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 firstname.lastname@example.org. Be sure to include your name, contact information, your publication, and your deadline.
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.
Thank you. Over the years, financial education has become a passion that I have pursued at the local, state, and now federal levels. It is a joy and a privilege to be here amongst others who share that passion and understand its importance to the future of our country.
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.
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 […]
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.
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is ordering U.S. Bank to provide an estimated $48 million in relief to consumers harmed by illegal billing practices. U.S. Bank consumers were unfairly charged for certain identity protection and credit monitoring services that they did not receive. These services were sold as “add-on products” for credit cards and other bank products such as mortgage loans and checking accounts. U.S. Bank will pay a $5 million civil money penalty to the CFPB and a $4 million penalty to the Office of the Comptroller of the Currency (OCC).
Thank you. Student loan debt is one of the most significant burdens facing our young people, and it certainly hits close to home for a growing number of Americans. Many of us here borrowed to pay for college and many are still repaying our obligations today. We are well aware of what this issue means for each of us, for our peers, and for our entire nation.
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 7,190 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data made available today cover 2013 lending activity, and include applications, originations, purchases and sales of loans, denials, and other actions related to applications.
Thank you all for joining us today, and allow me to recognize Chair Tedesco, the Commissioner of the Financial Consumer Agency of Canada, who is here, as well as Director Bassett from the Indiana Department of Financial Institutions. We are here in Indianapolis to discuss a market that matters deeply, both to our everyday lives and to our nation’s economy. That is the market for financing the sales of cars and trucks. Nearly nine out of ten Americans commute to work by automobile, and in vast areas of the country ownership of a vehicle is almost essential to personal mobility.
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is proposing to oversee larger nonbank auto finance companies for the first time at the federal level. The Bureau also released a supervision report that details the auto-lending discrimination that the Bureau has uncovered at banks. The report highlights that the Bureau’s supervisory actions against banks will result in about $56 million in redress for up to 190,000 consumers harmed by discriminatory practices.
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced its action to halt the operations of an online payday lender, the Hydra Group, which it believes is running an illegal cash-grab scam. The lawsuit alleges that the Hydra Group uses information bought from online lead generators to access consumers’ checking accounts to illegally deposit payday loans and withdraw fees without consent.
Thank you for joining us. Today, the Consumer Financial Protection Bureau is announcing an enforcement action against an online payday lender, the Hydra Group, which we believe has been running an illegal cash-grab scam to force purported loans on people without their prior consent. It is an incredibly brazen and deceptive scheme.
oday we are taking a public enforcement action against Corinthian Colleges, a for-profit chain of colleges, to put an end to its illegal predatory lending scheme. We believe Corinthian lured in consumers with lies about their job prospects upon graduation, sold high-cost loans to pay for that false hope, and then harassed students for overdue debts while they were still in school.
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) sued for-profit college chain Corinthian Colleges, Inc. for its illegal predatory lending scheme. The Bureau alleges that Corinthian lured tens of thousands of students to take out private loans to cover expensive tuition costs by advertising bogus job prospects and career services. Corinthian then used illegal debt collection tactics to strong-arm students into paying back those loans while still in school. To protect current and past students of the Corinthian schools, the Bureau is seeking to halt these practices and is requesting the court to grant relief to the students who collectively have taken out more than $500 million in private student loans.
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule that allows it to supervise certain nonbank international money transfer providers for the first time. The rule, first proposed in January, brings new oversight to larger nonbank international money transfer providers. The rule will help the Bureau to ensure that these providers are adhering to the CFPB’s existing protections for consumers sending money abroad.