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Press release
Published

CFPB Report Finds Many College-Sponsored Financial Products Charge High and Unusual Fees

The Consumer Financial Protection Bureau found that many college-sponsored financial products have higher fees and worse terms and conditions compared to typical market products.
Press release
Published

CFPB and 11 States Order Prehired to Provide Students More than $30 Million in Relief for Illegal Student Lending Practices

The Consumer Financial Protection Bureau (CFPB) and 11 states announced today that student lender Prehired will provide more than $30 million in relief to student borrowers for making false promises of job placement, trapping students with “income share” loans that violated the law, and resorting to abusive debt collection practices when borrowers could not pay.
Press release
Published

CFPB Orders Toyota Motor Credit to Pay $60 Million for Illegal Lending and Credit Reporting Misconduct

The Consumer Financial Protection Bureau (CFPB) today ordered Toyota Motor Credit Corporation to pay $60 million in consumer redress and penalties for operating an illegal scheme to prevent borrowers from cancelling product bundles that increased their monthly car loan payments.
Director's statement
Published

Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Deposit Insurance Fund Restoration Plan and Designated Reserve Ratio

The government’s promise that insured deposits will be protected from loss in the event of a bank failure has been the backbone of banking system stability for 90 years. The Federal Deposit Insurance Corporation’s stewardship of the Deposit Insurance Fund is vital to keeping that promise and maintaining the public’s confidence.
Press release
Published

CFPB Fines Repeat Offender Enova $15 Million for Violating Order, Deceiving Customers, and Withdrawing Funds Without Consent

The Consumer Financial Protection Bureau (CFPB) today ordered online lender Enova International Inc. to pay a $15 million penalty for widespread illegal conduct including withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions.