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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 press@consumerfinance.gov. Be sure to include your name, contact information, your publication, and your deadline.

CFPB Files Suit Against Debt Collection Lawsuit Mill

Georgia Firm Relies on Deceptive Court Filings and Faulty Evidence to Churn Out Lawsuits WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in a federal district court against a Georgia-based firm, Frederick J. Hanna & Associates, and its three principal partners for operating a debt collection lawsuit mill that uses […]


Consumer Financial Protection Bureau Issues Guidance Regarding Brokers Shifting To “Mini-Correspondent” Model

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is issuing guidance regarding mortgage brokers transitioning to a “mini-correspondent” lender model. The CFPB is concerned that some mortgage brokers may be shifting to the mini-correspondent model under the mistaken belief that identifying themselves as such would automatically exempt them from important consumer protection rules affecting broker compensation. The guidance sets out how the Bureau evaluates mortgage transactions involving mini-correspondent lenders. It confirms who must comply with the broker compensation rules, regardless of how they may describe their business structure.


Prepared Remarks of CFPB Director Richard Cordray at the ACE Cash Express Enforcement Action Press Call

By Richard Cordray

Thank you for joining us on today’s call. Today we are announcing that we have resolved an investigation and are entering an order against one of the nation’s largest payday lenders, ACE Cash Express, for inducing payday borrowers into a cycle of debt. We believe ACE used illegal debt collection tactics – including harassment and false threats of lawsuits, or criminal prosecution – to bully overdue borrowers with a demonstrated inability to repay their existing loans into taking out new payday loans with expensive fees. These kinds of predatory tactics are appalling, and under the terms of the order, ACE will pay $10 million in restitution and penalties to address the conduct at issue.

CFPB Takes Action Against ACE Cash Express for Pushing Payday Borrowers Into Cycle of Debt

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) took enforcement action against ACE Cash Express, one of the largest payday lenders in the United States, for pushing payday borrowers into a cycle of debt. The CFPB found that ACE used illegal debt collection tactics – including harassment and false threats of lawsuits or criminal prosecution – to pressure overdue borrowers into taking out additional loans they could not afford. ACE will provide $5 million in refunds and pay a $5 million penalty for these violations.


Prepared Remarks of CFPB Director Richard Cordray at the U.S. Programme for International Student Assessment Financial Literacy Data Release

By Richard Cordray

The economist John Maynard Keynes was once asked what interest is. He replied simply and directly: “If I let you have a halfpenny and you kept it for a very long time, you would have to give me back that halfpenny and another too. That’s interest.” Of course, that is not Keynes’s most insightful comment on economics, but it may be his earliest: He was four-and-a-half years old at the time.


CFPB Clarifies Mortgage Lending Rules to Assist Surviving Family Members

Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) is issuing an interpretive rule to clarify that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the Bureau’s Ability-to-Repay rule. This clarification will help surviving family members who acquire title to a property to take over their loved one’s mortgage, and to be considered for a loan workout, if necessary, to keep their home.


Prepared Remarks of CFPB Director Richard Cordray on the GE Capital Enforcement Action Press Call

By Richard Cordray

Thank you for joining us on this call today. Today, the Bureau is ordering GE Capital Retail Bank, now known as Synchrony Bank, to provide $225 million in remediation to 746,000 consumers who were harmed by GE Capital’s deceptive credit card add-on practices and discriminatory debt relief promotions. This kind of conduct has no place in the consumer financial marketplace. People deserve to be given clear information and they deserve to be treated fairly.

CFPB Orders GE Capital to Pay $225 Million in Consumer Relief for Deceptive and Discriminatory Credit Card Practices

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) is ordering GE Capital Retail Bank (GE Capital), now known as Synchrony Bank, to provide an estimated $225 million in relief to consumers harmed by illegal and discriminatory credit card practices. GE Capital must refund $56 million to approximately 638,000 consumers who were subjected to deceptive marketing practices. As part of the joint enforcement action by the CFPB and Department of Justice, GE Capital must also provide an additional $169 million to about 108,000 borrowers excluded from debt relief offers because of their national origin. This order represents the federal government’s largest credit card discrimination settlement in history.

CFPB Helps Assisted Living and Nursing Facilities Protect Seniors from Financial Abuse

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a guide to help assisted living and nursing facility staff better protect the people in their care by preventing and addressing financial abuse and scams. The guide helps staff recognize, record, and report financial mistreatment by family members or other trusted people handling the finances of an incapacitated adult. The guide also addresses prevention of a wide variety of financial exploitation and scams.

Written Testimony of CFPB Director Richard Cordray Before the House Committee on Financial Services

By Richard Cordray

Chairman Hensarling, Ranking Member Waters, and Members of the Committee, thank you for inviting me to testify today about the Semi-Annual Report of the Consumer Financial Protection Bureau. The Consumer Financial Protection Bureau is the nation’s first federal agency with the sole focus of protecting consumers in the financial marketplace. Financial products like mortgages, credit […]


CFPB, Federal Partners, and State Attorneys General File Order Requiring SunTrust to Provide $540 Million in Relief to Homeowners for Servicing Wrongs

Today, the Consumer Financial Protection Bureau (CFPB), Department of Justice (DOJ), Department of Housing and Urban Development (HUD), and attorneys general in 49 states and the District of Columbia filed a proposed federal court order requiring SunTrust Mortgage, Inc. to provide $500 million in loss-mitigation relief to underwater borrowers. The order also requires SunTrust to pay $40 million to approximately 48,000 consumers who lost their homes to foreclosure and $10 million to the federal government. The order addresses systemic mortgage servicing misconduct, including robo-signing and illegal foreclosure practices. SunTrust must also pay a $418 million penalty, in a parallel mortgage lending filing announced by DOJ today.


CFPB Takes Action Against Illegal Mortgage Referrals

Bureau Orders New Jersey Title Company to Pay $30,000 for Illegal Kickback Scheme WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau ordered a New Jersey company, Stonebridge Title Services Inc., to pay $30,000 for paying illegal kickbacks for referrals. “Kickbacks drive up the costs of getting a mortgage and put law-abiding companies at a […]


Prepared Remarks of CFPB Director Richard Cordray at the Mobile Request for Information Field Hearing

By Richard Cordray

We are glad to be in New Orleans today, a vibrant city of many different proud cultures. As it has been said, this city is “like a big musical gumbo.” I am sure that comment was mostly about its music, but I think it also applies to the great diversity I see here too. That is important for us as we travel the country to raise awareness about the Consumer Financial Protection Bureau and the work we are doing to help ensure that people are treated fairly in the financial marketplace. Understanding the diversity of consumers, and learning all that we can about their lives, helps us stay attuned to the needs and challenges they are facing. And by deepening our understanding of consumers, we are better able to conceptualize and prioritize our work.