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WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is ordering U.S. Bank to provide an estimated $48 million in relief to consumers harmed by illegal billing practices. U.S. Bank consumers were unfairly charged for certain identity protection and credit monitoring services that they did not receive. These services were sold as “add-on products” for credit cards and other bank products such as mortgage loans and checking accounts. U.S. Bank will pay a $5 million civil money penalty to the CFPB and a $4 million penalty to the Office of the Comptroller of the Currency (OCC).
Thank you. Student loan debt is one of the most significant burdens facing our young people, and it certainly hits close to home for a growing number of Americans. Many of us here borrowed to pay for college and many are still repaying our obligations today. We are well aware of what this issue means for each of us, for our peers, and for our entire nation.
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 7,190 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data made available today cover 2013 lending activity, and include applications, originations, purchases and sales of loans, denials, and other actions related to applications.
Thank you all for joining us today, and allow me to recognize Chair Tedesco, the Commissioner of the Financial Consumer Agency of Canada, who is here, as well as Director Bassett from the Indiana Department of Financial Institutions. We are here in Indianapolis to discuss a market that matters deeply, both to our everyday lives and to our nation’s economy. That is the market for financing the sales of cars and trucks. Nearly nine out of ten Americans commute to work by automobile, and in vast areas of the country ownership of a vehicle is almost essential to personal mobility.
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is proposing to oversee larger nonbank auto finance companies for the first time at the federal level. The Bureau also released a supervision report that details the auto-lending discrimination that the Bureau has uncovered at banks. The report highlights that the Bureau’s supervisory actions against banks will result in about $56 million in redress for up to 190,000 consumers harmed by discriminatory practices.
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced its action to halt the operations of an online payday lender, the Hydra Group, which it believes is running an illegal cash-grab scam. The lawsuit alleges that the Hydra Group uses information bought from online lead generators to access consumers’ checking accounts to illegally deposit payday loans and withdraw fees without consent.
Thank you for joining us. Today, the Consumer Financial Protection Bureau is announcing an enforcement action against an online payday lender, the Hydra Group, which we believe has been running an illegal cash-grab scam to force purported loans on people without their prior consent. It is an incredibly brazen and deceptive scheme.
oday we are taking a public enforcement action against Corinthian Colleges, a for-profit chain of colleges, to put an end to its illegal predatory lending scheme. We believe Corinthian lured in consumers with lies about their job prospects upon graduation, sold high-cost loans to pay for that false hope, and then harassed students for overdue debts while they were still in school.
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) sued for-profit college chain Corinthian Colleges, Inc. for its illegal predatory lending scheme. The Bureau alleges that Corinthian lured tens of thousands of students to take out private loans to cover expensive tuition costs by advertising bogus job prospects and career services. Corinthian then used illegal debt collection tactics to strong-arm students into paying back those loans while still in school. To protect current and past students of the Corinthian schools, the Bureau is seeking to halt these practices and is requesting the court to grant relief to the students who collectively have taken out more than $500 million in private student loans.
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule that allows it to supervise certain nonbank international money transfer providers for the first time. The rule, first proposed in January, brings new oversight to larger nonbank international money transfer providers. The rule will help the Bureau to ensure that these providers are adhering to the CFPB’s existing protections for consumers sending money abroad.
Thank you for joining us as we at the Consumer Financial Protection Bureau meet with our Consumer Advisory Board. We always look forward to our dialogue with our CAB members, who share with us their perspective, their expertise, and their actual experience on the ground. We are all here because we care deeply about how […]
It is good to be here with you again this year. Thank you for inviting me back. The Consumer Financial Protection Bureau has enjoyed a great relationship with credit unions. We see eye-to-eye on many things, most of all that we both aim to serve Americans who are not only your “members” but also the […]
WASHINGTON — The Federal Reserve Board and the Consumer Financial Protection Bureau (CFPB) today announced increases in the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions. These increases are consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amendments to the Truth in Lending Act and the Consumer Leasing Act to adjust these thresholds annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers. Transactions at or below the thresholds are subject to the protections of the regulations.
Chairman Johnson, Ranking Member Crapo, and Members of the Committee, thank you for the opportunity to testify today about the implementation of the Dodd-Frank Act. We appreciate your oversight and leadership as we all work to strengthen our financial system and to ensure that it serves both consumers and the long-term foundations of the American economy.
Good afternoon. Thank you for the invitation to speak with you today. I know that we share common goals: a strong and vibrant housing sector, as well as a highly competitive, sustainable economy.