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New Study Indicates that Consumers Access Credit Scores and Credit Reports in a Variety of Ways but Confusion Persists WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) reported that more than 50 million consumers now have free and regular access to their credit scores through their monthly credit card statements or online. Last […]
A year ago, I focused my remarks to this group on the work the Consumer Financial Protection Bureau is doing on credit reporting. Today, I would like to give you an update on that work in anticipation of our discussion. Every consumer who seeks to make use of credit to help manage his or her financial affairs is affected by this industry, whether they are aware of it or not.
The Bureau does not have a safety and soundness mandate. Nevertheless, we very much care about the financial health of banks and nonbanks. As a veteran of two banking crises, I can tell you unequivocally that, in my view, consumer protection is not in conflict with safety and soundness. Consumers benefit from a healthy, competitive, and diversified financial services system through greater access to credit and competitive pricing. Ultimately, both financial and consumer compliance performance are dependent on strong management. Seldom do institutions excel in one and not the other.
CFPB Sues Mortgage Lender for False Reverse Mortgage Ads; Orders Others to End Deceptive Advertising WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) is taking action against three mortgage companies for misleading consumers with advertisements implying U.S. government approval of their products. The CFPB is suing reverse mortgage lender All Financial Services, seeking […]
We have incorporated into our mortgage rules some special provisions that provide smaller creditors like most credit unions with different treatment from larger financial institutions, including the large banks. Yet we have not stopped thinking about the challenges that smaller creditors face as they continue their traditions of lending flexibly but responsibly, which has been a key to their support for many consumers, especially in smaller communities around the country.
Lender to Pay $2 Million Civil Penalty for Illegal Conduct WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) took action against NewDay Financial, LLC for deceptive mortgage advertising and kickbacks. NewDay deceived consumers about a veterans’ organization’s endorsement of NewDay products and participated in a scheme to pay kickbacks for customer referrals. NewDay […]
CFPB Issues Advisory Offering Tips to Borrowers on Protecting Family Members WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released a report highlighting the top complaints for reverse mortgages. According to the report, consumers are frustrated with their loan terms, servicer runarounds, and foreclosure problems. To help consumers who already have a reverse […]
‘Fee-Harvester’ Credit Cards Misrepresented Charges, Hit Consumers With Excessive Fees WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) ordered Continental Finance Company LLC, a subprime credit card company based in Delaware, to refund an estimated $2.7 million to approximately 98,000 consumers who were charged illegal credit card fees. The agency found that the […]
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) asked a federal district court to enter a consent order that would permanently ban a Texas-based company, Union Workers Credit Services, from offering any consumer credit products or services after it duped thousands of consumers into signing up for a sham credit card. The order […]
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Education announced more than $480 million in forgiveness for borrowers who took out Corinthian College’s high-cost private student loans. ECMC Group, the new owner of a number of Corinthian schools, will not operate a private student loan program for seven […]
Proposal Would Extend Provisions to Cover More Community Banks, Credit Unions, and Other Creditors WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today proposed several changes to its mortgage rules to facilitate responsible lending by small creditors, particularly in rural and underserved areas. If finalized, the proposal issued today would increase the number of […]
Today we are pleased to announce that the Consumer Bureau and the Financial Services Roundtable are joining together to promote effective financial education across the country. This joint initiative provides an opportunity to explore ways we can work together to advance a vision for stronger and more capable consumers. We have identified three areas, in particular, where we can focus our mutual efforts.
Crossposted from CNN.com. 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 […]
Bulletin Reminds Companies of Existing Legal Responsibilities Regarding Treatment of Confidential Supervisory Information 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 […]
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. “We are delighted to add some […]