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Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray to Corporation for Enterprise Development Assets Learning Conference

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 together is our shared commitment to the goal of empowering the economically vulnerable among us. At the Consumer Financial Protection Bureau, we understand our ultimate goal is to make sure every consumer counts.

Category: Press release |
Published

CFPB Monthly Complaint Snapshot Examines Prepaid Complaints

Report Also Includes Look at Consumer Complaints from Texas and the Houston Metro Area WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaint snapshot, highlighting consumer complaints about prepaid products. The report shows that consumer complaints about prepaid products spiked in recent months as an increased number of […]

Category: Press release |
Published

Statement by CFPB Director Richard Cordray on RushCard Prepaid Card Incident

WASHINGTON, D.C. — Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement in response to the RushCard situation, a prepaid card owned by UniRush LLC, in which many consumers have indicated that they have been unable to access funds in their accounts for more than a week: “The CFPB is taking […]

Category: Press release |
Published

Consumer Financial Protection Bureau Announces Project Catalyst Research Pilot On Consumer Saving

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) announced a Project Catalyst research pilot to analyze the effectiveness of certain practices designed to encourage positive saving habits. The research will focus on saving behavior among low- and moderate-income prepaid card users who often do not have access to traditional savings accounts and who may face unique challenges building regular saving habits.

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the Prepaid Products Field Hearing

Today, we are proposing a new rule to bring strong consumer protections to the prepaid market. Consumers need and deserve to be able to use sustainable products whose costs and risks are clear upfront, and where their money is protected. The proposed rule covers prepaid cards as well as mobile and electronic prepaid accounts that can store funds.

Category: Press release |
Published

CFPB Proposes Strong Federal Protections for Prepaid Products

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) is proposing strong, new federal consumer protections for the prepaid market. The proposal would require prepaid companies to limit consumers’ losses when funds are stolen or cards are lost, investigate and resolve errors, provide easy and free access to account information, and adhere to credit card protections if a credit product is offered in connection with a prepaid account. The Bureau is also proposing new “Know Before You Owe” prepaid disclosures that would provide consumers with clear information about the costs and risks of prepaid products upfront.

Category: Press release |
Published

CFPB Begins Accepting Consumer Complaints on Prepaid Cards and Additional Nonbank Products

Nonbank Products Include Debt Settlement and Credit Repair Services, Pawn and Title Loans WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) is now accepting complaints from consumers encountering problems with prepaid cards, such as gift cards, benefit cards, and general purpose reloadable cards. Consumers can also now submit complaints about additional nonbank products, including […]