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Published Category: Speech

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. 

Published Category: Speech

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.

How we keep you safe in the consumer financial marketplace

The CFPB works to create a level playing field in financial markets and to help ensure fairness for consumers. Our SEFL division helps ensure compliance with federal consumer financial laws by supervising market participants and bringing enforcement actions when appropriate. 

Published Category: Speech

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.