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Category: Testimony |
Published

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 Consumer Financial Protection Bureau (Bureau), where I lead an office that focuses on issues facing students and young Americans. In 2011, I was also designated by the Secretary of the Treasury as the Student Loan Ombudsman within the Consumer Financial Protection Bureau, a new role established by Congress in the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Category: Speech |
Published

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 incorporates many fascinating issues from economics and psychology and many other subjects. As the first Director of the new Consumer Financial Protection Bureau, it seems to me that consumer finance is undeniably important. Just consider that in every macroeconomic model that exists today, consumer spending makes up about 70 percent of all economic activity. All of that activity requires practical and sustainable methods of financing.

Category: Speech |
Published

Statement by CFPB’s Holly Petraeus on DOJ, FDIC Enforcement Actions Against Sallie Mae

WASHINGTON, D.C. — 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 servicer of federal and private student loans, which was found to be systematically violating the legal rights of U.S. servicemembers. The Federal Deposit Insurance Corporation (FDIC) also reached […]

Category: Speech |
Published

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 finance in the everyday lives of Americans. When I was the Franklin County Treasurer, my primary job was to run a financial office and safeguard public funds. But there was also another, very significant dimension of this work. I set out to collect millions in unpaid property taxes from those evading their obligations, and in doing so to protect all the law-abiding taxpayers and businesses that take pains to meet their obligations.

Category: Speech |
Published

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 relationship with NCRC on issues ranging from consumer protection to access to credit. We thank you for your continued partnership.

Category: Speech |
Published

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 think an open dialogue among regulators and industry participants benefits everyone involved. Today, I will update you on a few of our key initiatives and discuss how we […]

Category: Speech |
Published

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 for being with us. Financial products can be a way for Americans to achieve dreams: to buy a home, to start a small business, and importantly, to go to school. People […]

Category: Press release |
Published

CFPB Calls on Financial Institutions to Publicly Disclose Campus Financial Agreements

Bureau Finds a Continued Decline in College Credit Card Agreements WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) called on financial institutions to publicly disclose agreements with colleges and universities to market debit, prepaid, and other products to students. Currently, institutions only make these disclosures about college credit cards. The CFPB also released […]

Category: Speech |
Published

Director Cordray Remarks at the CFPB Banking on Campus Forum

Prepared Remarks of Richard Cordray Director of the Consumer Financial Protection Bureau CFPB Banking on Campus Forum September 30, 2013 Thank you for joining the Consumer Financial Protection Bureau today for our Banking on Campus forum. I am pleased to welcome officials from the Department of Education, the Department of the Treasury, the Federal Deposit […]

Category: Speech |
Published

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 other time in history. And additional household debt, including credit card debt, has gone toward financing the rising costs of higher education.

Category: Speech |
Published

Student Debt Swells, Federal Loans Now Top a Trillion

The Consumer Financial Protection 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 federal government have now crossed the $1 trillion mark.

Category: Blog |
Published

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 borrowers currently stuck with high student loan payments.