CFPB Report Finds Continued Decline in College Credit Card Agreements
Today the Bureau released its annual report on college credit card agreements, which shows a nearly 70 percent decline in the number of agreements since...
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Consumer advisory: Student loan debt relief companies may cost you thousands of dollars and drive you further into debt
We are warning all student loan borrowers who have trouble managing their student debt to watch out for scams run by companies promising “student debt relief.” These companies prey on distressed borrowers who run into trouble and struggle to figure out what comes next.
CFPB Takes Action to End Student “Debt Relief” Scams
CFPB Warns Borrowers About Companies Charging High Fees for Free Federal Loan Repayment Benefits Today, the Bureau took action to put an end to two student...
Prepared Remarks of CFPB Director Richard Cordray at University of Michigan Law School
Our efforts reflect concern about access to credit and do not reflect a one-sided perspective to maximize consumer protection or industry deterrence at all costs. There is such a thing as doing too little, and there is such a thing as doing too much. We are aiming instead at doing justice.
CFPB Sues For-Profit Corinthian Colleges for Predatory Lending Scheme
Bureau Seeks More than $500 Million In Relief For Borrowers of Corinthian's Private Student Loans Today, the Bureau sued for-profit college chain Corinthian...
Written Testimony of CFPB Director Richard Cordray Before the House Committee on Financial Services
Chairman Hensarling, Ranking Member Waters, and Members of the Committee, thank you for inviting me to testify today about the Semi-Annual Report of the...
Written Testimony of Rohit Chopra before the Committee on the Budget
My name is Rohit Chopra, and I serve as an Assistant Director at the Bureau, where I lead an office that focuses on issues facing students and young...
Director Cordray Remarks at the 2014 Boulder Summer Conference on Consumer Financial Decision Making
Thank you for having me here today. I am very pleased to be able to join so many experts in consumer finance, a field whose interdisciplinary nature...
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...
Consumer advisory: Co-signers can cause surprise defaults on your private student loans
Today, we released a report that describes complaints we received related to the private student loan industry’s practice of placing borrowers in default even when their loans are current and in good standing. Take a look at our consumer advisory and sample letters for borrowers and co-signers.
Prepared Remarks of CFPB Director Richard Cordray at the National Association of State Treasurers
Thank you Treasurer Schmidt, and thank you all for having me here today. Working as a local and state treasurer in Ohio taught me the importance of consumer...
Deputy Director Steve Antonakes Remarks at the National Community Reinvestment Coalition Annual Conference
Good afternoon. It is a pleasure to be here and have the opportunity to speak at NCRC's Annual Conference. The Bureau has benefited from its strong working...
Prepared Remarks of Deputy Director Antonakes at the Federal Reserve Bank of Atlanta 2014 Banking Outlook Conference
Good morning. It is my pleasure to have the opportunity to be with you today at the Federal Reserve Bank of Atlanta's 2014 Banking Outlook Conference. I...
Prepared Remarks of CFPB Director Richard Cordray at the ITT Enforcement Action Press Conference
Thank you all for joining us today. And thank you to Attorney General King, Attorney General Madigan, Attorney General Miller, and Attorney General Conway...
CFPB Calls on Financial Institutions to Publicly Disclose Campus Financial Agreements
Bureau Finds a Continued Decline in College Credit Card Agreements Today, the Bureau called on financial institutions to publicly disclose agreements with...
Consumer advisory: Stop getting sidetracked by your student loan servicer
Over the last several years, many Americans have been able to save on monthly payments on their mortgages and other loans by refinancing to the low interest rates available in the market.
Director Cordray Remarks at the CFPB Banking on Campus Forum
Prepared Remarks of Richard Cordray Director of the Bureau CFPB Banking on Campus Forum September 30, 2013 Thank you for joining the Bureau today for our...
Director Cordray Remarks at Students Press Call
Consumers now owe nearly $1.2 trillion in student loans they took out to attend college, trade schools, and graduate degree programs. That is more than any...
CFPB Launches Toolkit to Help Teachers and Other Public Servants Tackle Student Debt
The CFPB is asking these employers to make a pledge to inform their employees of their options. Up to a quarter of the U.S. workforce is in public service...
Hollister K. Petraeus Before the U.S. Senate Committee on Homeland Security and Governmental Affairs
I am happy to take part in a dialogue like today's hearing, to ensure that military families have all the information they need to make sound decisions...
Student Debt Swells, Federal Loans Now Top a Trillion
The Bureau estimates that outstanding debt is approaching $1.2 trillion as of May 2013. We also estimate that student loans guaranteed or held by the...
Consumer advisory: You don’t have to pay someone to help with your student loan
You told us about a number of debt relief companies that promise thousands of dollars in savings on borrowers’ student debt – an offer that may seem too good to be true.
Testimony of Rohit Chopra Before the Senate Committee on Banking, Housing, and Urban Affairs
By holding today's hearing, it is clear that many of you are keenly interested in finding solutions for some of the troubling trends in the student loan...
Student Debt Domino Effect?
While many in Washington are focused on what loans look like for future borrowers, there may be a domino effect on the broader economy if we ignore...
CFPB Report Highlights Student Debt as a Roadblock to Opportunity for Consumers
Report warns of the potential domino effects on the economy of high student debt. It also identifies policy and market-based solutions based on the public’s comments that would help borrowers manage their private student loan burden.