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Advisory Offers Tips to Protect Accounts in Wake of Recent Payment Card Data Breaches WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) published a consumer advisory to help consumers protect themselves in the wake of the recent breaches of payment card and other data. The advisory also contains information on where to get […]
Chairman Hensarling, Ranking Member Waters, and Members of the Committee, thank you for inviting me to testify today about the fourth Semi-Annual Report of the Consumer Financial Protection Bureau. Since we opened our doors just over two years ago, the Bureau has been focused on making consumer financial markets work better for the American people, […]
WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) proposed a rule that would allow it to supervise certain nonbank international money transfer providers for the first time. The proposed rule would bring new oversight to larger nonbank international money transfer providers, to make sure they are adhering to the CFPB’s new protections for consumers sending money abroad.
Thank you for inviting me to come speak with you once again. When I was here in 2012, the Consumer Financial Protection Bureau had just opened its doors. Today, I come to you after more than two years of concrete accomplishments. We have helped solve tens of thousands of individual consumer problems. We are returning over three billion dollars to consumers so far, and we have gone after those who try to take advantage of them. And we have put in place new rules that bring historic changes to make the multi-trillion dollar mortgage market work better for consumers and help see to it that the terrible collapse we went through just five years ago will never happen again.
Bureau Orders Missouri Lender to Pay $81,000 for Illegal Kickback Scheme WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau ordered a Missouri mortgage lender, Fidelity Mortgage Corporation, and its former owner and current president, Mark Figert, to pay $81,076 for funneling illegal kickbacks to a bank in exchange for real estate referrals. “Kickbacks harm consumers […]
When people are making decisions about buying a home, they deserve the best possible guidance. Housing counselors and legal aid lawyers provide that sort of impartial advice, and you also offer much-needed help with rental and credit issues. But you also have been invaluable advisors to many homeowners in trouble. In fact, you are, to my mind, the unsung heroes of the foreclosure crisis, which would have done much greater damage to American consumers and American communities if not for your persistent service to those in need. We all know that particular work is not finished. You still stand in the breach to support millions of homeowners who are struggling with their mortgages and may be in imminent danger of losing their homes. All of us at the Consumer Financial Protection Bureau salute you for this important work that you do every day.
Crossposted from USAToday.com. This opinion editorial originally ran on January 7, 2014 online and in the print edition on January 8, 2014. Let me tell you a common story I hear. It starts with a woman in 2005 or 2006 who took out a mortgage to buy her first home. After two years, her teaser interest […]
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) released additional resources for consumers as part of its campaign to educate the public about the new protections provided by the Bureau’s mortgage rules. These new materials include sample letters that consumers can send to their mortgage servicers. The Bureau is publishing these educational materials in anticipation of the January 10, 2014 effective dates for its mortgage rules.
Thank you for having me today and I bring all of you good tidings of great joy for the new year. If you are like me, change comes hard and I will still find myself mistakenly writing “2013” on documents such as personal checks for another few weeks. But there will be big differences between last year and this year in the mortgage market, with the advent of new mortgage rules that Congress required our new agency to write against a hard statutory deadline. That was a great deal of work for us and I know it has meant a great deal of work for many others as well. So I will focus very closely on those issues in my remarks to you today.
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today issued a final rule adjusting the asset-size threshold for certain creditors to qualify for an exemption from the requirement to establish an escrow account for a higher-priced mortgage loan under Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau established the threshold […]
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today issued a final rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). HMDA requires that the CFPB adjust this threshold yearly by the annual percentage increase in the Consumer Price […]
The Consumer Financial Protection Bureau (CFPB) today ordered American Express to refund an estimated $59.5 million to more than 335,000 consumers for illegal credit card practices. These practices included unfair billing tactics and deceptive marketing with respect to credit card “add-on products” such as payment protection and credit monitoring. American Express will pay an additional $9.6 million in civil penalties to the CFPB.
“We first warned companies last year about using deceptive marketing to sell credit card add-on products, and everyone should be on notice of this issue,” said CFPB Director Richard Cordray. “Today we are refunding thousands of American Express customers who were harmed by these illegal practices. Consumers deserve to be treated fairly and should not pay for services they do not receive.
Today, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) filed a joint complaint against National City Bank for charging higher prices on mortgage loans to African-American and Hispanic borrowers than similarly creditworthy white borrowers between the years 2002 and 2008. The agencies also filed a proposed order to settle the complaint that requires National City Bank, through its successor PNC Bank, to pay $35 million in restitution to harmed African-American and Hispanic borrowers.
Thank you all for joining us. Today we are announcing that the Consumer Bureau is taking its first enforcement action against discriminatory auto lending. In partnership with the Department of Justice, we are ordering one of the largest indirect auto lenders in the country, Ally, to pay $98 million to address their auto loan pricing […]