CFPB

Soaring rhetoric about freedom and choice is everywhere on Capitol Hill this week. From the chamber of the House Financial Services Committee, we hear that consumers are losing “economic opportunity and freedom” because they don’t have enough access to risky, high-cost credit. The Financial...
04/25/2017
Blog
Today the Consumer Financial Protection Bureau (CFPB) released its annual assessment of the CARD Act, a landmark 2009 credit card reform bill. Before the legislation went into effect, banking industry lobbyists argued that the regulation would inevitably raise credit card rates, choke off the...
12/03/2015
Blog
$4.6 billion. According to the analysis of Americans for Financial Reform, that’s the amount the Consumer Financial Protection Bureau has returned to over 12 million Americans who have been harmed by the illegal, deceptive, and discriminatory practices of financial services companies. And the...
01/23/2015
Blog
Medical debt is different. Typically when consumers borrow money, they can consider how much they’ll owe, shop around for the best interest rate, and usually have at least a little breathing room to reassess whether the goods or services they want to purchase are worth going into debt for in the...
08/11/2014
Blog
Three years ago today the US Consumer Financial Protection Bureau opened its doors. It was a new government agency produced by the Dodd-Frank Act: part of Congress’ attempt to address the rampant misconduct by banks, mortgage lenders, ratings agencies and other financial institutions that brought...
07/21/2014
Blog
The credit reporting industry has a profound and growing impact on Americans' economic lives—from whether you can rent an apartment to how much your car loan costs to whether you get hired for a job—yet the entire system falls dangerously short on basic goals of fairness and accuracy. That was the...
03/03/2014
Blog
The CFPB released a report this week that should serve as a reminder of what a functional Congress could accomplish. The report highlights the ways in which the 2009 Credit CARD Act has succeeded. Their findings: Late fees must be be reasonable and proportional to the violation of account terms,...
10/04/2013
Blog
When it comes to financial products, the line between employee and consumer often becomes blurry. If your boss insists that you receive your wages on a pre-paid debit card that charges high fees to access your earnings or check your balance it’s clearly a serious employment problem. And yet...
09/13/2013
Blog
Our personal information is compiled, traded, analyzed and sold off as never before. Not only do business and government track us online, but retailers trace our cell phones through stores, and vast, little-known databases can keep us from getting jobs, qualifying for loans, and opening bank...
07/31/2013
Blog
Richard Cordray, the appointed director of the Consumer Financial Protection Bureau (CFPB) has gone 729 days without a vote. That isn’t because he’s a radical, or even controversial. It’s because the agency he’s appointed to lead was created by a law that conservatives don’t like. Their chief...
07/15/2013
Blog
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