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Press release
Published

CFPB Report Finds Many College-Sponsored Financial Products Charge High and Unusual Fees

The Consumer Financial Protection Bureau found that many college-sponsored financial products have higher fees and worse terms and conditions compared to typical market products.
Press release
Published

CFPB and 11 States Order Prehired to Provide Students More than $30 Million in Relief for Illegal Student Lending Practices

The Consumer Financial Protection Bureau (CFPB) and 11 states announced today that student lender Prehired will provide more than $30 million in relief to student borrowers for making false promises of job placement, trapping students with “income share” loans that violated the law, and resorting to abusive debt collection practices when borrowers could not pay.
Press release
Published

CFPB Joins Other Financial Regulatory Agencies in Issuing Statement on Completing the LIBOR Transition

Today, the Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies, along with state bank and state credit union regulators, in issuing a statement that the use of United States Dollar LIBOR (USD LIBOR) panels will end on June 30, 2023.
Press release
Published

CFPB Report Details Family Finances and Debt in Rural Appalachia

The Consumer Financial Protection Bureau (CFPB) has issued the first in a series of reports focusing on the finances of consumers living in rural areas. Today’s report focuses on rural Appalachians, who tend to earn less than consumers in other rural areas and have higher rates of subprime credit. In particular, medical debt collections are a much more prevalent issue among rural Appalachians, and consumers with medical debt collections often experience difficulties making ends meet on other financial obligations.
Press release
Published

CFPB Seeks Ban Against Operator of Student Loan Debt Relief Scam Reboot

Today the Consumer Financial Protection Bureau (CFPB) took action against the owner of a student-loan debt relief company for allegedly withdrawing hundreds of thousands of dollars from student borrowers’ bank accounts, without authorization. The CFPB alleges that Frank Gebase, Jr. controlled a company that took the borrowers’ money after obtaining their names and account information from a previous student-loan debt-relief scammer that the CFPB shut down.