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Category: Press release |
Published

El CFPB Anuncia Que Está Intentando Contactar a Aquellos Consumidores Que Sean Elegibles Para Recibir Compensación Económica por El Caso Siringoringo

La Oficina para la Protección Financiera del Consumidor ha publicado el día de hoy una serie de anuncios de servicio público con el fin de contactar a aquellos consumidores que hayan sido perjudicados por la oficina de abogados Siringoringo, Stephen Lyster Siringoringo, Clausen & Cobb Management Company, Inc. y Joshua Cobb.

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: Press release |
Published

CFPB Takes Action to Shut Down Sham Credit Card

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) asked a federal district court to enter a consent order that would permanently ban a Texas-based company, Union Workers Credit Services, from offering any consumer credit products or services after it duped thousands of consumers into signing up for a sham credit card. The order […]

Category: Press release |
Published

CFPB Takes Action Against Debt-Settlement Firm

Firm Charged Illegal Upfront Fees to Consumers WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) announced that it has asked a federal district court to enter a consent order requiring Premier Consulting Group LLC to pay a fine of $69,075 for charging consumers illegal upfront fees for debt-settlement services they never received, and […]

Category: Press release |
Published

CFPB Takes Action Against Mortgage Kickback Agreements

Bureau Orders Michigan Title Insurance Agency to Pay $200,000 WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) ordered Lighthouse Title, a Michigan title insurance agency, to pay $200,000 for illegal quid pro quo referral agreements. “Today’s action sends a clear and simple message, that quid pro quo agreements for real estate referrals are […]

Category: Press release |
Published

CFPB Orders U.S. Bank to Pay $48 Million Refund to Consumers Illegally Billed for Services Not Received

Approximately 420,000 Consumers Unfairly Charged for Identity Protection “Add-On” Products to Receive Full Refunds WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is ordering U.S. Bank to provide an estimated $48 million in relief to consumers harmed by illegal billing practices. U.S. Bank consumers were unfairly charged for certain identity protection and credit […]

Category: Press release |
Published

CFPB Takes Action Against Global Client Solutions for Processing Illegal Debt-Settlement Fees

Payment Processor to Pay Over $6 Million in Relief to Consumers WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against Global Client Solutions, a leading debt-settlement payment processor, for allegedly helping other companies to collect tens of millions of dollars in illegal upfront fees from consumers. The Bureau has […]

Category: Press release |
Published

CFPB Takes Action Against Auto Finance Company for Distorting Borrower Credit Reports

First Investors Fined $2.75 Million for Knowingly Providing Inaccurate Information to Credit Reporting Agencies for Years WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is taking action against an auto finance company that distorted consumer credit records for years. Texas-based First Investors Financial Services Group Inc., which lends primarily to subprime borrowers, failed […]

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 CFPB Director Richard Cordray Before the Senate Committee on Banking, Housing and Urban Affairs

The Consumer Financial Protection Bureau is the nation’s first federal agency with the sole focus of protecting consumers in the financial marketplace. Financial products like mortgages, credit cards, and student loans involve some of the most important financial transactions in people’s lives. In the Dodd-Frank Act, Congress created the Bureau to stand on the side of consumers and ensure they are treated fairly in the consumer financial marketplace. Since we opened our doors, we have been focused on making consumer financial markets work better for the American people, the honest businesses that serve them, and the economy as a whole.