An official website of the United States Government Español

Newsroom

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.

Prepared Remarks of CFPB Director Richard Cordray on the HMDA Press Call

By Richard Cordray

Thank you for joining us. Today we are taking important steps to improve information about the residential mortgage market. As Congress required in the Dodd-Frank Act, we are considering proposing rules that would make changes in how financial institutions report their mortgage activity. One of the main purposes of this effort is to gain greater insight into issues about access to credit. We are also releasing an important new tool today so the public can better use the mortgage loan data that is already available. Taken together, we believe these efforts can improve the quality of and access to mortgage loan data, even as we relieve many of the pain points for creditors in the current data collection process. In short, these efforts are about better information, better collection, and better access to mortgage loan data.

CFPB Takes Steps to Improve Information About Access to Credit in the Mortgage Market

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is taking steps to improve information reported about the residential mortgage market to help better understand borrowers’ access to credit. As a first step in the rulemaking process, the CFPB is convening a panel of small businesses to provide feedback on potential changes to mortgage information reported under the Home Mortgage Disclosure Act (HMDA). Today the Bureau is also unveiling a new online tool that makes it easier to navigate the publicly available HMDA data.


CFPB Commends HUD’s Action to Improve Mortgage Closing Process

WASHINGTON, D.C. – Today, the Department of Housing and Urban Development (HUD) announced that they will be accepting electronic signatures on documents associated with Federal Housing Administration (FHA) mortgage loans. In November 2013, the CFPB finalized its “Know Before You Owe” rule that improves the information consumers get when they’re shopping for a mortgage and […]

CFPB Supervision Report Highlights Mortgage Servicing Problems In 2013

WASHINGTON, D.C. - The Consumer Financial Protection Bureau (CFPB) today issued a report highlighting problems like unfair and deceptive practices in the mortgage servicing market uncovered through the Bureau’s supervision program in 2013. The report also notes that, between July and October 2013, consumers received $2.6 million as result of overall non-public supervisory activities at the banks and nonbanks the CFPB oversees.


CFPB Takes Action Against PHH Corporation for Mortgage Insurance Kickbacks

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) initiated an administrative proceeding against PHH Corporation and its affiliates (PHH), alleging PHH harmed consumers through a mortgage insurance kickback scheme that started as early as 1995. The CFPB is seeking a civil fine, a permanent injunction to prevent future violations, and victim restitution.


CFPB Issues Consumer Advisory on Industry’s Data Breach

Advisory Offers Tips to Protect Accounts in Wake of Recent Payment Card Data Breaches WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) published a consumer advisory to help consumers protect themselves in the wake of the recent breaches of payment card and other data. The advisory also contains information on where to get […]

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 fourth Semi-Annual Report of the Consumer Financial Protection Bureau. Since we opened our doors just over two years ago, the Bureau has been focused on making consumer financial markets work better for the American people, […]


CFPB Proposes Rule to Oversee Larger Nonbank International Money Transfer Providers

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) proposed a rule that would allow it to supervise certain nonbank international money transfer providers for the first time. The proposed rule would bring new oversight to larger nonbank international money transfer providers, to make sure they are adhering to the CFPB’s new protections for consumers sending money abroad.


Prepared Remarks of CFPB Director Richard Cordray at the U.S. Conference of Mayors

By Richard Cordray

Thank you for inviting me to come speak with you once again. When I was here in 2012, the Consumer Financial Protection Bureau had just opened its doors. Today, I come to you after more than two years of concrete accomplishments. We have helped solve tens of thousands of individual consumer problems. We are returning over three billion dollars to consumers so far, and we have gone after those who try to take advantage of them. And we have put in place new rules that bring historic changes to make the multi-trillion dollar mortgage market work better for consumers and help see to it that the terrible collapse we went through just five years ago will never happen again.


CFPB Takes Action Against Mortgage Kickbacks

Bureau Orders Missouri Lender to Pay $81,000 for Illegal Kickback Scheme WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau ordered a Missouri mortgage lender, Fidelity Mortgage Corporation, and its former owner and current president, Mark Figert, to pay $81,076 for funneling illegal kickbacks to a bank in exchange for real estate referrals. “Kickbacks harm consumers […]


CFPB Seeks Advisory Board and Council Applications

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau announced that it is seeking applications for positions on its advisory groups, the Consumer Advisory Board (CAB), the Credit Union Advisory Council (CUAC), and the Community Bank Advisory Council (CBAC), which serve as key resources to the Bureau by providing valuable input and on-the-ground perspectives.


Prepared Remarks of CFPB Director Richard Cordray at the Phoenix Field Hearing

By Richard Cordray

When people are making decisions about buying a home, they deserve the best possible guidance. Housing counselors and legal aid lawyers provide that sort of impartial advice, and you also offer much-needed help with rental and credit issues. But you also have been invaluable advisors to many homeowners in trouble. In fact, you are, to my mind, the unsung heroes of the foreclosure crisis, which would have done much greater damage to American consumers and American communities if not for your persistent service to those in need. We all know that particular work is not finished. You still stand in the breach to support millions of homeowners who are struggling with their mortgages and may be in imminent danger of losing their homes. All of us at the Consumer Financial Protection Bureau salute you for this important work that you do every day.


New mortgage rules protect American dream

By Richard Cordray

Crossposted from USAToday.com. This opinion editorial originally ran on January 7, 2014 online and in the print edition on January 8, 2014.  Let me tell you a common story I hear. It starts with a woman in 2005 or 2006 who took out a mortgage to buy her first home. After two years, her teaser interest […]


CFPB Releases New Mortgage Rule Resources for Consumers

WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) released additional resources for consumers as part of its campaign to educate the public about the new protections provided by the Bureau’s mortgage rules. These new materials include sample letters that consumers can send to their mortgage servicers. The Bureau is publishing these educational materials in anticipation of the January 10, 2014 effective dates for its mortgage rules.

Prepared Remarks of Director Richard Cordray at the National Association of Realtors

By Richard Cordray

Thank you for having me today and I bring all of you good tidings of great joy for the new year. If you are like me, change comes hard and I will still find myself mistakenly writing “2013” on documents such as personal checks for another few weeks. But there will be big differences between last year and this year in the mortgage market, with the advent of new mortgage rules that Congress required our new agency to write against a hard statutory deadline. That was a great deal of work for us and I know it has meant a great deal of work for many others as well. So I will focus very closely on those issues in my remarks to you today.