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WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a final rule moving the effective date of the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, to October 3, 2015. The rule requires easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for […]
WASHINGTON, D.C. – Today, the U.S. Department of Defense issued a final rule expanding 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 rule closes loopholes that have led to lenders skirting the law with products that fall outside the scope […]
Millions of Consumers Harmed by Bank’s Deceptive Marketing and Unfair Billing of Credit Card Add-On Products and Services, and Other Unlawful Practices WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has ordered Citibank, N.A. and its subsidiaries to provide an estimated $700 million in relief to eligible consumers harmed by illegal practices related to […]
Bureau Puts Companies On Notice After Defense Department Rules Take Effect WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) sent letters this month to several companies that sell retail goods to military servicemembers, advising them to review their websites and other advertising for potentially misleading marketing and to review other practices related to payment […]
Thank you Ed for that kind introduction, and for all you do on behalf of consumers through your roles with the Public Interest Research Group and Americans for Financial Reform. I also want to thank the entire AFR coalition, as well as PIRG, the Consumer Federation of America, the Leadership Conference on Civil and Human […]
Report Includes In-Depth Look at Debt Collection Complaints and Complaints from Milwaukee, Wis. WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) launched the first in a new series of monthly reports to highlight key trends from consumer complaints submitted to the Bureau. The monthly report includes complaint data on company performance, complaint volume, […]
Chairman Shelby, Ranking Member Brown, and Members of the Committee – thank you for the opportunity to testify today about our latest Semi-Annual Report to Congress. We appreciate your continued oversight and leadership as we work together to strengthen our financial system and ensure that it serves consumers, responsible businesses, and the long-term foundations of […]
African-American, Hispanic, and Asian and Pacific Islander Borrowers Will Receive $24 Million WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) resolved an action with American Honda Finance Corporation that will put new measures in place to address discretionary auto loan pricing and compensation practices. Honda’s past practices resulted […]
The Consumer Financial Protection Bureau is working hard to make financial markets work better on behalf of 320 million American consumers. In particular, our new agency specifically recognizes the need to protect older Americans against financial exploitation and promote economic security later in life. With the aging of the baby boomer generation, that mission has […]
CFPB Wants to Ensure Consumer Protections Are Built Into New Payment Systems From Outset WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) outlined guiding principles for protecting consumers as the private sector develops new faster payment systems. These new systems are aimed at reducing “pocket-to-pocket” payment times between consumers and businesses or other […]
WASHINGTON, D.C. — This week, the GAO released a report on financial literacy in the workplace, which summarized a forum of employers, federal government agencies, and academic researchers who discussed the role of employers in improving employees’ financial well-being. Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement: “There is a natural […]
Thank you for joining this call. Today the Consumer Financial Protection Bureau is teaming up with our state partners across the country to take action against JPMorgan Chase for selling bad credit card debt and robo-signing documents in violation of law. This kind of conduct has no place in the consumer financial marketplace. The orders […]
Chase Ordered to Overhaul Debt Sales and Halt Collections on 528,000 Consumers’ Accounts WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau and Attorneys General in 47 states and the District of Columbia took action against JPMorgan Chase for selling bad credit card debt and illegally robo-signing court documents. The CFPB and states found that […]
Servicers Still Failing to Provide Legal Protections to Military Borrowers WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau released a report outlining the continued challenges faced by servicemembers when they contact student loan servicers to invoke the military rights and protections earned through their service. The report, “Overseas & Underserved: Student Loan Servicing and […]
Consumers Billed for Credit Reporting and Identity Theft Protection Benefits They Did Not Receive WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) took action against two credit card add-on product vendors – Affinion Group Holdings, Inc., Affinion’s affiliated companies, and Intersections Inc. – for unfairly charging consumers for credit card add-on benefits they […]