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Category: Press release |
Published

Consumer Financial Protection Bureau Releases Report on Third-Party Debt Collections

The Consumer Financial Protection Bureau (Bureau) released a report today that found that more than one-in-four consumers with a credit report have at least one debt in collection by third-party debt collectors.

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the CFPB Debt Collection Event

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.

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the Consumer Advisory Board Meeting

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.