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Category: Press release |
Published

CFPB Announces New Advisory Board and Council Members

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

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

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

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

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

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

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

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

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, […]