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CFPB Takes Action Against Franklin Loan Corporation for Steering Consumers into Costlier Mortgages

Today, the Consumer Financial Protection Bureau ordered a California mortgage lender, Franklin Loan Corporation, to pay $730,000 for giving its employees illegal bonuses for steering consumers into loans with higher interest rates. The Bureau has asked a federal district court to approve a consent order requiring the company to end its illegal compensation system and refund the consumers it harmed.

Prepared Remarks of CFPB Director Richard Cordray at the Prepaid Products Field Hearing

By Richard Cordray

Thank you so much for joining us today. It is our pleasure to be here in “the first state.” At the Consumer Financial Protection Bureau, we try to get out and talk with consumers across the country on a regular basis. Today, we are here in Delaware to discuss a market that has seen rapid growth in recent years, which is the market for prepaid cards and other prepaid products.

CFPB Proposes Strong Federal Protections for Prepaid Products

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) is proposing strong, new federal consumer protections for the prepaid market. The proposal would require prepaid companies to limit consumers’ losses when funds are stolen or cards are lost, investigate and resolve errors, provide easy and free access to account information, and adhere to credit card protections if a credit product is offered in connection with a prepaid account. The Bureau is also proposing new “Know Before You Owe” prepaid disclosures that would provide consumers with clear information about the costs and risks of prepaid products upfront.

Prepared Remarks of CFPB Director Richard Cordray at the Bank On 2.0 Conference

By Richard Cordray

Thank you for inviting me to speak with you today. We very much enjoy the work we are doing with cities and communities across the country, including those that are part of the Cities for Financial Empowerment coalition, which is reinforcing the fact that municipal government can be a tremendous resource for changing and improving people’s lives. The concentration of focus that comes from dealing with a dense population in a relatively small area is powerful. It becomes possible to reach people who rally around a civic identity, and city leaders often feel the great satisfaction of seeing the results of their positive actions up close and in real time. This can be especially true in the realm of consumer finance.

CFPB Report Finds Debt Collection Tops Older Consumer Complaints

Bureau Issues Consumer Advisory with Tips for Older Americans Dealing with Harassing Debt Collectors WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a report highlighting debt collection as a top complaint for older Americans, many of whom say they struggle with debt in retirement. According to the report, some of the debt […]

CFPB Supervision Report Highlights Risky Practices in Student Loan Servicing

Examiners Also Uncover Violations of Mortgage Servicing Laws WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a report highlighting illegal actions uncovered by the Bureau’s supervision of the student loan servicing market. Bureau examiners found that companies engaged in illegal practices like charging unfair late fees and harassing debt collection calls. Bureau […]

Prepared Remarks of CFPB Director Richard Cordray at University of Michigan Law School

By Richard Cordray

Our focus today is an assessment of the financial reform law that Congress enacted in an effort to address the worst financial crisis in three-quarters of a century. Financial reform is necessary over time because our laws must keep pace with the many innovations in the financial marketplace. The pace of innovation can be rapid in this sector, where the products are intangible objects of human creativity, and the pace has accelerated dramatically in the computer age.

CFPB Finalizes Minor Changes to Mortgage Rules to Ensure Access to Credit

Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today finalized minor adjustments to its mortgage rules to ensure access to credit. The adjustments, which were proposed in April, include two changes that will help certain nonprofit organizations continue to provide mortgage credit and servicing to underserved populations. The changes also lay out limited circumstances where lenders that exceed the points and fees cap can pay a refund of the excess amount plus interest to consumers and still have the loan be considered a Qualified Mortgage.

CFPB Finalizes Rule to Promote More Effective Privacy Disclosures

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today finalized a rule to promote more effective privacy disclosures from financial institutions to their customers. The new rule, which was proposed in May, allows companies that limit their consumer data-sharing and meet other requirements to post their annual privacy notices online rather than delivering them individually.

CFPB Report Finds Distressed Private Student Loan Borrowers Driven Into Default

WASHINGTON, D.C. –Today, the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman released a report highlighting complaints by struggling private student loan borrowers who describe being driven into default. Distressed borrowers report that they receive very little information or help when they get in trouble, that there are no affordable loan modification options available, and that the alternatives to default are temporary at best.

CFPB Director Richard Cordray’s Prepared Lecture on Economic Rights as Civil Rights at Michigan State University

By Richard Cordray

My speech today is intended as an incremental contribution to the year-long conversation on civil and human rights that Michigan State University has commenced through the project known as 60/50. Across the country, this year has marked significant anniversaries for civil rights milestones. It is the 60th anniversary of the Supreme Court’s decision in Brown v. Board of Education, which held that segregated schools in America are unconstitutional and struck down the previously accepted doctrine of “separate but equal.” And it is the 50th anniversary of the Civil Rights Act of 1964, which banned discrimination in public accommodations, employment, and other areas.

CFPB Takes Action Against M&T Bank for Deceptively Advertising Free Checking

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) took action against M&T Bank for deceptively advertising free checking accounts. The CFPB found that M&T lured in consumers with promises of “no strings attached” free checking, without disclosing key eligibility requirements. When consumers failed to meet the requirements, M&T automatically switched them to checking accounts with fees. M&T will provide $2.9 million in refunds to the approximately 59,000 consumers deceived into paying fees and it will pay a $200,000 penalty for the violations.