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After a long process of research, outreach, and review of over one million public comments, the Consumer Bureau today has issued a rule aimed at stopping debt traps on payday and auto title loans.
By
Richard Cordray
Bureau Supervision Requires Some Companies to Change Practices to Prevent Future Violations.
Bureau Orders Zero Parallel and Its Owner to Pay $350,000 and Stop Their Abusive Practices.
Bureau Alleges Companies Deceived Consumers About Debt That Was Not Legally Owed.
Pawnbroker to Pay Restitution to Consumers and End Deceptive Disclosures.
Bureau Alleges Four Virginia Pawnbrokers Disclosed Misleading Annual Percentage Rates.
Bureau Orders Financial Services Company to Pay $255,000 to Consumers.
CFPB to Evaluate Military Lending Act Violations in its Exams of Creditors and Will Use Its Enforcement Authority in Cases of Substantial Consumer Harm.
Good afternoon and thank you for inviting me today. It is good to be here with so many people who have similar goals and ideals. The thread that ties us...
By
Richard Cordray
Project Also Finds Savings Persist After Offers End.
Online Lender Did Not Help Consumers Build Credit or Access Cheaper Loans, As It Claimed.
Lender Also Illegally Exposed Borrowers’ Debt Information to Employers, Friends, and Family.
Thank you for joining us. We are here in Kansas City, known as "the Heart of America," to discuss concerns about payday lending and other types of loans...
By
Richard Cordray
Rule Would Require Lenders to Determine Whether Consumers Have the Ability to Repay Payday, Auto Title, and Certain Other High-Cost Loans.
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...
By
Richard Cordray
Majority of Auto Title Loan Business Comes From Borrowers Stuck In Debt for Most of the Year.
Bureau Alleges All American Check Cashing Hid Fees and Pressured Borrowers into Multiple Loans.
Thank you for joining us. From the beginning, the small-dollar lending market, which includes payday loans, has been an area of focus for us at the Bureau...
By
Richard Cordray
Repeat Debit Attempts Add Steep, Hidden Cost for Borrowers Yet Typically Fail to Recover Payments Today the Bureau issued a report that found that attempts...
Chairman Neugebauer, Ranking Member Clay, and Members of the Subcommittee, thank you for the opportunity to testify today about the Bureau's extensive and...
Bureau Issues Industry-Wide Warning On Home, Workplace Debt Collection Risks The Bureau today took action against EZCORP, Inc., a small-dollar lender, for...
Bureau Alleges Integrity Advance Misrepresented the Cost of Loans, Seeks Redress for Borrowers The Bureau took action today against an online lender...
Bureau Alleges the NDG Enterprise Collected Money Illegally, Seeks Refunds for Consumers The Bureau today announced the filing of a lawsuit in federal...
Today, the U.S. Department of Defense issued a final rule expanding the types of credit products that are covered by the 36-percent rate cap and other...
Thank you for joining us in Richmond for this field hearing. When I was originally appointed to serve as the Director of the Bureau, we decided to hold our...
