The CFPB is working to identify and address the financial needs of immigrant consumers.
People dealing with frequent overdraft fees may face a difficult and expensive uphill climb. These fees are often assessed for reasons people do not expect or understand, take a heavy toll on families living paycheck to paycheck, and in some cases ultimately drive people out of banking altogether.
The Consumer Financial Protection Bureau has launched a new initiative to focus on financial issues facing rural America. Our effort will initially focus on rural banking deserts, discriminatory and predatory agricultural credit, and manufactured housing.
A CFPB report revealed that the NCRAs have largely relied on vague, unhelpful form letters in response to consumer complaints filed with the Bureau. This practice, which surged in 2020, left families and communities vulnerable at the height of an unprecedented global pandemic and economic crisis.
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.
This summer, we had the pleasure of meeting Dani who shared her story with us. Her story was similar to many of the stories we receive on student debt. She was struggling to make ends meet and pay down her student loans.
Last month, we published a report based on your stories and issued a call for industrywide reforms to protect consumers. Building on this work, today, we released our annual report on student loan complaints, taking a closer look at the problems experienced by certain student loan borrowers.
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.
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.”
Some borrowers have already shared with us their experiences with their student loan servicer (the company that sends a bill each month). We’ve released the first batch of your stories and we encourage you to take a look at what we’re hearing from the public at regulations.gov.
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.
We know that buying a home can be complicated, and that’s why we’ve created tools to help home buyers understand and shop for mortgages. We’re glad that Navid and his wife got the help they needed, and we’re here for you, too!
We now want to hear from you. If you’ve had problems with student loan debt or run into repayment roadblocks, share your story.
Today, we held a field hearing on student debt in Milwaukee. The hearing featured remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. The live event has now ended, but we’ll have a recording available here soon.
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.
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.
During this meeting, we’ll discuss trends in consumer finance research, the activities of consumer financial protection agencies in other countries, and recent publications produced by CFPB’s Office of Research.
Join us for a Community Bank Advisory Council meeting with Director Cordray where we will discuss credit scores and credit reporting and implications for community banks.
Today, we held a field hearing on payday lending in Richmond, Va. The hearing featured remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. The live event has now ended, but we’ll have a recording available here soon.
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.
Join us for a field hearing in Richmond, Va. on payday lending. The hearing will take place on Thursday, March 26 at 12 p.m. EDT.
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.
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.
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.
Join us for a field hearing in Newark, N.J. on arbitration.