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WASHINGTON, D.C. — This week, the GAO released a report on financial literacy in the workplace, which summarized a forum of employers, federal government agencies, and academic researchers who discussed the role of employers in improving employees’ financial well-being. Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement: “There is a natural […]
Thank you for joining this call. Today the Consumer Financial Protection Bureau is teaming up with our state partners across the country to take action against JPMorgan Chase for selling bad credit card debt and robo-signing documents in violation of law. This kind of conduct has no place in the consumer financial marketplace. The orders […]
Chase Ordered to Overhaul Debt Sales and Halt Collections on 528,000 Consumers’ Accounts WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau and Attorneys General in 47 states and the District of Columbia took action against JPMorgan Chase for selling bad credit card debt and illegally robo-signing court documents. The CFPB and states found that […]
Servicers Still Failing to Provide Legal Protections to Military Borrowers WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau released a report outlining the continued challenges faced by servicemembers when they contact student loan servicers to invoke the military rights and protections earned through their service. The report, “Overseas & Underserved: Student Loan Servicing and […]
Consumers Billed for Credit Reporting and Identity Theft Protection Benefits They Did Not Receive WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) took action against two credit card add-on product vendors – Affinion Group Holdings, Inc., Affinion’s affiliated companies, and Intersections Inc. – for unfairly charging consumers for credit card add-on benefits they […]
Over Half of Consumers Filing Complaints Online Opt In to Share Their Experiences Via the CFPB’s Public Complaint Database WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) goes live with an enhanced public-facing consumer complaint database, which includes for the first time over 7,700 consumer accounts of problems they are facing with financial […]
Proposal Open for Public Comment Until July 7th WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a proposed amendment to the Know Before You Owe mortgage disclosure rule, which proposes to move the rule’s effective date to October 3, 2015. The rule, also called the TILA-RESPA Integrated Disclosure rule, requires easier-to-use mortgage […]
Supervisory Resolutions Across Industries Recover $11.6 Million for More Than 80,000 Consumers WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released its latest supervision report outlining the illegal practices uncovered by the Bureau’s examiners in the first four months of 2015. The Bureau found problems with dual-tracking at mortgage servicers that could mislead […]
I would like to thank the community here in Omaha for hosting us so warmly, especially the “hometown” member of our Consumer Advisory Board, Laura Castro de Cortés. For myself, this is my first visit to the Cornhusker state, though I do recall a conversation with former Senator Johanns a few years ago where I […]
Industry Inquiry Reveals Problems for Consumers Seeking to Prevent Auto-Defaults WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman released a report finding high rates of consumers are being rejected for co-signer release on their private student loans, based on its review of industry practices. The Bureau uncovered problematic industry practices […]
Company Mishandled Consumer Credit Reporting Disputes, Prevented Consumers From Exercising Debt Collection Rights WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against a medical debt collection company for mishandling consumer credit reporting disputes and preventing consumers from exercising important debt collection rights. These practices potentially affected the credit scores […]
WASHINGTON, D.C. — Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. We made this decision to correct […]
Auto Loan Company Misled Servicemembers About Consequences of Nonpayment WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) sued an auto loan company, Security National Automotive Acceptance Company, for aggressive debt collection tactics against servicemembers. In a complaint filed in federal court, the CFPB alleges that the company used a combination of illegal threats […]
Bureau Publishes Exam Procedures for Supervised Companies in $900 Billion Market WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) published a rule today that will allow the agency to supervise larger nonbank auto finance companies for the first time. The CFPB also released the examination procedures that examiners will use to ensure that auto […]
Joint Release: Board of Governors of the Federal Reserve System Consumer Financial Protection Bureau Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Securities and Exchange Commission Federal agencies today issued a final interagency policy statement establishing joint standards for assessing the diversity policies and practices of the entities […]