks of CFPB Director Richard Cordray at the Federal Reserve Bank of Chicago on “Making Libraries Community Hubs for Financial Education”

By Richard Cordray

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 […]

Prepared Remarks of CFPB Director Richard Cordray at the Greenlining Institute’s Economic Summit

By Richard Cordray

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.

Prepared Remarks of CFPB Deputy Director Steven Antonakes at the Consumer Bankers Association

By Steve Antonakes

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.

CFPB Report Shows Complaints Rose 80 Percent in 2013

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 […]

CFPB Finds Four Out Of Five Payday Loans Are Rolled Over Or Renewed

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.

Director Richard Cordray Remarks at the Payday Field Hearing

By Richard Cordray

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 […]

Agencies Issue Proposed Rule on Minimum Requirements for Appraisal Management Companies

WASHINGTON, D.C.— Six agencies today issued a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies (AMCs). An AMC is an entity that serves as an intermediary between appraisers and lenders and provides appraisal management services.

Consumers Report Being Hounded About Debts Not Owed

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a report on the more than 30,000 consumer complaints it has received about the debt collection market. The report finds that many consumers complain that they are being hounded by debt collectors about debts they do not owe. Top complaints also include debt collectors’ use of aggressive communication tactics and threats of illegal actions.