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Bureau Also Releases Safe Student Account Toolkit to Help Colleges Avoid Promoting Prepaid and Debit Products with Surprise Fees WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) sent warning letters to 17 colleges directing them to improve disclosure of school-sponsored credit card agreements. A Bureau investigation found that these schools failed to make […]
Bureau Issues Industry-Wide Warning On Home, Workplace Debt Collection Risks WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today took action against EZCORP, Inc., a small-dollar lender, for illegal debt collection practices. These tactics included illegal visits to consumers at their homes and workplaces, empty threats of legal action, lying about consumers’ rights, and […]
Resource Will Provide Questions Financial Educators Can Use to Assess the Financial Wellness of Consumers WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is releasing a tool to measure consumer financial well-being, based on a definition that the Bureau released in January 2015. This first-of-its-kind tool provides questions that educators and others working […]
Chairman Hensarling, Ranking Member Waters, and Members of the Committee, thank you for the opportunity to testify today. I am glad to work with you to strengthen our financial system. As we are all aware, just a few years ago disruptions in the housing market preceded a financial crisis that caused significant damage to our […]
EOS to Pay More than $2.5 Million in Refunds and Penalties WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) filed a federal complaint against EOS CCA (EOS), a Massachusetts debt collection firm, for reporting and collecting on old cellphone debt that consumers disputed and EOS did not verify. The company also provided inaccurate […]
Company Mishandled Consumer Reports, Failed to Investigate Consumer Disputes WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against a nationwide credit reporting company, Clarity Services, Inc., and its owner, Tim Ranney, for illegally obtaining consumer credit reports. The company also violated the law by failing to appropriately investigate consumer disputes. The […]
Let me say to the Consumer Federation of America, thank you for inviting me today. For more than 50 years, you have been doing great work on behalf of consumers. And since the creation of the Consumer Financial Protection Bureau, which you helped bring about, you have remained one of our foremost and fiercest allies. […]
Concerns Remain About Other Back-End Practices Such As Deferred-Interest Promotions WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today released a report detailing how the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) has helped reduce the cost of “gotcha” credit card fees by more than $16 billion. Since the reform law, total […]
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB), Federal Reserve Board, and Office of the Comptroller of the Currency (OCC) today announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2016 will remain $25,500. The threshold amount will be effective January 1, 2016, and is the same […]
WASHINGTON, D.C. — The Federal Reserve Board and the Consumer Financial Protection Bureau (CFPB) today announced the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2016. These thresholds are set pursuant to the Dodd-Frank Wall Street Reform and […]
Report Also Includes In-Depth Look at Consumer Complaints from Connecticut WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaint snapshot, highlighting bank account and service complaints. The report shows many consumers are experiencing problems opening up and managing accounts, while other consumers found their accounts closed without explanation. […]
Bureau Publishes Action Letters for Consumers Seeking to Stop Auto Debits WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) issued a bulletin alerting companies that they must obtain authorization before automatically debiting a consumer’s account. The bulletin also reminds companies that they are required by law to provide notifications to consumers that clearly […]
Bureau Alleges Integrity Advance Misrepresented the Cost of Loans, Seeks Redress for Borrowers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) took action today against an online lender, Integrity Advance, LLC, and its CEO, James R. Carnes, for deceiving consumers about the cost of short-term loans. The Bureau alleges that the company’s contracts did […]
Thank you. It is really helpful for us to spend some time at this meeting talking about long-term savings and investing. We all know these are key building blocks for planning and securing our futures. Today I want to highlight some of the ways the Consumer Bureau and our colleagues on the Commission are working […]
This year marks the 80th anniversary of the Social Security Act. As Franklin Roosevelt said in 1934, “Old age is at once the most certain, and for many people the most tragic of all hazards. There is no tragedy in growing old, but there is tragedy in growing old without means of support.” Actually, at […]