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Category: Press release |
Published

Consumer Financial Protection Bureau Announces Advisory Committee Members

Consumer Financial Protection Bureau Director Kathleen L. Kraninger has announced the appointment of members to the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research Council (ARC).

Category: Press release |
Published

Consumer Financial Protection Bureau Advisory Committees to Meet on May 1, 2020

The Consumer Financial Protection Bureau announced that the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), the Credit Union Advisory Council (CUAC), and the Academic Research Council (ARC) will meet jointly on May 1st from 2:00 to 4:15 pm ET via conference call.

Category: Press release |
Published

CFPB Announces New Advisory Board and Council Members
Archived

Today the Consumer Financial Protection Bureau (CFPB) announced the appointment of new consumer experts from outside the federal government to the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. 

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the Academic Research Council
Archived

It is a real pleasure for me to have the chance to spend some time with you today. As you know, the Consumer Financial Protection Bureau is committed to bringing a data-driven perspective to the regulation and oversight of consumer financial markets as well as to our understanding of consumer behavior. Our Office of Research leads that effort, in partnership with subject-matter experts throughout the Bureau, and we established the Academic Research Council to support that same approach. 

Category: Testimony |
Published

Written Testimony of David Silberman Before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit
Archived

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) work to strengthen our financial system so that it better serves consumers, responsible businesses, and our economy as a whole. My name is David Silberman and I am the Associate […]

Category: Op-ed |
Published

What we really need to be better off financially
Archived

Crossposted from CNN.com. This opinion editorial was posted on January 27, 2014 online. We are facing a financial education crisis in this country. The gap between the complex financial world and our ability to navigate it is growing wider. Too many financial lessons are learned through trial and error, where it is costly to recover from […]

Category: Press release |
Published

CFPB Finds Majority of Manufactured-Housing Borrowers Have Expensive Loans
Archived

Bureau Finds that Manufactured-Home Owners are More Likely to be Older or to Have Lower Net Worth WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) released a report which found that manufactured-home owners typically pay higher interest rates for their loans than borrowers whose homes were built onsite. The report also found that manufactured-home […]

Category: Press release |
Published

CFPB Takes Action Against ACE Cash Express for Pushing Payday Borrowers Into Cycle of Debt
Archived

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) took enforcement action against ACE Cash Express, one of the largest payday lenders in the United States, for pushing payday borrowers into a cycle of debt. The CFPB found that ACE used illegal debt collection tactics – including harassment and false threats of lawsuits or criminal prosecution – to pressure overdue borrowers into taking out additional loans they could not afford. ACE will provide $5 million in refunds and pay a $5 million penalty for these violations.

Category: Testimony |
Published

Written Testimony of Rohit Chopra before the Committee on the Budget
Archived

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

Prepared Remarks of CFPB Director Richard Cordray on the Medical Debt Study Press Call
Archived

Today the Consumer Financial Protection Bureau is releasing a study on how the collection of medical debt affects a consumer’s credit score. What we found is that consumers’ credit scores may be overly penalized for medical debt that goes into collections and shows up on their credit report. This is because credit scoring models may […]

Category: Press release |
Published

CFPB Study Finds Medical Debt Overly Penalizes Consumer Credit Scores
Archived

Study Finds Credit Scores Underestimate Creditworthiness for Consumers Who Owe and Repay Medical Debt WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) released a research report that found consumers’ credit scores may be overly penalized for medical debt that goes into collections and shows up on their credit report. According to the study, […]

Category: Press release |
Published

CFPB Report Highlights Problems Older Americans Have With Confusing Financial Advising Industry
Archived

The Bureau found that there are more than 50 different senior designations that financial advisers use to indicate that they have advanced training or expertise in the financial needs of older consumers. These designations can confuse older consumers, who are already at risk for deception and fraud.

Category: Press release |
Published

CFPB Report Details How the Nation’s Largest Credit Bureaus Manage Consumer Data
Archived

Among the key takeaways in the report, which is one of the most comprehensive studies of credit reporting to date, are that credit card history dominates the information in consumer reports and that debt collection items generate the highest rate of disputes.

Category: Press release |
Published

CFPB Announces Consumer Advisory Board Members
Archived

The newly appointed board members include experts in consumer protection, financial services, community development, fair lending, civil rights, and consumer financial products or services. They also represent depository institutions that primarily serve underserved communities, and they represent communities that have been significantly impacted by higher-priced mortgage loans.