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Category: At the CFPB | Category: Info for consumers |
Published

You have the right to someone in your financial corner

Harry noticed that his son Ari, a servicemember, was struggling with his car loan, so he reached out to the Consumer Financial Protection Bureau. His story led to our investigation into an auto loan program that we found was using deceptive marketing and lending practices to target servicemembers.

Category: Info for consumers |
Published

When you make student loan payments on an income-driven plan, you might be in for a payment shock

For borrowers who are experiencing financial distress and looking for a way to pay back their federal student loans, income-driven repayment plans can be the key to helping you make ends meet. But for some borrowers seeking to tie their federal loan payment to their income, we know the road can be rocky. You’ve told us about problems related to enrolling in income-driven repayment plans that ended up costing you hundreds of dollars in unexpected payments.

Category: At the CFPB | Category: Info for consumers |
Published

You have the right to be heard

Listening to and elevating your voice matters to us because we are a federal agency devoted to protecting consumers. When you speak up, you offer invaluable insight into the financial products and services consumers depend on. Telling us about your experiences helps us to better serve you and make the financial marketplace work for Americans.

Category: Info for consumers |
Published

Removing an outdated bankruptcy from a credit report: Jorge’s story

In Jorge’s words, “Within two weeks, everything was finalized . . . [I got] a letter saying it’s gone.” He continued, “Having a good credit score and a clean credit record is always good. No one was going to help me with my problem – and I took charge, by contacting the CFPB.”

Category: At the CFPB | Category: Data, research, and reports |
Published

Today we begin to share the story of your complaints

Today, for the first time, we are making consumers’ complaint narratives – the heart and soul of the complaints we receive – public. These narratives are important because they tell the story of what happened in the consumers’ own words. Making these consumer narratives public amplifies the voice of the consumer.

Category: Info for consumers |
Published

Tell us about your student debt stress

If you are paying back student loans, you are not alone. Over 40 million Americans are repaying more than $1.2 trillion in outstanding student loan debt. Paying off student debt can be stressful. If you’ve run into roadblocks, tell us about it. Learn more about the roadblocks some borrowers face and tell us about your experience.

Category: Data, research, and reports |
Published

We’re making progress toward ensuring fair access to credit

We’re releasing our third annual Fair Lending Report, which details the important strides we have taken over the last year to protect consumers from credit discrimination and increase access to credit.

Category: Data, research, and reports |
Published

Your complaint is more than data—it’s your story

While you can see hundreds of thousands of complaints in the Consumer Complaint Database, these complaints are much more than just data to us. They reflect real and tough challenges people face every day as they try to navigate the financial world. Now we’re giving you the choice to publish your story in our Consumer Complaint Database and help others see what’s happening in the financial marketplace. Learn more about how we’re lifting your voice.

Category: At the CFPB |
Published

Live from Newark!

Today, we held a field hearing on arbitration in Newark, N.J. The event featured remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public.

Category: Data, research, and reports |
Published

We took a look at arbitration agreements and here’s what we found

Tens of millions of consumers use financial products or services like credit cards and student loans that include pre-dispute arbitration clauses in their agreements. These clauses can require disputes be resolved through arbitration, rather than through the court system. Since 2012, we’ve being working on a study of arbitration provisions and report to Congress. Here’s what we learned and why it matters.

Category: At the CFPB |
Published

Save the date: Join us for a Credit Union Advisory Council meeting in Washington, DC

Join us for a Credit Union Advisory Council meeting with Director Cordray on Thursday, March 12 from 3 to 5 p.m. EST. During this meeting we will discuss the role of credit unions in cultivating consumer financial education and financial capability.

Category: Info for consumers |
Published

Freedom Stores to provide over $2.5 million in refunds and penalties

Our investigation found that the companies illegally filed thousands of lawsuits in Virginia against consumers who didn’t live or purchase goods there: over 3,500 lawsuits in Norfolk, Virginia in two-plus years, almost all resulting in default judgments against consumers, some of whom didn’t even know they’d been sued until they discovered their bank accounts had been garnished.