The Consumer Financial Protection Bureau announced that it will provide an additional 60 days for public comment on its Request for Information on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are protected from discrimination in all aspects of a credit transaction.
The Consumer Financial Protection Bureau issued a request for information to seek public input on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are protected from discrimination in all aspects of a credit transaction.
Consumers Harmed By Inferior Card Terms, Including Higher Interest Rates, Stricter Credit Cutoffs, and Less Debt Forgiveness, Receive Over $95 Million in Redress
Report Discusses Current Approaches and Business Case for Diversity and Inclusion
CFPB Puts 44 Mortgage Lenders and Brokers on Notice That They May Be Required to Report Mortgage Data
Thank you and let me welcome you all to my home state, the Buckeye State of Ohio. In particular, I thank President and CEO Cornell William Brooks and Chairman Roslyn Brock for inviting me to be with you today. I am also glad to be here with your Washington Bureau Director, Hilary Shelton, who has become a close friend from our work together.
BancorpSouth Illegally Denied African-American Consumers Fair and Equal Access to Mortgages.
Minority Borrowers Who Paid Higher Rates for Auto Loans Will Receive Up to $21.9 Million
Company to Pay $18 Million to Minority Auto Borrowers, $3 Million to Credit Card
Bureau Issues Bulletin on Fair Lending Practices WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is issuing a bulletin to help mortgage lenders avoid illegal discrimination against applicants whose income includes vouchers from the Section 8 Housing Choice Voucher (HCV) Homeownership Program. Discriminating against a consumer because some or all of their income […]
Robert F. Kennedy once said something that is apt for the work we all do: “The challenge of politics and public service is to discover what is interfering with justice and dignity for the individual here and now, and then to decide swiftly upon the appropriate remedies.” I have spoken with you before about some of these obstacles that interfere with justice and dignity for consumers – which we regularly refer to as “the four Ds.” We see them much too often: deceptive marketing, debt traps, dead ends, and discrimination. Today I would like to revisit these obstacles and describe some of the progress we are making to combat them.
Bureau Warns Lenders Against Creating Illegal Hurdles for Recipients of Social Security Disability Income WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is issuing a bulletin to help lenders avoid imposing illegal burdens on consumers receiving disability income who apply for mortgages. The CFPB is reminding lenders that requiring unnecessary documentation from consumers […]
Our efforts reflect concern about access to credit and do not reflect a one-sided perspective to maximize consumer protection or industry deterrence at all costs. There is such a thing as doing too little, and there is such a thing as doing too much. We are aiming instead at doing justice.
My speech today is intended as an incremental contribution to the year-long conversation on civil and human rights that Michigan State University has commenced through the project known as 60/50. Across the country, this year has marked significant anniversaries for civil rights milestones. It is the 60th anniversary of the Supreme Court’s decision in Brown […]
Thank you for joining us on this call today. Today, the Bureau is ordering GE Capital Retail Bank, now known as Synchrony Bank, to provide $225 million in remediation to 746,000 consumers who were harmed by GE Capital’s deceptive credit card add-on practices and discriminatory debt relief promotions. This kind of conduct has no place in the consumer financial marketplace. People deserve to be given clear information and they deserve to be treated fairly.
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) is ordering GE Capital Retail Bank (GE Capital), now known as Synchrony Bank, to provide an estimated $225 million in relief to consumers harmed by illegal and discriminatory credit card practices. GE Capital must refund $56 million to approximately 638,000 consumers who were subjected to deceptive marketing practices. As part of the joint enforcement action by the CFPB and Department of Justice, GE Capital must also provide an additional $169 million to about 108,000 borrowers excluded from debt relief offers because of their national origin. This order represents the federal government’s largest credit card discrimination settlement in history.
We appreciate the important role that Greenlining played in urging the creation of the CFPB. We also know how hard Greenlining pushed for authorizing the Offices of Minority and Women Inclusion in the federal financial regulatory agencies. Orson and I have discussed our joint interest in making sure we achieve full implementation of these mandates, and I have also had the opportunity to get input from leading members of Congress on these issues. As a result, we have recently changed our internal structure to elevate the role of our OMWI in addressing issues of diversity and inclusion throughout the Bureau.
Today, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) filed a joint complaint against National City Bank for charging higher prices on mortgage loans to African-American and Hispanic borrowers than similarly creditworthy white borrowers between the years 2002 and 2008. The agencies also filed a proposed order to settle the complaint that requires National City Bank, through its successor PNC Bank, to pay $35 million in restitution to harmed African-American and Hispanic borrowers.
Thank you all for joining us. Today we are announcing that the Consumer Bureau is taking its first enforcement action against discriminatory auto lending. In partnership with the Department of Justice, we are ordering one of the largest indirect auto lenders in the country, Ally, to pay $98 million to address their auto loan pricing […]
Ally to Pay Additional $18 Million in Civil Penalties for Harming More Than 235,000 Minority Borrowers
Six federal financial regulatory agencies announced today that they are extending the comment period for their proposed policy statement for assessing diversity policies and practices of the institutions they regulate to allow the public more time to analyze the issues and prepare their comments.
Thank you all for joining us today. We have convened interested parties to discuss what has indeed become a much-talked-about issue – discrimination that can occur in auto lending. Cars and trucks can quite literally take consumers to new opportunities. Maybe the destination is a new job. Or maybe the goal is to save time spent commuting – either to work longer or to have extra time for themselves or their families. For those who live in rural or suburban areas, a vehicle is almost a basic necessity to get around. Every year, millions of American families buy cars and trucks for all these reasons and more, and this market is very important to our economy.
Today, the Consumer Financial Protection Bureau (CFPB) announced that it will use all available legal avenues, including disparate impact, to pursue lenders whose practices discriminate against consumers.
Many small businesses today report having difficulty obtaining credit. These difficulties originated in the most severe financial crisis since the Great Depression and in the recession and credit contraction that the crisis produced.
