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Category: Policy and compliance | Category: At the CFPB |
Published

Working together to protect student veterans

We’re joining the Departments of Veterans Affairs (VA), Defense (DoD), and Education (ED) to better protect servicemembers, veterans, and their family members who are attending college. We’ve signed an agreement to carry out a comprehensive strategy to strengthen our enforcement and compliance work.

Category: Policy and compliance |
Published

Closing the book on Colfax

We announced an enforcement action against Colfax Capital Corporation and its subsidiary Culver Capital, LLC for engaging in unlawful lending practices that targeted and financially harmed servicemembers. Although the name might be new to some, this is actually the last gasp of a chameleon-like company with a long and deplorable record of preying on servicemembers.

Category: Policy and compliance | Category: Info for consumers |
Published

Consumer advisory: Don’t fall for a foreclosure relief scam or bogus legal help

Along with other cases from federal and state partners, today we charged that mortgage rescue scammers have taken $25 million in illegal advance fees from consumers. It serves as a reminder of how important it is to watch out for scam artists trying to take advantage of people who need help avoiding foreclosure. Read more to learn how to protect yourself from these scams.

Category: Data, research, and reports |
Published

What sunshine for student financial products can show us

Some of these agreements were difficult to find, but here are a few examples of the different agreements financial institutions have with colleges and universities. We didn’t verify whether these agreements are current, but the examples give us a sense of how some of these agreements work.

Category: Info for consumers |
Published

What’s the deal with health care credit cards? Four things you should know

Recently, many patients facing medical procedures have seen their health care providers suggest deferred interest rate credit cards as a payment option. Unfortunately, health care providers don’t always explain how these deferred interest credit cards work. We want to make sure that you get the facts you need.

Category: Info for consumers |
Published

Meet Greg from Michigan

Since we launched on July 21st 2011, we’ve heard directly from consumers about the challenges they face in the marketplace, brought their concerns to the attention of financial institutions, and helped address their complaints. Accepting, resolving, and analyzing consumer complaints is an integral part of our work. This week, we’ll be featuring stories from consumers […]

Category: Info for consumers |
Published

How to stop mystery credit card fees

When you’re activating a new credit card, watch for “the pitch.” When you call to activate a new credit card, you may be routed to representatives who try to sell you things like “credit protection” or “identity monitoring” to add to your account. These services, or “add-on products,” are additional, optional services that will cost […]

Category: Info for consumers |
Published

Notice about possible debt consolidation scam

Earlier this month we told you about sweepstakes scams. We now have learned of another scam that we are looking into. Consumers are now reporting that callers are claiming to be from the CFPB and offering debt consolidation services. These callers are asking for credit card information from consumers. The CFPB does not offer debt […]

Category: Info for consumers |
Published

Protecting Older Americans from financial abuse

We took an important step today towards looking out for older American consumers. Director Richard Cordray announced a public inquiry to learn more about the many ways in which older Americans are financially exploited and about the best practices for elder financial management.

We want to hear from you – especially those of you working directly with seniors – about these issues. How can seniors best determine the legitimacy of the credentials of financial planners and advisors? What information do you have on what financial education, counseling, or management programs are tailored to the unique needs of older Americans, their families, and their caregivers? Tell us what you think.

Category: At the CFPB |
Published

Protecting military members from predatory lending

As a lifetime military family member, I’ve seen first-hand the devastating impact financial scams and predatory lending can have on our military families. I also spent 6 years as the head of the Better Business Bureau’s BBB Military Line program, and that was an education for me about the consumer issues and scams that impact […]