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Prepared Remarks of CFPB Director Richard Cordray at the Financial Services Roundtable Event on Financial Education

By Richard Cordray

Thank you all for joining us here today. We all agree that consumers need both a safe, transparent financial marketplace and the capability to navigate that marketplace effectively.

In the past few years, we have been working through the residue of the financial crisis. During that crisis, millions lost their jobs, millions lost their homes, and almost everyone lost part of their life savings. As we emerge from those tough times, it is even more essential that we empower people to take more control over their economic lives. Both consumers and industry will benefit if we can do more to achieve that outcome.

What we really need to be better off financially

By Richard Cordray

Crossposted from This opinion editorial was posted on January 27, 2014 online. We are facing a financial education crisis in this country. The gap between the complex financial world and our ability to navigate it is growing wider. Too many financial lessons are learned through trial and error, where it is costly to recover from […]

CFPB Issues Supervisory Compliance Bulletin

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a bulletin today to remind supervised financial institutions, including nonbank companies that may be unfamiliar with federal supervision, of existing regulatory requirements regarding confidential supervisory information. The CFPB supervises companies to determine their compliance with federal consumer financial laws, to assess risks to consumers, and to help ensure a fair and transparent marketplace for consumers.

CFPB Announces New Additions to Senior Leadership

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is announcing the addition of several new members to leadership positions within the Bureau. The positions being announced today are: Assistant Director of Enforcement; Deputy Chief Operating Officer; Northeast Regional Director of Supervision Examination; and Chief Human Capital Officer.

CFPB Takes Action Against Wells Fargo and JPMorgan Chase for Illegal Mortgage Kickbacks

Today, the Consumer Financial Protection Bureau (CFPB) and the Maryland Attorney General took action against Wells Fargo and JPMorgan Chase for an illegal marketing-services-kickback scheme they participated in with Genuine Title, a now-defunct title company. The Bureau and Maryland also took action against former Wells Fargo employee Todd Cohen and his wife, Elaine Oliphant Cohen, for their involvement. Genuine Title gave the banks’ loan officers cash, marketing materials, and consumer information in exchange for business referrals. The proposed consent orders, filed in federal court, would require $24 million in civil penalties from Wells Fargo, $600,000 in civil penalties from JPMorgan Chase, and $11.1 million in redress to consumers whose loans were involved in this scheme. Cohen and Oliphant Cohen also will pay a $30,000 penalty.

CFPB Finalizes Minor Changes to “Know Before You Owe” Mortgage Rules

The Consumer Financial Protection Bureau (CFPB) today finalized two minor modifications to the “Know Before You Owe” mortgage disclosure rules. The changes finalized today, which were proposed in October 2014, address when consumers will receive updated disclosures after locking in an interest rate, and how consumers receive information regarding certain construction loans.

Prepared Remarks of CFPB Director Richard Cordray at Operation HOPE

By Richard Cordray

Thank you for your kind words. I also want to express my appreciation to the indefatigable John Hope Bryant, his advisor Jena Roscoe, and the entire Operation HOPE team. We are deeply grateful for their invaluable support of our work at the Consumer Financial Protection Bureau and for all they do to help those who struggle with their finances.

Prepared Remarks of CFPB Director Richard Cordray on the Student Accounts Press Call

By Richard Cordray

Thank you for joining us on this call. We know that student loan debt is one of the most significant burdens on young people in this country. Another important issue for young people is how best to manage their money while they are still in school. They may be managing money on their own for the first time, and they can become a focus for financial providers looking for new customers with a long future ahead of them.

CFPB Releases Safe Student Account Scorecard

Bureau Seeks Comment on Scorecard to Help Schools Avoid Promoting Products with Tricks and Traps WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is seeking input on a “Safe Student Account Scorecard” that would help colleges to avoid partnering with financial institutions that offer checking and prepaid accounts with tricks and traps. The […]

Prepared Remarks of CFPB Director Richard Cordray at the Brookings Institution

By Richard Cordray

Thank you for having me today and I bring you best wishes for the New Year. I can also offer sage counsel from humorist Ogden Nash, who once advised about the new year, “Ring Out the Old, Ring in the New, But Don’t Get Caught in Between.” For myself, every January has marked a significant personal development at the Consumer Financial Protection Bureau. Four years ago, that was when I first joined the Bureau. Three years ago, President Obama named me as the first director by means of a recess appointment. Two years ago, we finalized our first set of important new rules to improve the mortgage market. Last year, those rules went into effect all across the country. And this year, this January, we are continuing that ongoing work by helping consumers gain greater control over the mortgage process.

CFPB Report Finds Nearly Half of Borrowers Do Not Shop for a Mortgage

WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) released a report finding that almost half of consumers do not shop around for a mortgage when purchasing a home. The report also found that informed consumers are more likely to shop, especially if they are familiar with available mortgage rates. As part of its Know Before You Owe mortgage initiative, the CFPB is releasing “Owning a Home,” an interactive, online toolkit designed to help consumers as they shop for a mortgage. The suite of tools gives consumers the information and confidence they need to get the best deal.

CFPB Report Finds Loopholes In Military Lending Act Rules Rack Up Costs For Servicemembers

Today the Consumer Financial Protection Bureau (CFPB) issued a report highlighting how loopholes in the current Military Lending Act rules are racking up costs for servicemembers. According to the report, these gaps have allowed companies to offer high-cost loans to military families by skirting the 36 percent rate cap and other military-specific credit protections. The Bureau included these findings in a comment filed in support of the Department of Defense’s proposal to broaden the scope of the Military Lending Act rules to cover deposit advance products, and more types of payday, auto title, and installment loans.

CFPB and States Take Action Against Freedom Stores for Illegal Debt Collection Practices Against Servicemembers

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Attorneys General of North Carolina and Virginia took action today to protect military servicemembers from illegal debt collection practices. The CFPB alleges that Freedom Stores, Inc., Freedom Acceptance Corporation, and Military Credit Services LLC used illegal tactics to collect debts, including filing illegal lawsuits, debiting consumers’ accounts without authorization, and contacting servicemembers’ commanding officers. The CFPB and the states filed a consent order in federal court to require the three companies and their owners and chief officers, John Melley and Leonard Melley, Jr. to provide over $2.5 million in consumer redress and to pay a $100,000 civil penalty.

CFPB Sues Texas Company for Sham Credit Card

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) is suing a Texas-based company, Union Workers Credit Services, for deceiving consumers into paying fees to sign up for a sham credit card. The Bureau alleges that the company falsely advertises a general-use credit card that, in actuality, can only be used to buy products […]

Prepared Remarks of CFPB Director Richard Cordray at the Sprint Enforcement Press Call

By Richard Cordray

Thank you for joining us on this call. Today we are announcing that we are suing Sprint, the wireless carrier, for illegally cramming consumers’ bills with unauthorized third-party charges. Sprint’s flawed billing system allowed unscrupulous merchants to add unauthorized charges to wireless bills, and consumers ended up paying tens of millions of dollars in such […]