Welcome to this meeting of the Consumer Advisory Board. We find great value in the dialogue we have with our CAB members, who share with us their perspective, their expertise, and their experience. All of that improves our work in many ways. We are here together because each of us cares deeply about how consumers are being treated in the consumer financial marketplace. Today, I want to talk to you specifically about some of the work we are doing and the tangible progress we are making in the consumer reporting marketplace.
Bureau Report Outlines Accuracy and Other Issues That Bureau Supervision Has Taken Action to Address
CFPB Warns Financial Companies About Sales and Production Incentives That May Lead to Fraud or Consumer Abuse
Unchecked Incentives Can Produce Unauthorized Account Openings, Deceptive Sales Tactics, and Other Illegal Practices
CFPB Finds Qualified Students Were Blocked From Affordable Loan Repayment Plans; Updates Student Loan Servicing Exam Procedures
CFPB to Evaluate Military Lending Act Violations in its Exams of Creditors and Will Use Its Enforcement Authority in Cases of Substantial Consumer Harm
Consumer Financial Protection Bureau Supervisory Actions Return $24.5 Million To A Quarter-Million Consumers Harmed By Illegal Activities
Report Highlights Violations in Auto Origination, Debt Collection, Mortgage Origination and Small-dollar Lending
Consumer Financial Protection Bureau Supervision Finds Mortgage Servicers' Ongoing Technology Failures and Process Breakdowns Trigger Rule Violations
CFPB Releases Special Edition of Supervision Highlights and Updates Mortgage Servicing Exam Procedures
Good morning and thank you for inviting me today. For the past four years, we have had a vigorous and productive dialogue with the Consumer Bankers Association about the role and effects of financial regulation in the consumer marketplace. In many respects, those discussions have improved the work we are doing at the Consumer Financial […]
CFPB Examiners Uncover Illegal Auto Defaults of Student Loans and Other Violations WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released its latest supervision report where the exams of banks and nonbanks resulted in the remediation of $14.3 million to approximately 228,000 consumers. In its examinations covering the last months of 2015, the […]
Examiners Uncover Illegal Practices in Student Loan Servicing, Mortgage Origination and Servicing, Consumer Reporting, and Debt Collection Markets WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released its latest supervision report outlining the illegal practices uncovered by the Bureau’s examiners from May 2015 to August 2015. The Bureau found violations in the student […]
Supervisory Resolutions Across Industries Recover $11.6 Million for More Than 80,000 Consumers WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released its latest supervision report outlining the illegal practices uncovered by the Bureau’s examiners in the first four months of 2015. The Bureau found problems with dual-tracking at mortgage servicers that could mislead […]
Bureau Publishes Exam Procedures for Supervised Companies in $900 Billion Market
Good morning. It’s a pleasure to be here with all of you. I believe that we share common goals: a strong and vibrant consumer financial services market as well as a highly competitive, sustainable economy that works for the benefit of consumers and business alike. Today, I will seek to provide you with a better […]
Examiners Recover $19.4 Million in Remediation for more than 92,000 Consumers WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released its latest supervision report highlighting legal violations uncovered by the Bureau’s examiners. The Bureau found deceptive student loan debt collection practices, unfair and deceptive overdraft practices, mortgage origination violations, fair lending violations, and […]
Examiners Also Uncover Violations of Mortgage Servicing Laws WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a report highlighting illegal actions uncovered by the Bureau’s supervision of the student loan servicing market. Bureau examiners found that companies engaged in illegal practices like charging unfair late fees and harassing debt collection calls. Bureau […]
Bureau Supervision Uncovers Auto-Lending Discrimination at Banks and Obtains $56 Million for Harmed Consumers
The Consumer Financial Protection Bureau (CFPB) warned credit card companies against deceptively marketing interest-rate promotions.
Overall CFPB Supervision Activities Return More than $70 Million to 775,000 Consumers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a report highlighting illegal actions uncovered by the Bureau’s supervision of the payday, debt collection, and consumer reporting markets. These markets are being federally supervised for the first time. The report also […]
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a report highlighting problems like unfair and deceptive practices in the mortgage servicing market uncovered through the Bureau’s supervision program in 2013. The report also notes that, between July and October 2013, consumers received $2.6 million as result of overall non-public supervisory activities at the banks and nonbanks the CFPB oversees.
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 Consumer Financial Protection Bureau. Since we opened our doors just over two years ago, the Bureau has been focused on making consumer financial markets work better for the American people, and helping them improve their financial lives.
Many of the new rules were directed by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. The rules cover the various stages of a consumer’s mortgage experience, from shopping for a loan to paying it off. Most of the CFPB’s new rules go into effect in January 2014.
The CFPB also announced that it is now accepting debt collection complaints and is publishing action letters for consumers to consider using in corresponding with debt collectors.
Nonbanks subject to the rule are companies that offer or provide consumer financial products or services but do not have a bank, thrift, or credit union charter.
The framework will apply in situations where the CFPB and state regulators share concurrent supervisory jurisdiction.
These statements addressed risks associated with these short-term, small-dollar loans. The Consumer Financial Protection Bureau (CFPB) also sees significant consumer risks and looks forward to continuing its work with the other banking regulators to address the concerns in this market.