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Category: Press release |
Published

CFPB Monthly Complaint Snapshot Examines Bank Account and Service Complaints

Report Also Includes In-Depth Look at Consumer Complaints from Connecticut WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaint snapshot, highlighting bank account and service complaints. The report shows many consumers are experiencing problems opening up and managing accounts, while other consumers found their accounts closed without explanation. […]

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the American Bankers Association Annual Convention

It is a pleasure to be back at the American Bankers Association. Before I begin, I would like to take a moment to congratulate Governor Keating for his dedication to the financial services industry, and for his long and distinguished record of public service. During my time at the Consumer Bureau, it has been my […]

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray on the Citizens Bank Enforcement Action Press Call

Thank you for joining this call. Today the Consumer Financial Protection Bureau, along with our federal partners, is taking action against Citizens Bank for shoddy practices that deprived consumers of money that was rightfully theirs when they made deposits into their checking and savings accounts. The Consumer Bureau is ordering the bank to return approximately […]

Category: Press release |
Published

CFPB Orders Citizens Bank to Pay $18.5 Million for Failing to Credit Full Deposit Amounts

CFPB, OCC, and FDIC Take Action Against Bank For Ignoring Deposit Discrepancies WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) took action against Citizens Bank for failing to credit consumers the full amounts of their deposited funds. […]

Category: Press release |
Published

CFPB Takes Action Against M&T Bank for Deceptively Advertising Free Checking

M&T to Refund $2.9 Million to Approximately 59,000 Account Holders Who Paid Fees for Free Checking WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) took action against M&T Bank for deceptively advertising free checking accounts. The CFPB found that M&T lured in consumers with promises of “no strings attached” free checking, without disclosing […]

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the Association of Military Banks of America

I would like to thank the Association of Military Banks and Andy Egeland for inviting me to be with you here today.

As the Director of the Consumer Financial Protection Bureau, I recognize the importance that community banks play in the lives of many consumers and in many neighborhoods and small towns across the United States. When I joined the Consumer Bureau, I came with a strong viewpoint that community banks were not among the causes of the financial crisis. I saw this when I was a county treasurer, then the State Treasurer of Ohio. You did not underwrite the bad loans that brought down the housing market. Instead, you worked to keep your own customers in sound and sustainable loans. You were sounding the alarm bells well before the sinking of the economy. And you were upholding sensible underwriting standards even though you may have been losing some of your customers and your market share to the financial predators who were not held to the same standards of responsible lending.

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the Mobile Request for Information Field Hearing

We are glad to be in New Orleans today, a vibrant city of many different proud cultures. As it has been said, this city is “like a big musical gumbo.” I am sure that comment was mostly about its music, but I think it also applies to the great diversity I see here too. That is important for us as we travel the country to raise awareness about the Consumer Financial Protection Bureau and the work we are doing to help ensure that people are treated fairly in the financial marketplace. Understanding the diversity of consumers, and learning all that we can about their lives, helps us stay attuned to the needs and challenges they are facing. And by deepening our understanding of consumers, we are better able to conceptualize and prioritize our work.

Category: Press release |
Published

CFPB Launches Inquiry Into Mobile Financial Services

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) announced it is launching an inquiry into the opportunities and challenges associated with the use of mobile financial services. As part of the inquiry, the Bureau is exploring how mobile technologies are impacting unbanked and underserved consumers with limited access to traditional banking systems.

Category: Speech |
Published

Prepared Remarks of Deputy Director Antonakes at the Federal Reserve Bank of Atlanta 2014 Banking Outlook Conference

Good morning. It is my pleasure to have the opportunity to be with you today at the Federal Reserve Bank of Atlanta’s 2014 Banking Outlook Conference. I think an open dialogue among regulators and industry participants benefits everyone involved. Today, I will update you on a few of our key initiatives and discuss how we […]

Category: Speech |
Published

Deputy Director Steven Antonakes Remarks at the Mortgage Bankers Association

Prepared Remarks of Steven Antonakes Deputy Director of the Consumer Financial Protection Bureau  Mortgage Bankers Association Orlando, Florida February 19, 2014 Good afternoon. Thank you for the invitation to be here with you today. By way of background, I am a career bank regulator. I cut my teeth during the end of the S&L Crisis […]

Category: Speech |
Published

Director Cordray Remarks at the American Bankers Association Annual Convention

Prepared Remarks of Richard Cordray Director of the Consumer Financial Protection Bureau American Bankers Association Annual Convention New Orleans, Louisiana October 21, 2013 Thank you Frank, and thank you all so much for inviting me to speak this morning as part of your discussion about how to spur economic recovery in this country. We appreciate […]

Category: Speech |
Published

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 Consumer Financial Protection Bureau has enjoyed a relationship with credit unions based on mutual respect and a common understanding of who it is we serve: the people of this country. To you, they are not simply your customers, but instead are your “members.”