CFPB Examiners Find Mortgage Servicing Problems at Banks and Nonbanks
Today, the Bureau issued a report detailing mortgage servicing problems at banks and nonbanks. The report also found that many nonbanks lack robust systems...
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CFPB Files Suit Against Morgan Drexen for Charging Illegal Fees and Deceiving Consumers
The company falsely claims that it does not charge consumers upfront fees for debt-relief services and falsely represents to consumers that they will become...
CFPB Releases Second Update of Exam Procedures for Mortgage Rules
Many of the new rules were directed by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. The rules cover the various stages of a...
Hollister K. Petraeus Before the Senate Committee on Veterans’ Affairs
Concerning our education mission, in an effort that I think would be of interest to this committee, my team worked with the Department of Defense (DoD) to...
David M. Silberman Before the Senate Special Committee on Aging
Thank you for the opportunity to provide you with an overview of the Bureau's recently released white paper on payday loans and deposit advance products...
CFPB Takes Action Against Castle & Cooke for Paying Employees to Steer Consumers into Expensive Mortgages
The CFPB alleges that the company violated the rule with its quarterly bonus program, which paid more than 150 Castle & Cooke loan officers greater bonus...
Hollister K. Petraeus Before the U.S. Senate Committee on Homeland Security and Governmental Affairs
I am happy to take part in a dialogue like today's hearing, to ensure that military families have all the information they need to make sound decisions...
Consumer Financial Protection Bureau Unveils Approach to Financial Education
The report details the Bureau's three-pronged approach to improving financial literacy opportunities for consumers: education initiatives, evidence-based...
Prepared Remarks of Richard Cordray on Senate Confirmation as Director of the Consumer Financial Protection Bureau
Today's action brings added certainty to the industries we oversee and reinforces our responsibility to stand on the side of consumers and see that they are...
Student Debt Swells, Federal Loans Now Top a Trillion
The Bureau estimates that outstanding debt is approaching $1.2 trillion as of May 2013. We also estimate that student loans guaranteed or held by the...
Corey Stone Before the Senate Subcommittee on Financial Institutions and Consumer Protection
It is a pleasure to be here again, and I am grateful for the opportunity to speak with you today on behalf of the CFPB on the subject of debt collections.
Consumer Financial Protection Bureau Announces New Senior Hires
Today the Bureau is announcing the addition of several members to senior positions within the Bureau. These positions are: the Chief Operating Officer; the...
Prepared Remarks of Richard Cordray at the NAFCU Annual Conference
Thank you so much for allowing me to join you here today. Since our inception, the Bureau has enjoyed a relationship with credit unions based on mutual...
Agencies Issue Proposed Rule to Exempt Subset of Higher-Priced Mortgage Loans from Appraisal Requirements
The proposed exemptions are intended to save borrowers time and money and to promote the safety and soundness of creditors.
Director Cordray Remarks at the CFPB Debt Collection Field Hearing
We are here today to say more about a very difficult marketplace, which is the marketplace for the collection of consumer debt. This topic has long been a...
The CFPB Puts Companies on Notice About Harmful Debt Collection Practices
The CFPB also announced that it is now accepting debt collection complaints and is publishing action letters for consumers to consider using in...
CFPB Finalizes April Clarifications to Mortgage Rules
Today, the Bureau finalized corrections, clarifications, and amendments to its Ability-to-Repay and mortgage servicing rules. Today's clarifications were...
Steven Antonakes Before the House Committee on Financial Services
The Bureau is a data driven agency, because Congress recognized that the Bureau cannot do its job of protecting consumers and honest businesses unless it...
Consumer advisory: You don’t have to pay someone to help with your student loan
You told us about a number of debt relief companies that promise thousands of dollars in savings on borrowers’ student debt – an offer that may seem too good to be true.
Director Cordray Remarks on MILES Enforcement Press Call
We have determined that these two companies developed a joint program that engaged in deceptive marketing and lending practices while providing subprime...
CFPB Orders Auto Lenders to Refund Approximately $6.5 Million to Servicemembers
The two companies must return about $6.5 million to servicemembers for failing to properly disclose all the fees charged to participants in the companies'...
The CFPB Issues Procedural Rule on Supervising Nonbanks that Pose Risks to Consumers
Nonbanks subject to the rule are companies that offer or provide consumer financial products or services but do not have a bank, thrift, or credit union...
Testimony of Rohit Chopra Before the Senate Committee on Banking, Housing, and Urban Affairs
By holding today's hearing, it is clear that many of you are keenly interested in finding solutions for some of the troubling trends in the student loan...
CFPB Issues Proposed Modifications to Mortgage Rules
The proposal issued today would resolve questions that have been identified during the implementation process and would help the rules deliver their...
Director Cordray Remarks to the Exchequer Club
Thank you. It is a privilege to speak to this group, which touches nearly every sector of our economy. One thing we share in common is that we all have been...