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Category: Press release |
Published

CFPB Releases Research on Tax Time Savings

The Consumer Financial Protection Bureau (Bureau) released today the results of a pilot study, Planning for tax-time savings, launched with the tax preparation company H&R Block that shows that simple messages encouraging customers to use their prepaid card to save at tax time increased the likelihood that they would do so.  

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 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 […]