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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.

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

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CFPB Finds Small Debit Purchases Lead to Expensive Overdraft Charges

Majority of Debit Card Overdraft Fees Incurred on Transactions of $24 or Less WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a report that raises concerns about the impact of opting in to overdraft services for debit card and ATM transactions. The study found that the majority of debit card overdraft fees […]

CFPB Launches Nationwide Effort to Provide Financial Education and Tools to Low-Income Consumers

WASHINGTON, DC – Today, the Consumer Financial Protection Bureau announced that it is partnering with national and local organizations across the country to train social services staff to provide financial education and tools to clients with low-to-moderate incomes. As part of that partnership, the CFPB unveiled a new online toolkit called Your Money, Your Goals, a comprehensive guide to empowered financial decision-making that covers topics like budgeting daily expenses, managing debt, and avoiding financial tricks and traps.

CFPB and 13 State Attorneys General Obtain About $92 Million in Debt Relief for Servicemembers Harmed by Predatory Lending Scheme

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) and 13 state attorneys general obtained approximately $92 million in debt relief from Colfax Capital Corporation and Culver Capital, LLC, also collectively known as “Rome Finance,” for about 17,000 U.S. servicemembers and other consumers harmed by the company’s predatory lending scheme. Rome Finance lured consumers with the promise of no money down and instant financing. Rome Finance then masked expensive finance charges by artificially inflating the disclosed price of the consumer goods being sold. Rome Finance also withheld information on billing statements and illegally collected on loans that were void. Rome Finance and two of its owners are permanently banned from consumer lending.

CFPB Proposes Rule to Improve Information About Access to Credit in the Mortgage Market

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to improve information reported about the residential mortgage market. The rule would shed more light on consumers’ access to mortgage credit by updating the reporting requirements of the Home Mortgage Disclosure Act (HMDA) regulations. The Bureau also aims to simplify the reporting process for financial institutions.

Prepared Remarks of CFPB Deputy Director Steve Antonakes on the MARS Enforcement Action Press Call

By Richard Cordray

Thank you for joining us on the call today and my thanks to Katie Fallow at the FTC for her and her staff’s hard work on this issue. Today, both the Consumer Financial Protection Bureau and the Federal Trade Commission are announcing recent action we’ve taken against companies and individuals that took advantage of underwater homeowners looking for foreclosure relief.

CFPB, FTC and States Announce Sweep Against Foreclosure Relief Scammers

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and 15 states announced a sweep against foreclosure relief scammers that used deceptive marketing tactics to rip off distressed homeowners across the country. The Bureau is filing three lawsuits against companies and individuals that collected more than $25 million in illegal advance fees for services that falsely promised to prevent foreclosures or renegotiate troubled mortgages. The CFPB is seeking compensation for victims, civil fines, and injunctions against the scammers. Separately, the FTC is filing 6 lawsuits, and the states are taking 32 actions.

CFPB Begins Accepting Consumer Complaints on Prepaid Cards and Additional Nonbank Products

Nonbank Products Include Debt Settlement and Credit Repair Services, Pawn and Title Loans WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) is now accepting complaints from consumers encountering problems with prepaid cards, such as gift cards, benefit cards, and general purpose reloadable cards. Consumers can also now submit complaints about additional nonbank products, including […]

Prepared Remarks of CFPB Director Richard Cordray at the Consumer Response Field Hearing

By Richard Cordray

It is indeed an extreme pleasure to be able to experience the true nature of summer here in El Paso in the middle of July. And it is also a pleasure to welcome you all to this field hearing hosted by the Consumer Financial Protection Bureau. As we all know, the financial crisis did serious damage to individuals and communities all across this country. Its effects remain vivid in our collective experience, and the toll it took on our lives was substantial. Millions of people lost their jobs; millions lost their homes; and virtually everyone lost considerable household wealth, amounting to trillions of dollars. As a key part of its response to the crisis, Congress created the Bureau and vested it with the responsibility to stand on the side of consumers and make sure they are treated fairly in the financial marketplace.

CFPB Proposal Would Give Consumers the Opportunity to Publicly Voice Complaints About Financial Companies

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is proposing a new policy that would empower consumers to publicly voice their complaints about consumer financial products and services. When consumers submit a complaint to the CFPB, they would have the option to share their account of what happened in the CFPB’s public-facing Consumer Complaint Database. Publishing consumer narratives would provide important context to the complaint, help the public to detect specific trends in the market, aid consumer decision-making, and drive improved consumer service.

CFPB Files Suit Against Debt Collection Lawsuit Mill

Georgia Firm Relies on Deceptive Court Filings and Faulty Evidence to Churn Out Lawsuits WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in a federal district court against a Georgia-based firm, Frederick J. Hanna & Associates, and its three principal partners for operating a debt collection lawsuit mill that uses […]

Consumer Financial Protection Bureau Issues Guidance Regarding Brokers Shifting To “Mini-Correspondent” Model

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is issuing guidance regarding mortgage brokers transitioning to a “mini-correspondent” lender model. The CFPB is concerned that some mortgage brokers may be shifting to the mini-correspondent model under the mistaken belief that identifying themselves as such would automatically exempt them from important consumer protection rules affecting broker compensation. The guidance sets out how the Bureau evaluates mortgage transactions involving mini-correspondent lenders. It confirms who must comply with the broker compensation rules, regardless of how they may describe their business structure.

Prepared Remarks of CFPB Director Richard Cordray at the ACE Cash Express Enforcement Action Press Call

By Richard Cordray

Thank you for joining us on today’s call. Today we are announcing that we have resolved an investigation and are entering an order against one of the nation’s largest payday lenders, ACE Cash Express, for inducing payday borrowers into a cycle of debt. We believe ACE used illegal debt collection tactics – including harassment and false threats of lawsuits, or criminal prosecution – to bully overdue borrowers with a demonstrated inability to repay their existing loans into taking out new payday loans with expensive fees. These kinds of predatory tactics are appalling, and under the terms of the order, ACE will pay $10 million in restitution and penalties to address the conduct at issue.

CFPB Takes Action Against ACE Cash Express for Pushing Payday Borrowers Into Cycle of Debt

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) took enforcement action against ACE Cash Express, one of the largest payday lenders in the United States, for pushing payday borrowers into a cycle of debt. The CFPB found that ACE used illegal debt collection tactics – including harassment and false threats of lawsuits or criminal prosecution – to pressure overdue borrowers into taking out additional loans they could not afford. ACE will provide $5 million in refunds and pay a $5 million penalty for these violations.