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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: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray on the Auto Title Lending Research Press Call

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 made to more than 400,000 borrowers over a period of several years. We examined loan usage patterns, with a focus on the repeated use of these loans, how long it takes borrowers to repay, how often they fall behind, how many borrowers default, and how many have their vehicle seized by the lender. 

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray on Payday Lending Research Report Press Call

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 Consumer Financial Protection Bureau. We have engaged in intensive analysis of the market. We have considered the history of the demand for such loans and the conditions that create […]

Category: Press release |
Published

CFPB Finds Half of Online Payday Borrowers Rack Up an Average of $185 in Bank Penalties

Repeat Debit Attempts Add Steep, Hidden Cost for Borrowers Yet Typically Fail to Recover Payments WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) issued a report that found that attempts by online lenders to debit payments from a consumer’s checking account add a steep, hidden cost to online payday loans. Half of online […]

Category: Press release |
Published

CFPB Report Highlights High Rate of Debt Collection Complaints From Servicemembers and Their Families

CFPB Enforcement Actions Returned Over $5 Million to Servicemembers in 2015 WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) released an annual report today from the Office of Servicemember Affairs highlighting complaints submitted in 2015 and CFPB enforcement actions that directly impacted the military community. The report found that servicemembers have been submitting debt […]

Category: Testimony |
Published

Written Testimony of CFPB Acting Deputy Director David Silberman Before the House Committee on Financial Services Subcommittee on Financial Institutions and Consumer Credit

Chairman Neugebauer, Ranking Member Clay, and Members of the Subcommittee, thank you for the opportunity to testify today about the Consumer Financial Protection Bureau’s (Bureau or CFPB) extensive and ongoing work related to payday lending. My name is David Silberman, and I serve as Associate Director for Research, Markets, and Regulations at the CFPB, a […]

Category: Press release |
Published

CFPB Finds CARD Act Helped Consumers Avoid More Than $16 Billion in Gotcha Credit Card Fees

Concerns Remain About Other Back-End Practices Such As Deferred-Interest Promotions WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today released a report detailing how the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) has helped reduce the cost of “gotcha” credit card fees by more than $16 billion. Since the reform law, total […]

Category: Press release |
Published

CFPB Report Finds Servicemembers Continue To Face Roadblocks From Student Loan Servicers

Servicers Still Failing to Provide Legal Protections to Military Borrowers WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau released a report outlining the continued challenges faced by servicemembers when they contact student loan servicers to invoke the military rights and protections earned through their service. The report, “Overseas & Underserved: Student Loan Servicing and […]

Category: Press release |
Published

CFPB Finds 90 Percent of Private Student Loan Borrowers Who Applied for Co-Signer Release Were Rejected

Industry Inquiry Reveals Problems for Consumers Seeking to Prevent Auto-Defaults WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman released a report finding high rates of consumers are being rejected for co-signer release on their private student loans, based on its review of industry practices. The Bureau uncovered problematic industry practices […]

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the Academic Research Council

Thank you all for joining this public session of the annual meeting of our Academic Research Council. It is impressive to see so many people here this morning to participate in the session. Let me start by noting that we truly appreciate the opportunity to discuss consumer finance issues with the experts in the field. […]

Category: Press release |
Published

CFPB Study Finds That Arbitration Agreements Limit Relief for Consumers

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau released a study indicating that arbitration agreements restrict consumers’ relief for disputes with financial service providers by limiting class actions. The report found that, in the consumer finance markets studied, very few consumers individually seek relief through arbitration or the federal courts, while millions of consumers […]

Category: Press release |
Published

CFPB Report Finds Nearly Half of Borrowers Do Not Shop for a Mortgage

CFPB Releases “Owning a Home” Toolkit to Help Consumers Shopping for a Mortgage WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a report finding that almost half of consumers do not shop around for a mortgage when purchasing a home. The report also found that informed consumers are more likely to shop, […]

Category: Press release |
Published

CFPB Report Finds Loopholes In Military Lending Act Rules Rack Up Costs For Servicemembers

CFPB Backs Department of Defense Proposal to Broaden the Rules for Greater Protections WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) issued a report highlighting how loopholes in the current Military Lending Act rules are racking up costs for servicemembers. According to the report, these gaps have allowed companies to offer high-cost loans […]

Category: Press release |
Published

CFPB Spotlights Concerns with Medical Debt Collection and Reporting

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a report that found medical debt has a significant impact on consumer credit, as 43 million Americans have overdue medical debt on their credit reports. The CFPB is concerned that the systems for incurring, collecting, and reporting medical debt can create difficult challenges for consumers. To better address these challenges, the CFPB is announcing that the major consumer reporting agencies will be required to provide regular accuracy reports to the Bureau on how disputes from consumers are being handled.

Category: Press release |
Published

CFPB Report Finds Distressed Private Student Loan Borrowers Driven Into Default

WASHINGTON, D.C. –Today, the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman released a report highlighting complaints by struggling private student loan borrowers who describe being driven into default. Distressed borrowers report that they receive very little information or help when they get in trouble, that there are no affordable loan modification options available, and that the alternatives to default are temporary at best.

Category: Speech |
Published

Director Richard Cordray Remarks at the Payday Field Hearing

Thank you all for joining us. And we thank Nashville for a warm welcome. Today we are releasing a research study on payday loans. We chose this part of the country to release this study because of the prevalence of payday lenders both here and in many of the neighboring states. Congress has charged the […]

Category: Press release |
Published

CFPB Finds Four Out Of Five Payday Loans Are Rolled Over Or Renewed

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) issued a report on payday lending finding that four out of five payday loans are rolled over or renewed within 14 days. The study also shows that the majority of all payday loans are made to borrowers who renew their loans so many times that they end up paying more in fees than the amount of money they originally borrowed.

Category: Press release |
Published

Consumers Report Being Hounded About Debts Not Owed

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a report on the more than 30,000 consumer complaints it has received about the debt collection market. The report finds that many consumers complain that they are being hounded by debt collectors about debts they do not owe. Top complaints also include debt collectors’ use of aggressive communication tactics and threats of illegal actions.

Category: Press release |
Published

The CFPB Finds Financial Education Programs are Significantly Outspent by Financial Marketing

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau published a report analyzing the amount of money spent on providing financial education to consumers and the amount spent trying to influence consumers’ decisions about financial products. The report found that for every dollar put towards financial education, $25 is spent on financial marketing, which can make it difficult for consumers to find objective information.