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Category: Press release |
Published

Consumer Financial Protection Bureau Monthly Complaint Snapshot Auto And Other Consumer Loan Complaints

The CFPB’s Office of Consumer Response hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of companies, and assists in addressing their complaints. This Monthly Complaint Report provides a high-level snapshot of trends in consumer complaints.

Category: Speech |
Published

Prepared Remarks of Richard Cordray Director of the Consumer Financial Protection Bureau to the Consumer Advisory Board

Welcome to this meeting of our Consumer Advisory Board.  It is a pleasure to be here in Little Rock today, and I look forward to our conversation. The feedback we receive from the members of this distinguished group invariably refines our thinking and our approach. It sheds new light on issues and helps us achieve better solutions for consumers. No doubt that will be true today.

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray on the Auto Title Lending Research Press Call

Today, we are releasing our fourth report on this market, which is a study of single-payment auto title loans. Our study analyzed nearly 3.5 million loans made to more than 400,000 borrowers over a period of several years. We examined loan usage patterns, with a focus on the repeated use of these loans, how long it takes borrowers to repay, how often they fall behind, how many borrowers default, and how many have their vehicle seized by the lender. 

Category: Press release |
Published

CFPB Takes Action Against Herbies Auto Sales for Unlawful Lending Practices

Subprime “Buy Here Pay Here” Dealer Hid Finance Charges, Deceived Consumers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Herbies Auto Sales, a buy-here pay-here used car dealer, for abusive financing schemes, hiding auto finance charges and misleading consumers. Herbies will pay $700,000 in restitution to harmed consumers, with a […]