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Category: Press release |
Published

Consumer Financial Protection Bureau Requests Information on the Impact of the CARD Act Regulations on Small Entities and the Consumer Credit Card Market

The Consumer Financial Protection Bureau issued a request for information to examine the impact of the rules that implement the Credit Card Accountability Responsibility and Disclosure Act of 2009.

Category: Press release |
Published

Consumer Financial Protection Bureau Outlines Plan to Review Rules Under the Regulatory Flexibility Act

Today the Consumer Financial Protection Bureau (CFPB) published a notice on how it plans to periodically review regulations under the Regulatory Flexibility Act (RFA) and to request public input.

Category: Speech |
Published

Toward a 21st century approach to consumer protection

Good morning. Thank you Ruth for the introduction and for inviting the Bureau to be a part of this year’s Consumer Empowerment Conference. Consumer Action has graciously invited Bureau employees to speak at this event in years past, and I am honored to continue this tradition. And I am especially happy to return to my roots here in the Midwest.

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray on the Payday Rule Press Call

Thank you for joining us. After a long process of research, outreach, and review of over one million public comments, the Consumer Bureau today has issued a rule aimed at stopping debt traps on payday and auto title loans. The rule is guided by the basic principle of requiring lenders to determine upfront whether people can afford to repay their loans. 

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the Ohio Land Bank Conference

For more than five years now, I have had the honor to serve our country as the first director of the new U.S. Consumer Financial Protection Bureau. In that time, we have built a brand-new federal agency from scratch. And we have sent a strong message to the banks and large financial companies that in a frank and fair way we are pushing them to clean up their act and put their customers first.

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the Consumer Advisory Board Meeting

Welcome to this meeting of the Consumer Advisory Board. We find great value in the dialogue we have with our CAB members, who share with us their perspective, their expertise, and their experience. All of that improves our work in many ways. We are here together because each of us cares deeply about how consumers are being treated in the consumer financial marketplace. Today, I want to talk to you specifically about some of the work we are doing and the tangible progress we are making in the consumer reporting marketplace.

Category: Press release |
Published

CFPB Sues Participants in Robo-Call Phantom Debt Collection Operation

Bureau Also Obtains a Temporary Restraining Order to Halt Illegal Operation and Freeze Assets of Operation’s Leaders WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) announced today that it has filed a lawsuit against the ringleaders of a robo-call phantom debt collection operation, their companies, and their service providers. The debt collectors, using various […]

Category: Press release |
Published

CFPB, FTC and States Announce Sweep Against Foreclosure Relief Scammers

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and 15 states announced a sweep against foreclosure relief scammers that used deceptive marketing tactics to rip off distressed homeowners across the country. The Bureau is filing three lawsuits against companies and individuals that collected more than $25 million in illegal advance fees for services that falsely promised to prevent foreclosures or renegotiate troubled mortgages. The CFPB is seeking compensation for victims, civil fines, and injunctions against the scammers. Separately, the FTC is filing 6 lawsuits , and the states are taking 32 actions.

Category: Press release |
Published

CFPB Orders GE CareCredit to Refund $34.1 Million for Deceptive Health-Care Credit Card Enrollment

More than 1 Million Consumers Were Potential Victims of Misleading Practices WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau is ordering GE Capital Retail Bank and its subsidiary, CareCredit, to refund up to $34.1 million to potentially more than 1 million consumers who were victims of deceptive credit card enrollment tactics. At doctors’ and […]

Category: Press release |
Published

CFPB Takes Action Against Two Companies for Charging Illegal Debt-Relief Fees

According to the CFPB complaint, the defendants, Mission Settlement Agency (Mission) and related entities and individuals, and Premier Consultant Group LLC (Premier) along with a related entity, routinely charged consumers upfront fees prior to settling the consumers’ debts.

Category: Press release |
Published

CFPB Proposes Procedural Rule on Supervising Nonbanks that Pose Risks to Consumers

“This is an important step in the development of our nonbank supervision program,” said CFPB Director Richard Cordray. “This proposal allows us to reach nonbanks that we would not otherwise supervise, while providing industry with a streamlined process that is fair and efficient.”