We are committed to engaging with the public and members of the media regularly with accurate and up-to-date information on our work. Below are materials produced by our Office of Communications.
You can also view documents that provide guidance to industry and the public.
For press inquiries, please email us at email@example.com. Be sure to include your name, contact information, your publication, and your deadline.
Ally to Pay Additional $18 Million in Civil Penalties for Harming More Than 235,000 Minority Borrowers WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) today ordered Ally Financial Inc. and Ally Bank (Ally) to pay $80 million in damages to harmed African-American, Hispanic, and Asian and Pacific Islander borrowers […]
Today the Consumer Financial Protection Bureau, authorities in 49 states, and the District of Columbia are filing a proposed court order requiring the country’s largest nonbank mortgage servicer to compensate consumers for years of systemic and significant servicing errors. Ocwen Financial Corporation and its subsidiary, Ocwen Loan Servicing, must refund $125 million to people who have already lost their homes. And they must provide $2 billion in relief to current homeowners who are underwater and in danger of losing their homes.
Six federal financial regulatory agencies announced today that they are extending the comment period for their proposed policy statement for assessing diversity policies and practices of the institutions they regulate to allow the public more time to analyze the issues and prepare their comments.
Largest Nonbank Servicer Will Also Refund $125 Million to Foreclosure Victims and Adhere to Significant New Homeowner Protections WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB), authorities in 49 states, and the District of Columbia filed a proposed court order requiring the country’s largest nonbank mortgage loan servicer, Ocwen Financial Corporation, and its […]
Materials Offer Consumers Tips on Taking Advantage of New Protections WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) launched a campaign to educate the public about the new protections provided by the Bureau’s mortgage rules. The Bureau is releasing educational materials in advance of the January 10, 2014 effective dates for its mortgage […]
Bureau Finds a Continued Decline in College Credit Card Agreements WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) called on financial institutions to publicly disclose agreements with colleges and universities to market debit, prepaid, and other products to students. Currently, institutions only make these disclosures about college credit cards. The CFPB also released […]
Today the Consumer Financial Protection Bureau (CFPB) took its first action against an online loan servicer, CashCall Inc., its owner, its subsidiary, and its affiliate, for collecting money consumers did not owe. The CFPB alleges that the defendants engaged in unfair, deceptive, and abusive practices, including illegally debiting consumer checking accounts for loans that were void.
Today the Consumer Financial Protection Bureau is filing its first online lending lawsuit. We believe that CashCall, WS Funding, and Delbert Services, along with J. Paul Reddam, who owns all three businesses, engaged in unfair, deceptive, and abusive practices in services they provided for an online lender. We have determined that they violated federal law by seeking to collect on loans that were completely void or partially nullified because the loans violated either state caps on interest rates or state licensing requirement laws.
WASHINGTON, DC – Six federal financial regulatory agencies today issued a final rule that creates exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. The exemptions are intended to save borrowers time and money while still ensuring that the loans are financially sound.
Today, the Consumer Financial Protection Bureau released preliminary research on the use of arbitration clauses in connection with consumer financial products and services. The research indicates that arbitration clauses are commonly used by large banks in credit card and checking account agreements and that roughly 9 out of 10 clauses allow banks to prevent consumers from participating in class actions. The research also shows that while tens of millions of consumers are subject to arbitration clauses in the markets the CFPB studied, on average, consumers filed 300 disputes in these markets each year between 2010 and 2012 with the leading arbitration association.
Thank you for joining us here today in Dallas. Every month or so we try to hold an event outside of Washington, D.C., with the purpose of learning first-hand about how consumer financial products and services are affecting people around the country. Today, we are here to talk about arbitration, which is a way to resolve disputes outside of the court system. Rather than take the issue before a judge and, perhaps a jury, the two parties turn to a third party, known as an arbitrator, to decide the dispute.
Today the Consumer Financial Protection Bureau is ordering GE Capital Retail Bank and its subsidiary, CareCredit, to refund up to $34.1 million to consumers who were victims of deceptive credit card enrollment tactics at doctors’ and dentists’ offices around the country. When people seek medical care, they are in a particularly vulnerable situation. They are […]
More than 1 Million Consumers Were Potential Victims of Misleading Practices WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau is ordering GE Capital Retail Bank and its subsidiary, CareCredit, to refund up to $34.1 million to potentially more than 1 million consumers who were victims of deceptive credit card enrollment tactics. At doctors’ and […]
The Consumer Federation of America has been one of our foremost and fiercest allies for consumers. I would like to thank everyone here for your leadership and extraordinary work on behalf of all Americans. Your efforts were critical to passing the Dodd-Frank Act. And you have been ardent supporters of our new agency ever since. It is a special treat for me to speak today with a group that is so closely aligned to our own goals.
The Consumer Financial Protection Bureau (CFPB) issued a rule today that allows the Bureau to supervise certain nonbank student loan servicers for the first time. The rule brings new oversight to the nation’s second largest consumer debt market – student loans – which have seen a rise in borrower delinquency in recent years.