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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.
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) warned credit card companies against deceptively marketing interest-rate promotions. The Bureau is concerned that some companies are luring in consumers with offers of reduced or zero interest for a specific purchase or balances transferred from another credit card, and then hitting them with surprise interest charges. In the bulletin released today, the Bureau puts credit card issuers on notice about clearly disclosing the costs and risks of these promotional offers so consumers understand what they are signing up for.
WASHINGTON, D.C.— Today, the Consumer Financial Protection Bureau (CFPB) announced several new leaders within the Bureau, as well as the appointment of new consumer finance experts from outside the federal government to the CFPB’s Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council. The CFPB positions being announced today include: the Assistant Director for Mortgage Markets, the Assistant Director for Financial Education, and the Assistant Director for Card and Payments Markets.
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) published a report to promote financial wellness in the workplace. The report contains case studies that are designed to educate employers about practices that can improve employees’ financial health and increase worker productivity.
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against Global Client Solutions, a leading debt-settlement payment processor, for allegedly helping other companies to collect tens of millions of dollars in illegal upfront fees from consumers. The Bureau has asked a federal district court to approve a consent order that would require the company and its two owners to halt all illegal activities and to pay over $6 million in relief to consumers as well as a $1 million civil penalty.
Revisions Will Help Facilitate Compliance With New Consumer Protections WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today finalized revisions to the remittance rule that it had proposed in April of this year. The revisions are intended to preserve the rule’s new consumer protections while providing federally insured institutions, such as banks and credit […]
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today announced the selection of participants for its mortgage eClosing pilot program. The three-month pilot will begin later this year, and will explore how the increased use of technology during the mortgage closing process could affect consumer understanding and engagement and save time and money for consumers, lenders, and other market participants.
Thank you for joining us. Today the Consumer Financial Protection Bureau is taking action against an auto finance company that distorted consumer credit records for years. Texas-based First Investors Financial Services Group systemically provided information to credit reporting agencies that it knew was inaccurate, potentially harming tens of thousands of customers. Today we are ordering the company to pay a $2.75 million fine, fix the mistakes it has caused, and change the way it does business.
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is taking action against an auto finance company that distorted consumer credit records for years. Texas-based First Investors Financial Services Group Inc., which lends primarily to subprime borrowers, failed to fix known flaws in a computer system that was providing inaccurate information to credit reporting agencies. This potentially harmed tens of thousands of its customers. Today the CFPB is ordering First Investors to pay a $2.75 million fine, fix its errors, and change its business practices.
Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) is releasing a bulletin outlining expectations for mortgage servicers that transfer loans. The bulletin includes information on how mortgage servicers should pay special attention to new rules protecting consumers applying for loss mitigation help or trial modifications.
I would like to thank the Association of Military Banks and Andy Egeland for inviting me to be with you here today.
As the Director of the Consumer Financial Protection Bureau, I recognize the importance that community banks play in the lives of many consumers and in many neighborhoods and small towns across the United States. When I joined the Consumer Bureau, I came with a strong viewpoint that community banks were not among the causes of the financial crisis. I saw this when I was a county treasurer, then the State Treasurer of Ohio. You did not underwrite the bad loans that brought down the housing market. Instead, you worked to keep your own customers in sound and sustainable loans. You were sounding the alarm bells well before the sinking of the economy. And you were upholding sensible underwriting standards even though you may have been losing some of your customers and your market share to the financial predators who were not held to the same standards of responsible lending.
WASHINGTON, D.C.— The Consumer Financial Protection Bureau (CFPB) today put an end to a servicemember fee scam run by USA Discounters, Ltd., a company that operates a chain of retail stores near military bases and offers financing for purchases. USA Discounters tricked thousands of servicemembers into paying fees for legal protections servicemembers already had and for certain services that the company failed to provide. The CFPB has obtained more than $350,000 in refunds for servicemembers harmed by this scam, and USA Discounters will pay an additional $50,000 civil penalty.
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against Amerisave Mortgage Corporation, its affiliate, Novo Appraisal Management Company, and the owner of both companies, Patrick Markert, for engaging in a deceptive bait-and-switch mortgage-lending scheme that harmed tens of thousands of consumers. The Bureau found that Amerisave lured consumers by advertising misleading interest rates, locked them in with costly up-front fees, failed to honor its advertised rates, and then illegally overcharged them for affiliated “third-party” services. Amerisave and Novo will provide $14.8 million in refunds to harmed consumers and pay a $4.5 million penalty. Patrick Markert, as an individual, will pay an additional $1.5 million penalty.
CFPB Now Accepting Complaints on Virtual Currency Products and Services WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) issued a consumer advisory warning consumers about the risks of virtual currencies such as Bitcoin. The CFPB advises consumers to be aware of potential issues with virtual currencies such as unclear costs, volatile exchange rates, […]
Majority of Debit Card Overdraft Fees Incurred on Transactions of $24 or Less WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a report that raises concerns about the impact of opting in to overdraft services for debit card and ATM transactions. The study found that the majority of debit card overdraft fees […]