Newsroom

The Bureau of Consumer Financial Protection (Bureau) today released its biennial report on the state of the credit card market.

Bureau Alleges That Think Finance Deceived Consumers Into Paying Debts That Were Not Valid

Bureau Alleges that Three Companies and Their Owners Charged Illegal Advance Fees, Lied About Debt-Relief Results

Bureau Also Seeks Comment on Separate Proposed Rule Modifying Timing Requirements for Bankruptcy Periodic Statements

All 800,000 Loans Will Be Independently Audited, Companies Will Pay at Least $21.6 Million and Stop Suing for Invalid or Unverified Debts

Bureau Supervision Requires Some Companies to Change Practices to Prevent Future Violations

Nearly Half of the Highest-Risk Borrowers Not Enrolled in an Affordable Repayment Plan Redefault

CFPB Alleges Weltman, Weinberg & Reis Deceived Consumers with Misleading Calls and Letters

Lawyers Revived an Illegal Debt Relief Scheme that the CFPB Previously Shut Down

CFPB Also Releases Study of Consumer Risks in Online Debt Sales, Consumer Stories of Debt Collection Experiences

I want to thank my friend, Karl Racine, for hosting us here in City Hall. As most of you know, he serves as the first elected Attorney General in the history of Washington, D.C. He is also a great partner for us at the Consumer Financial Protection Bureau and he cares deeply about protecting and supporting all the citizens and consumers here in the District. Thank you all for joining us as well. Today we will shed more light on how consumers experience debt collectors and about some troublesome aspects of the market for buying and selling debts.

Bureau Orders Medical Debt Collection Law Firms and their President to Refund $577,135 to Consumers

Report Also Looks at Consumer Complaints from Arizona

Alleges Network of Sham Collections Companies Harass, Threaten, and Deceive Millions of Consumers

Today, I want to talk to you about some of the issues people encounter when they are paying back debts. Specifically, I want to discuss the debt collection market and the student loan servicing market. Both are markets where consumers cannot vote with their feet, and where incentives and practices are not always aligned with consumer interests.

Gaps in Student Loan Rehab Programs Trap Vulnerable Borrowers in Default, May Cost Consumers $125 Million in Unnecessary Interest Charges Alone

Credit Union Used False Threats to Collect Debts and Placed Unfair Restrictions on Account Access

I welcome our Community Bank Advisory Council and we are happy to see all of you. Today we will talk about promoting financial education among consumers, especially young people, and about our new proposed rule on debt collection. I look forward to hearing your thoughts and concerns as we discuss these and other issues.

Credit Union Advisory Council Meeting, Washington, D.C.

The Consumer Financial Protection Bureau (CFPB) today finalized new measures to ensure that homeowners and struggling borrowers are treated fairly by mortgage servicers. The updated rule requires servicers to provide certain borrowers with foreclosure protections more than once over the life of the loan, clarifies borrower protections when the servicing of a loan is transferred, and provides important loan information to borrowers in bankruptcy. 

Today the Consumer Financial Protection Bureau (CFPB) outlined proposals under consideration that would overhaul the debt collection market by capping collector contact attempts and by helping to ensure that companies collect the correct debt. Under the proposals being considered, debt collectors would be required to have more and better information about the debt before they collect.

Thank you all for coming today. I am glad to be here in California, which has actively sought to protect its consumers from bad debt collection practices.

Report Highlights Violations in Auto Origination, Debt Collection, Mortgage Origination and Small-dollar Lending

CFPB Bars Law Firm, Debt Buyer from Churning Out Illegal Collections Lawsuits and Imposes $2.5 Million in Penalties

Student Aid Institute Illegally Tricked Borrowers Into Paying Fees for Federal Loan Benefits WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today took action to halt a student loan debt relief scam that illegally tricked borrowers into paying fees for federal loan benefits and misrepresented to consumers that it was affiliated with the Department […]