CFPB Sues Comerica Bank for Systematically Failing Disabled and Older Americans
The CFPB sued Comerica Bank for systematically failing its 3.4 million Direct Express cardholders - primarily unbanked Americans receiving federal benefits.
Newsroom
Agencies Issue Statement on Elder Financial Exploitation
Five federal financial regulatory agencies, the Financial Crimes Enforcement Network (FinCEN), and state financial regulators issued a statement today to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation.
CFPB and CMS Take Action to Stop Illegal Billing of Lowest-Income Medicare Recipients
The Consumer Financial Protection Bureau and the Centers for Medicare and Medicaid Services issued a joint letter to protect millions of Medicare beneficiaries living at or below the poverty line from unlawful medical bills.
Consumer Advisory: Opportunity to cancel student loan debt ends soon
Many student loan borrowers have an opportunity to have their entire student loans cancelled or receive more credit towards cancellation, but they must act before April 30, 2024.
Director Chopra’s Prepared Remarks at the CFPB Field Hearing on Nursing Home Debt Collection Practices
Director Chopra delivered remarks at a virtual roundtable exploring challenges around nursing home debt collection practices, and the impact they can have on the financial wellbeing of caregivers, their families, and friends.
Remarks of Director Rohit Chopra at the Elder Justice Coordinating Council Meeting
Director Rohit Chopra remarks at the Elder Justice Coordinating Council Meeting.
CFPB and FDIC Release Enhanced Version of Money Smart for Older Adults
The Consumer Financial Protection Bureau (CFPB) and the Federal Deposit Insurance Corporation (FDIC) today announced the joint release of an enhanced version of the award-winning financial education curriculum, Money Smart for Older Adults. The enhanced version includes a new section to help people avoid “romance scams” and an updated resource guide. The enhancements to Money Smart for Older Adults are based on stakeholder feedback and recent research conducted by the FDIC and CFPB for this collaborative effort.
Consumer Financial Protection Bureau Takes Action Against Payment Processor and Its Former CEO for Supporting Internet-Based Technical-Support Scams
Today, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court against BrightSpeed Solutions Inc. (BrightSpeed) and its founder and former chief executive officer, Kevin Howard, for knowingly processing payments for companies engaged in internet-based technical-support fraud. Chicago-based BrightSpeed was a privately owned, third-party payment processor founded and operated by Howard in 2015 and wound down business operations in March 2019.
CFPB Releases Tool to Help Communities Prevent and Respond to Elder Fraud
The Consumer Financial Protection Bureau released an online resource to help communities form networks to increase their capacity to prevent and respond to elder financial abuse.
CFPB Study Highlights Challenges Retirees Face to Meet Expenses in Early Years of Retirement
The Consumer Financial Protection Bureau released a first-of-its-kind study examining the financial resources and expenses of retirees during the first five years of retirement among Americans who retired between 1992 and 2014.
CFPB Releases Financial Well-Being Report with State-by-State Comparisons
The CFPB issued a report with state-by-state comparisons of financial well-being scores.
Consumer Financial Protection Bureau Recommends Financial Institutions Report Suspected Financial Exploitation of Older Adults
The Consumer Financial Protection Bureau (Bureau) today issued an updated advisory to financial institutions urging them to report to the appropriate local, state and federal authorities whenever they suspect that an older adult is the target or victim of financial exploitation.
Bureau of Consumer Financial Protection to Hold Press Availability After Town Hall in Baton Rouge, La.
Press Availability with Acting Director Mick Mulvaney.
Prepared Remarks of CFPB Director Richard Cordray at the Consumer Advisory Board Meeting
Good morning. I would like to thank the Tampa community for hosting us so graciously and all of you for being here today. Since we established the Consumer...
CFPB Report Warns That Taking Out a Reverse Mortgage Loan Can Be an Expensive Way to Maximize Social Security Benefits
CFPB Releases Consumer Guide and Video Explaining Reverse Mortgages.
CFPB Monthly Snapshot Spotlights Complaints from Older Consumers
Report Shows Older Consumers Report Problems with Reverse Mortgages, Scams, Credit Cards, and Add-On Products.
CFPB Warns Student Loan Servicing Problems Can Jeopardize Long-Term Financial Security for Older Borrowers
Growing Concerns as Number of Older Student Loan Borrowers Quadruples, Amount of Debt Per Senior Borrower Doubles in Last Decade.
Consumer Financial Protection Bureau Report Finds Hundreds of Counties Nationwide Fighting Elder Financial Abuse with Community Efforts
CFPB Issues Guide and Best Practices to Help Communities Create Protection Partnerships for Seniors.
Prepared Remarks of CFPB Director Richard Cordray on the Elder Financial Abuse Press Call
At the Bureau, we are working to make financial markets function better for this country's 320 million consumers. Of special interest to us are the special...
CFPB Issues Advisory and Report for Financial Institutions on Preventing Elder Financial Abuse
One in Five Older Americans Report Being Victims of Financial Exploitation The Bureau today issued an advisory and a report with recommendations for banks...
Prepared Remarks of CFPB Director Richard Cordray at the American Bankers Association Annual Convention
It is a pleasure to be back at the American Bankers Association. Before I begin, I would like to take a moment to congratulate Governor Keating for his...
CFPB and New York Department of Financial Services Sue Pension Advance Companies for Deceiving Consumers About Loan Costs
Companies Hid Loan Interest Rates and Fees and Deceived Consumers About Other Terms of the Deal Today the Bureau and the New York Department of Financial...
Prepared Remarks of CFPB Director Richard Cordray at Managing Someone Else’s Money Event
We are honored to be here with Attorney General Herring today. The work he is doing to protect Virginians – especially older Virginians – sets a great...
Prepared Remarks of CFPB Director Richard Cordray at the White House Conference on Aging
The Bureau is working hard to make financial markets work better on behalf of 320 million American consumers. In particular, our new agency specifically...
Consumer advisory: Don’t be misled by reverse mortgage advertising
You might see enticing images of youthful retirees on the golf course or enjoying other leisure activities in a reverse mortgage advertisement. We looked closely at many ads and found incomplete and inaccurate statements used to describe the loans. Reverse mortgage ads don’t always tell the whole story, so consider these facts when you see advertisements.