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Category: Press release |
Published

Statement of the Bureau of Consumer Financial Protection on enactment of S.J. Res. 57
Archived

Today the President signed into law a bipartisan Congressional resolution disapproving a rule that was in the form of guidance issued by the Bureau of Consumer Financial Protection (Bureau) about indirect auto lender compliance with the Equal Credit Opportunity Act (ECOA) and its implementing regulation. 

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the CFPB Research Conference
Archived

On behalf of the Consumer Financial Protection Bureau, let me welcome all of you and say that we much appreciate this opportunity to discuss consumer financial markets with so many leading scholars in the field. As you share your perspectives and expertise with us, they will inform our efforts to empower and protect consumers. We look forward to having your insights.

Category: Press release |
Published

Consumer Financial Protection Bureau Monthly Complaint Snapshot Auto And Other Consumer Loan Complaints
Archived

The CFPB’s Office of Consumer Response hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of companies, and assists in addressing their complaints. This Monthly Complaint Report provides a high-level snapshot of trends in consumer complaints.

Category: Speech |
Published

Prepared Remarks of Richard Cordray Director of the Consumer Financial Protection Bureau to the Consumer Advisory Board
Archived

Welcome to this meeting of our Consumer Advisory Board.  It is a pleasure to be here in Little Rock today, and I look forward to our conversation. The feedback we receive from the members of this distinguished group invariably refines our thinking and our approach. It sheds new light on issues and helps us achieve better solutions for consumers. No doubt that will be true today.

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray on the Auto Title Lending Research Press Call
Archived

Today, we are releasing our fourth report on this market, which is a study of single-payment auto title loans. Our study analyzed nearly 3.5 million loans made to more than 400,000 borrowers over a period of several years. We examined loan usage patterns, with a focus on the repeated use of these loans, how long it takes borrowers to repay, how often they fall behind, how many borrowers default, and how many have their vehicle seized by the lender. 

Category: Press release |
Published

CFPB Takes Action Against Herbies Auto Sales for Unlawful Lending Practices
Archived

Subprime “Buy Here Pay Here” Dealer Hid Finance Charges, Deceived Consumers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Herbies Auto Sales, a buy-here pay-here used car dealer, for abusive financing schemes, hiding auto finance charges and misleading consumers. Herbies will pay $700,000 in restitution to harmed consumers, with a […]

Category: Press release |
Published

CFPB Orders CarHop to Pay $6.4 Million Penalty for Jeopardizing Consumers’ Credit
Archived

One of Nation’s Biggest “Buy-Here, Pay-Here” Auto Dealers Provided Inaccurate Credit Information WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is taking action against CarHop, one of the country’s biggest “buy-here, pay-here” auto dealers, and its affiliated financing company, Universal Acceptance Corporation, for providing damaging, inaccurate consumer information to credit reporting companies. CarHop […]