CFPB Sues Nation's Largest Student Loan Company Navient for Failing Borrowers at Every Stage of Repayment
Navient, Formerly Part of Sallie Mae, Illegally Cheated Borrowers Out of Repayment Rights Through Shortcuts and Deception.
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CFPB Orders Navy Federal Credit Union to Pay $28.5 Million for Improper Debt Collection Actions
Credit Union Used False Threats to Collect Debts and Placed Unfair Restrictions on Account Access.
CFPB Releases Updated Exam Procedures for Military Lending Act
CFPB to Evaluate Military Lending Act Violations in its Exams of Creditors and Will Use Its Enforcement Authority in Cases of Substantial Consumer Harm.
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 The Bureau released an annual report today from the Office of Servicemember...
CFPB Orders Servicemember Auto Loan Company to Pay $3.28 Million for Illegal Debt Collection Tactics
Bureau Sued Auto Lender Earlier This Year for Deception and Threats to Contact Commanding Officers Today the Bureau filed an administrative order against...
CFPB Statement On Department Of Defense Military Lending Act Final Rule
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...
CFPB Cautions Military Lenders Against Illegal Military Allotment Practices
Bureau Puts Companies On Notice After Defense Department Rules Take Effect The Bureau sent letters this month to several companies that sell retail goods to...
CFPB Report Finds Servicemembers Continue To Face Roadblocks From Student Loan Servicers
Servicers Still Failing to Provide Legal Protections to Military Borrowers Today the Bureau released a report outlining the continued challenges faced by...
CFPB Takes Action Against Servicemember Auto Lender for Aggressive Debt Collection Tactics
Auto Loan Company Misled Servicemembers About Consequences of Nonpayment Today the Bureau sued an auto loan company, Security National Automotive Acceptance...
Prepared Remarks of CFPB Director Richard Cordray at the Financial Coaching Launch
Thank you for joining us today to announce the launch of our Financial Coaching Initiative. The Bureau is offering coaching support to veterans and...
CFPB Launches Financial Coaching Initiative
Program Targets Transitioning Veterans and Economically Vulnerable Consumers Today the Bureau is launching its Financial Coaching Initiative, targeting...
CFPB Takes Action Against Military Allotment Processor for Charging Servicemembers Hidden Fees
Servicemembers Unknowingly Paid Millions in Fees to Fort Knox National Company and Military Assistance Company Today the Bureau is taking action against...
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 Today the Bureau issued a report highlighting how loopholes in the...
CFPB and States Take Action Against Freedom Stores for Illegal Debt Collection Practices Against Servicemembers
Retailer and Debt Collectors to Provide Over $2.5 Million in Consumer Relief for Illegal Lawsuits and Unauthorized Debits The Bureau and the Attorneys...
CFPB Issues Statement on Department of Defense’s Military Allotment System Reforms to Protect Servicemembers
Today, the U.S. Department of Defense announced critical new protections for servicemembers using the military discretionary allotment system. The changes...
CFPB Releases Statement on Department of Defense Proposal to Amend Military Lending Act Rule
Today, the U.S. Department of Defense issued a proposal that would expand the types of credit products that are covered by the 36-percent rate cap and other...
Prepared Remarks of CFPB Director Richard Cordray at the Association of Military Banks of America
I would like to thank the Association of Military Banks and Andy Egeland for inviting me to be with you here today. As the Director of the Bureau, I...
CFPB Shuts Down USA Discounters’ Servicemember Fee Scam
The Bureau today put an end to a servicemember fee scam run by USA Discounters, Ltd., a company that operates a chain of retail stores near military bases...
CFPB and 13 State Attorneys General Obtain About $92 Million in Debt Relief for Servicemembers Harmed by Predatory Lending Scheme
The Bureau and 13 state attorneys general obtained approximately $92 million in debt relief from Colfax Capital Corporation and Culver Capital, LLC, also...
Written Testimony of CFPB Director Richard Cordray Before the Senate Committee on Banking, Housing and Urban Affairs
The Bureau is the nation's first federal agency with the sole focus of protecting consumers in the financial marketplace. Financial products like mortgages...
Statement by CFPB’s Holly Petraeus on DOJ, FDIC Enforcement Actions Against Sallie Mae
Today, the U.S. Department of Justice announced an enforcement action against Sallie Mae (also known as Sallie Mae Bank and Navient Solutions), the largest...
CFPB Recovers More Than $1 Million for Servicemembers, Veterans, and their Families
The Bureau announced today that servicemembers, veterans, and their families who complained to the Bureau about financial products or services have...
Hollister K. Petraeus Before the U.S. Senate Committee on Commerce, Science & Transportation
Chairman Rockefeller, Ranking Member Thune, and distinguished Members of the Committee, I'd like to thank you for the opportunity to speak with you today...
Written Testimony of Director Cordray Before the Senate Committee on Banking, Housing and Urban Affairs
Chairman Johnson, Ranking Member Crapo, and Members of the Committee, thank you for inviting me to testify today about the fourth Semi-Annual Report of the...
CFPB Lays Out Guidelines for Protecting Servicemembers in the Payday Lending Market
Today, the Bureau released guidelines to its examiners on how to identify consumer harm and risks related to Military Lending Act (MLA) violations when...