Some financial institutions and colleges may be steering students to more expensive financial products.
Company did not provide accurate fee, exchange rate, and other key information for money transfers.
Prepared remarks of CFPB Director Chopra at a meeting of the Financial Stability Oversight Council on October 3, 2022.
The online lender allegedly required customers to pay hefty fees to access loans and often refused to cancel memberships.
CFPB Supervisory Examinations Find Violations of Federal Law by Student Loan Servicers and University-Owned Lenders
Blanket withholding of academic transcripts to pressure borrowers to pay cited as unlawful.
Repeat offender will refund at least $141 million to customers and pay $50 million penalty.
The Consumer Financial Protection Bureau (CFPB) is asking for public input on ways to spur new mortgage products that help households.
Director Chopra delivered prepared opening remarks at an Exchequer Club Meeting in Washington, DC
CFPB Annual Report of 2021 Mortgage Market Activity Reveals an End to the Refinancing Boom and an Increase in Home Purchase Loans
Asian, Hispanic white, and Black shares of home purchase loans increased
Business model relies on data collection, and loans serve as close substitute for credit cards
Director Chopra delivered prepared remarks on a press call discussing the release of a report on market trends and consumer impacts from Buy Now, Pay Later loans.
CFPB and Centers for Medicare and Medicaid Services Take Action to Protect Caregivers and Families from Illegal Nursing Home Debt Collection Practices
Today, the Consumer Financial Protection Bureau (CFPB) released an Issue Spotlight highlighting some of the difficulties and experiences heard from caregivers about being pursued over friends’ or family members’ alleged debts from nursing home facilities.
Director Chopra’s Prepared Remarks at the CFPB Field Hearing on Nursing Home Debt Collection Practices
Director Chopra delivered remarks at a virtual roundtable exploring challenges around nursing home debt collection practices, and the impact they can have on the financial wellbeing of caregivers, their families, and friends.
The Consumer Financial Protection Bureau (CFPB) has issued the first in a series of reports focusing on the finances of consumers living in rural areas. Today’s report focuses on rural Appalachians, who tend to earn less than consumers in other rural areas and have higher rates of subprime credit. In particular, medical debt collections are a much more prevalent issue among rural Appalachians, and consumers with medical debt collections often experience difficulties making ends meet on other financial obligations.
Director Chopra's Remarks on the Announcement Regarding the Cancellation of Loans for ITT Tech Students
Director Chopra delivered remarks on the cancellation of loans for ITT Tech students on a joint press call.
The Consumer Financial Protection Bureau (CFPB) confirmed in a circular published today that financial companies may violate federal consumer financial protection law when they fail to safeguard consumer data. The circular provides guidance to consumer protection enforcers, including examples of when firms can be held liable for lax data security protocols.
Director Chopra’s Prepared Remarks at the 2022 National Association of Attorneys General Presidential Summit
Director Chopra delivered remarks on digital marketing and advertising at the 2022 NAAG Presidential Summit in Des Moines, IA.
Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection law.
The Consumer Financial Protection Bureau (CFPB) is taking action against Hello Digit, LLC, a financial technology company that used a faulty algorithm that caused overdrafts and overdraft penalties for customers. Hello Digit was meant to save people money, but instead the company falsely guaranteed no overdrafts with its product, broke its promises to make amends on its mistakes, and pocketed a portion of the interest that should have gone to consumers.
The Department of Justice and the Consumer Financial Protection Bureau (CFPB) issued a joint letter today reminding auto finance companies of their responsibilities to recognize important legal protections for military families under the Servicemembers Civil Rights Act (SCRA). While servicemembers have the same rights as non-military borrowers, the SCRA provides additional rights to protect servicemembers and their families against unique financial challenges.
CFPB Fines U.S. Bank $37.5 Million for Illegally Exploiting Personal Data to Open Sham Accounts for Unsuspecting Customers
Today, the Consumer Financial Protection Bureau (CFPB) took action against U.S. Bank for illegally accessing its customers’ credit reports and opening checking and savings accounts, credit cards, and lines of credit without customers’ permission. U.S. Bank pressured and incentivized its employees to sell multiple products and services to its customers, including imposing sales goals as part of their employees’ job requirements.
Director Chopra’s Prepared Remarks at a Joint DOJ, CFPB Press Event on the Trident Enforcement Action
Director Chopra delivered remarks on redlining at the joint press event.
CFPB, DOJ Order Trident Mortgage Company to Pay More Than $22 Million for Deliberate Discrimination Against Minority Families
Today, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) took action to end Trident Mortgage Company’s intentional discrimination against families living in majority-minority neighborhoods in the greater Philadelphia area.