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Good morning. I would like to thank the Tampa community for hosting us so graciously and all of you for being here today. Since we established the Consumer Advisory Board (or CAB) five years ago, we have made sure that its membership spans the nation. We also make it a point to travel outside Washington, D.C. to learn more about consumers in different parts of the country. Yesterday we learned about this city’s history and visited a retirement community to hear more about the particular challenges facing constituencies such as older Americans.

CFPB Director Cordray explains why the arbitration rule will benefit consumers.

Thank you for joining us. After a long process of research, outreach, and review of over one million public comments, the Consumer Bureau today has issued a rule aimed at stopping debt traps on payday and auto title loans. The rule is guided by the basic principle of requiring lenders to determine upfront whether people can afford to repay their loans. 

For more than five years now, I have had the honor to serve our country as the first director of the new U.S. Consumer Financial Protection Bureau. In that time, we have built a brand-new federal agency from scratch. And we have sent a strong message to the banks and large financial companies that in a frank and fair way we are pushing them to clean up their act and put their customers first.

Thank you for inviting me and welcoming me to the Labor Day Picnic. I have been here many times over the years, but this time around it has been awhile. Let me thank Pete McLinden of the Cincinnati AFL-CIO Labor Council for urging me to come and speak today, and Tim Burga, head of the Ohio AFL-CIO, as well.

Thank you for joining us. In our fast-moving modern economy, it is increasingly common for consumers to use debit cards the way they used to use cash. They also write checks and arrange for money to be taken out of their account. This makes it harder to keep track of their checking account balances from day to day, even if they are diligent about checking their balances online or by phone. Consumers living on the edge can find themselves racking up numerous overdraft charges.

Today, we are announcing a final rule that prevents financial companies from using mandatory arbitration clauses to deny groups of consumers their day in court. 

The Consumer Financial Protection Bureau opened its doors less than six years ago. Our mission is to stand on the side of consumers and ensure they are treated fairly in the financial marketplace. Through fair rules, consistent oversight, appropriate law enforcement, and broad-based consumer engagement, we are working to restore trust and confidence in the markets for household financial products and services. 

Consumer Bureau Launches “Certify Your Service” Campaign to Help Teachers, First Responders, and Other Public Servants Stay on Track

Welcome to this meeting of the Consumer Advisory Board. Once again, I thank our members for sharing your expertise and perspectives on the concerns of consumers and the issues we face at the Consumer Financial Protection Bureau. 

Good afternoon and thank you. And let me thank all the groups represented here at the conference. You raise awareness about the need for fairness, honesty, and justice in business, housing, civic life, and economic development.

Thank you all for being here. I always look forward to the meetings of our Financial Literacy and Education Commission. Each time we gather, our discussions reaffirm my belief that for this country to prosper, sound financial education must be one of the foundations we work to strengthen, for people young and old.

Thank you all for coming. It is good to be here again in Los Angeles. Today, the Consumer Financial Protection Bureau is announcing an inquiry into ways to collect and publish information about the financing and credit needs of small businesses, especially those owned by women and minorities. 

Welcome to this meeting of the Community Bank Advisory Council. We created this Council almost five years ago because we wanted to ensure that we have a consistent way to hear directly from Community banks about what they are seeing and hearing in their communities and about how our work is affecting their businesses. 

Today the Consumer Financial Protection Bureau is filing a lawsuit against Ocwen, one of the nation’s largest nonbank mortgage servicers. We are seeking relief to compensate consumers for years of systemic and significant errors throughout the mortgage servicing process, which cost some of them their homes. 

Thank you John for your kind words. I am glad to be back in Atlanta for the HOPE Global Forum. It is great to be here with you and to know you share similar goals and ideals for our society. The thread that links the Consumer Financial Protection Bureau to Operation HOPE is the hard and important mission of empowering the economically vulnerable among us.

Thank you Chairman Hensarling, Ranking Member Waters, and Members of the Committee. I am reporting today on our work over the past year. The Consumer Financial Protection Bureau was created to stand up for consumers and make financial markets work more fairly. 

Thank you once again for having me today. For five years now, you have regularly invited me to talk with you and hear from you about what we are doing at the Consumer Financial Protection Bureau. We have always had a candid dialogue, and we share the goal of a strong and vibrant financial sector that works for both consumers and responsible businesses alike.

Welcome to this meeting of the Credit Union Advisory Council. We created the Credit Union Advisory Council almost five years ago because we wanted to ensure that we have a consistent way to hear directly from credit unions about what they are seeing and hearing in their communities. 

Thank you. With this award, as with all others, I am willing temporarily to accept it into my hands only to convey it to my hard-working, dedicated colleagues at the Consumer Financial Protection Bureau, who alone truly deserve it. They protect and support American consumers every single day, and no recognition is sufficient to reflect their care, thoughtfulness, and passion for the work they do.

I am glad to be with you today to hear firsthand about the latest innovations in consumer financial services. These innovations seem to be generating considerable interest and optimism about the future. They are driving new services for consumers and transforming how they conduct their finances. 

Welcome to this meeting of the Consumer Advisory Board. We find great value in the dialogue we have with our CAB members, who share with us their perspective, their expertise, and their experience. All of that improves our work in many ways. We are here together because each of us cares deeply about how consumers are being treated in the consumer financial marketplace. Today, I want to talk to you specifically about some of the work we are doing and the tangible progress we are making in the consumer reporting marketplace.

Thank you for joining us. I am glad to be in Charleston as we explore some new frontiers for consumer access to credit.

Good morning. I am glad to welcome everyone here to the Financial Literacy and Education Commission for our first meeting of the year. The commission continues to be a valuable forum for promoting financial literacy and a catalyst for improving the financial well-being of consumers.

Thank you for joining today’s call. It is my honor to be working alongside Attorney General Eric Schneiderman on this matter. He is one of the toughest and most effective advocates for consumers in the country and we thank him for that.