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CFPB Report Shows Many Consumers Base Critical Claiming Decision on Limited Information WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released “Planning for Retirement,” an interactive, online tool designed to help consumers decide when to claim their Social Security retirement benefits. According to a report released by the CFPB, many older Americans are […]
It is a pleasure to be back at the American Bankers Association. Before I begin, I would like to take a moment to congratulate Governor Keating for his dedication to the financial services industry, and for his long and distinguished record of public service. During my time at the Consumer Bureau, it has been my […]
Examiners Uncover Illegal Practices in Student Loan Servicing, Mortgage Origination and Servicing, Consumer Reporting, and Debt Collection Markets 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 from May 2015 to August 2015. The Bureau found violations in the student […]
Operation Ripped Off Students and Families Applying for College Financial Aid WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) announced it is taking action to halt a nationwide student financial aid scam that allegedly ripped off tens of thousands of students and families across the country by illegally charging millions of dollars in […]
General Information Services and Affiliate Failed to Verify the Accuracy of Consumer Reports Sold to Employers about Job Applicants WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against two of the largest employment background screening report providers for failing take basic steps to assure the information reported about job applicants was […]
Court Rules that Corinthian Engaged in Deceptive Lending Practices and Illegal Debt Collection Practices WASHINGTON, D.C. — Yesterday, at the request of the Consumer Financial Protection Bureau (CFPB), a federal court entered a final default judgment against Corinthian Colleges, Inc., resolving a lawsuit filed by the CFPB in September 2014. The Bureau’s lawsuit against Corinthian […]
Bureau Sued Auto Lender Earlier This Year for Deception and Threats to Contact Commanding Officers WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) filed an administrative order against Security National Automotive Acceptance Company (SNAAC), an auto lender specializing in loans to servicemembers, for engaging in illegal debt collection practices. The order requires the […]
Report Also Includes In-Depth Look at Consumer Complaints in the Chicago Metro Area WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaints snapshot, which highlights credit card complaints. Consumers’ most frequent credit card-related complaints were about incurring late fees and credit report problems due to confusing payment processing […]
WASHINGTON, D.C. — Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement in response to the RushCard situation, a prepaid card owned by UniRush LLC, in which many consumers have indicated that they have been unable to access funds in their accounts for more than a week: “The CFPB is taking […]
I want to welcome you all to this meeting of the Consumer Advisory Board. I am sorry that my attendance at the FDIC’s Board meeting caused me to miss this morning’s session; I heard it was a lively discussion. I especially want to extend a warm welcome to the newest members of the CAB, who […]
Resource Will Help Guide Educators Looking to Select Appropriate Financial Education Material for Students WASHINGTON, D.C – Today the Consumer Financial Protection Bureau (CFPB) is releasing a tool that educators can use when selecting financial education curriculum for students. The curriculum review tool will help educators identify effective and unbiased material to increase the financial […]
Thank you for inviting me today. As we continue to emerge from the Great Recession, the housing market is finally rebounding in many areas around the country. It is a very positive development, one that is good for consumers, good for the mortgage industry, and good for the United States of America. Just to be […]
Bureau Takes Steps to Simplify the Reporting Process for Financial Institutions WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule to improve information reported about the residential mortgage market. The rule will shed more light on consumers’ access to mortgage credit by updating the reporting requirements of the Home Mortgage Disclosure […]
I want to welcome you all to this meeting of the Credit Union Advisory Council, which has been convened to talk about consumer challenges in payment systems. I especially want to extend a warm welcome to the newest members, who are joining us for the first time since their appointment this year. I would also […]
Bulletin Highlights Risks of Agreements Violating Federal Prohibition on Mortgage Kickbacks WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a bulletin providing guidance to the mortgage industry regarding marketing services agreements. The bulletin offers an overview of the federal prohibition on mortgage kickbacks and referral fees, and describes examples from the Bureau’s […]