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Thank you for joining us today. It is great to be in Rhode Island. And it is great to be here with Senator Reed, a true friend of the Consumer Financial Protection Bureau who not only helped create the Bureau but who continues to support us in our endeavors. Sen. Reed and the Bureau share […]
Bureau Orders New Jersey Title Company to Pay $30,000 for Illegal Kickback Scheme WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau ordered a New Jersey company, Stonebridge Title Services Inc., to pay $30,000 for paying illegal kickbacks for referrals. “Kickbacks drive up the costs of getting a mortgage and put law-abiding companies at a […]
We are glad to be in New Orleans today, a vibrant city of many different proud cultures. As it has been said, this city is “like a big musical gumbo.” I am sure that comment was mostly about its music, but I think it also applies to the great diversity I see here too. That is important for us as we travel the country to raise awareness about the Consumer Financial Protection Bureau and the work we are doing to help ensure that people are treated fairly in the financial marketplace. Understanding the diversity of consumers, and learning all that we can about their lives, helps us stay attuned to the needs and challenges they are facing. And by deepening our understanding of consumers, we are better able to conceptualize and prioritize our work.
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) announced it is launching an inquiry into the opportunities and challenges associated with the use of mobile financial services. As part of the inquiry, the Bureau is exploring how mobile technologies are impacting unbanked and underserved consumers with limited access to traditional banking systems.
The Consumer Financial Protection Bureau is the nation’s first federal agency with the sole focus of protecting consumers in the financial marketplace. Financial products like mortgages, credit cards, and student loans involve some of the most important financial transactions in people’s lives. In the Dodd-Frank Act, Congress created the Bureau to stand on the side of consumers and ensure they are treated fairly in the consumer financial marketplace. Since we opened our doors, we have been focused on making consumer financial markets work better for the American people, the honest businesses that serve them, and the economy as a whole.
Thank you for the opportunity to speak with you today. I know that both those of us at the Bureau and those of you here today share common goals: a strong and vibrant financial sector, as well as a highly competitive economy that works for Americans in both the short run and the long run.
My name is Rohit Chopra, and I serve as an Assistant Director at the Consumer Financial Protection Bureau (Bureau), where I lead an office that focuses on issues facing students and young Americans. In 2011, I was also designated by the Secretary of the Treasury as the Student Loan Ombudsman within the Consumer Financial Protection Bureau, a new role established by Congress in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Across the country, the agencies that form this Commission have been working, both alone and together, to promote and encourage opportunities to incorporate financial education in schools, workplaces, and communities. Since we last met, FLEC hosted a public hearing in Atlanta where we had an excellent discussion about the importance of financial education in the […]
WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) ordered RealtySouth, the largest real estate firm in Alabama, to pay $500,000 for inadequate disclosures that could leave consumers unaware of their rights to choose service providers during the home-buying process. The practices identified by the CFPB’s investigation illegally benefited TitleSouth LLC, an affiliated company owned by the same holding company that owns RealtySouth.
Overall CFPB Supervision Activities Return More than $70 Million to 775,000 Consumers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a report highlighting illegal actions uncovered by the Bureau’s supervision of the payday, debt collection, and consumer reporting markets. These markets are being federally supervised for the first time. The report also […]
Today the Consumer Financial Protection Bureau is releasing a study on how the collection of medical debt affects a consumer’s credit score. What we found is that consumers’ credit scores may be overly penalized for medical debt that goes into collections and shows up on their credit report. This is because credit scoring models may […]
Study Finds Credit Scores Underestimate Creditworthiness for Consumers Who Owe and Repay Medical Debt WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) released a research report that found consumers’ credit scores may be overly penalized for medical debt that goes into collections and shows up on their credit report. According to the study, […]
Thank you for having me here today. I am very pleased to be able to join so many experts in consumer finance, a field whose interdisciplinary nature incorporates many fascinating issues from economics and psychology and many other subjects. As the first Director of the new Consumer Financial Protection Bureau, it seems to me that consumer finance is undeniably important. Just consider that in every macroeconomic model that exists today, consumer spending makes up about 70 percent of all economic activity. All of that activity requires practical and sustainable methods of financing.
WASHINGTON, D.C. – Today, the U.S. Department of Justice announced an enforcement action against Sallie Mae (also known as Sallie Mae Bank and Navient Solutions), the largest servicer of federal and private student loans, which was found to be systematically violating the legal rights of U.S. servicemembers. The Federal Deposit Insurance Corporation (FDIC) also reached […]
I am glad to be with you today and to have the chance to reflect further on some of the changes that have followed the most damaging and frightening financial crisis of our lifetimes. As we all know, the effects of that crisis were severe and widespread. For the first time in decades, many people saw their housing values decline. Millions lost their jobs and millions lost their homes. Most Americans saw their life savings shrink, and although the stock markets have recovered, many households did not. A considerable number of people will work much longer before they can retire because of the damage that was done.