This month, Americans across the country will receive college acceptance letters. For many students, the excitement of being one step closer to realizing their dream or reaching a major life milestone is coupled with anxiety about how to pay for it all and the prospect of taking on student loan debt. Compare your financial aid […]
Today, we published our Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule. Our goal with this guide is to provide a comprehensive rule summary in a plain language and FAQ format, which makes the content more accessible and consumable for a broad array of industry constituents, especially smaller businesses with limited legal […]
In case you missed it, we’re gathering information on how to build financial capabilities for people with disabilities, veterans in transition, and people who are economically vulnerable. If you or your organization would like to contribute, please send us your comments by 4 p.m. ET on Friday April 12, 2013. Americans with disabilities CFPB is […]
In case you missed it, yesterday Director Cordray announced our proposed rule on student loan servicers. As so many families are all too aware, the cost of higher education has been steadily rising in recent years. As a result of these rising costs, more consumers need loans in order to afford college. By the end […]
Updated on August 8, 2013: The remittance rule goes into effect October 28, 2013. Visit the remittance rule page for additional information regarding the rule including the most recent updates. Today we issued a bulletin explaining that we intend to propose certain limited adjustments to our rule on international money transfers, as well as a […]
Cross posted from the Department of Education. We were proud to work with the Department of Education on this Know Before You Owe Project. By Arne Duncan I am pleased to announce that more than 500 colleges and universities (.xls), enrolling more than 2.5 million undergraduate students (thirteen percent of all undergrads), have committed to […]
Yesterday we issued our financial report for fiscal year 2012, as required by the Dodd-Frank Act. The financial report has two main parts. The first part includes a narrative description of the bureau, including our mission, operating units, main activities, performance, and results. It provides some financial analysis and a description of our operating environment. […]
In order to make sure our work is informed by different perspectives, we gather input in many different ways. One of the ways in which we have started to gather information is through formal independent advisory groups. Our advisory groups will meet throughout the year and during these meetings we will facilitate conversations on different […]
Americans up and down the East Coast are still coping with the devastation of Hurricane Sandy. Power outages, food shortages, and long lines at the gas pump are affecting millions of families. In the days following a disaster of this magnitude, your first priorities are the safety of you and your family, and meeting your […]
UPDATE: As Hurricane Sandy continues to make its way up the East Coast, we wanted to highlight this blog post from last year’s hurricane season. Frauds and scams are too common in the aftermath of a natural disaster. The warning signs and tips below can help you avoid getting caught up in one of these […]
Updated on August 8, 2013: The remittance rule goes into effect October 28, 2013. Visit the remittance rule page for additional information regarding the rule including the most recent updates. The compliance guide announced on this blog post is now out of date. Please see the remittance rule page for the latest version. Update November […]
Updated on August 8, 2013: The remittance rule goes into effect October 28, 2013. Visit the remittance rule page for additional information regarding the rule including the most recent updates. The live session discussed below is now out of date. Please see the remittance rule page for an updated compliance video. Updated on November 27, […]
Working to help industry understand and comply with the new remittance rule: Countries list and webinar
Updated on August 8, 2013: The remittance rule goes into effect October 28, 2013. Visit the remittance rule page for additional information regarding the rule including the most recent updates. The rule to implement the consumer protections created by the Dodd-Frank Act for certain electronic transfers of funds to other countries – the remittance rule […]
We have an expansive, vital mission: to make markets for consumer financial products and services work for Americans. But, how do we do that with limited resources? We’ll accomplish our mission by setting goals, establishing strategies, and measuring performance. Our strategic plan outlines this information and describes how we will focus our resources on the […]
The mission of the CFPB is to ensure compliance with federal consumer financial laws through effective enforcement of those laws. When the Office of Enforcement needs to gather information, it may issue a Civil Investigative Demand (CID) to people and institutions that may have materials relevant to an investigation. The law that created the CFPB […]
Your opinion is important – weigh in now. As we talked about on Friday, the Bureau is trying to put the customer service back in mortgage servicing. We are proposing nine rules to address issues that consumers face when paying their mortgage loans, dealing with escrow accounts, or figuring out what to do when they […]
This past year, we’ve been working with the Department of Education on a project to help colleges provide clear and comparable financial aid information. Over the course of that project, we learned that more standard information could spur the innovation of apps and digital tools to allow students to better understand their decision to take […]
We are assembling a group of experts who can give us the outside guidance we’ll need as we move forward with our work. Board members will provide us with information about emerging trends and practices.
We are looking for nominees with backgrounds in consumer protection, financial services, fair lending, civil rights, consumer financial products and services, or community development. Learn more and submit a nomination.
Yesterday, Director Cordray kicked off our field hearing on payday lending in Birmingham, Ala., by explaining why he was there and what the Bureau wants to learn from consumers about payday loans.
Today, the Consumer Financial Protection Bureau traveled to Birmingham, Ala., for our first field hearing. We gathered to discuss and collect information on payday lending. The payday lending market is a multi-billion dollar industry in the United States, and Alabama has one of the largest concentrations of payday lenders in the country.
Rich Cordray, the new Director of the CFPB, has recorded a message about the extraordinary privilege he sees in working on behalf of American consumers.
Comparing offers before applying for a credit card will help you find the right card for your needs, and ensure that you’re not paying higher fees or interest rates than you have to.
Homeowners struggling to make their mortgage payments should beware of con artists and scams that promise to save their homes and lower their mortgage debt or payments. If you are struggling to pay your mortgage and are seeking a mortgage modification, keep the following tips in mind.
This morning, The New York Times published an op-ed by Holly Petraeus, our Assistant Director for Servicemember Affairs. She describes how for-profit colleges can exploit servicemembers who have a desire to learn more.
This Thursday afternoon, we’re hosting an event in Philadelphia where Raj Date and local leaders will discuss the lessons learned from the mortgage market meltdown and how those lessons can be applied to the consumer bureau’s work moving forward. The CFPB is the first agency with the primary responsibility of making consumer financial markets work […]