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CFPB

Consumers won a huge victory in 2010 with the passage of the Wall Street Reform law. The key provision of the bill for consumers is the creation of the Consumer Financial Protection Bureau, which will oversee financial products and services such as mortgages, credit cards, payday loans, check cashing, and private student loans.

Publications

  • Comments Urging CFPB to Supervise Auto Financing Companies

    Consumers Union, the advocacy and policy arm of Consumer Reports, appreciates the opportunity to comment on the proposed rule to define “larger participants” in the markets for automobile financing subject to the Bureau’s nonbank supervision program. We applaud the Bureau’s decision to focus on auto purchase loans, refinancings and leases, and offer suggestions to strengthen Continue Reading

  • Comments to the CFPB on advanced notice of proposed rulemaking, regarding debt collection practices

    Consumers Union, the policy and advocacy arm of Consumer Reports®,1 appreciates the opportunity to comment on the Bureau’s advanced notice of proposed rulemaking (ANPR) regarding debt collection practices. We applaud the Bureau’s efforts to update and clarify federal standards for the debt collection system, and offer comments in response to selected questions below. As a Continue Reading

  • Young Americans Deserve Strong Consumer Financial Protections

    Young Americans Deserve a Strong Consumer Bureau to  Protect them from Unfair Financial Practices Too many young Americans have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections.  In the summer of 2010, Congress passed and President Obama signed the Wall Continue Reading

  • Women Deserve Strong Consumer Financial Protections

    Women Deserve a Strong Consumer Bureau to  Protect them from Unfair Financial Practices Too many women have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections.  In the summer of 2010, Congress passed and President Obama signed the Wall Street Reform Continue Reading

  • Servicemembers Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices

    Servicemembers Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices Too many servicemembers have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections.  In the summer of 2010, Congress passed and President Obama signed the Wall Street Reform Continue Reading

  • Rural Americans Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices

    Rural Americans Deserve a Strong Consumer Bureau to  Protect them from Unfair Financial Practices Too many Americans living in rural areas have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections.  In the summer of 2010, Congress passed and President Obama Continue Reading

  • Older Americans Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices

    Older Americans Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices Too many older Americans have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections.  In the summer of 2010, Congress passed and President Obama signed the Wall Continue Reading

  • Latinos Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices

    Latinos Deserve a Strong Consumer Bureau to        Protect them from Unfair Financial Practices Too many Latinos have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections.  In the summer of 2010, Congress passed and President Obama signed the Wall Street Continue Reading

  • African Americans Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices

    African Americans Deserve a Strong Consumer Bureau to Protect them from Unfair Financial Practices Too many African Americans have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections.  In the summer of 2010, Congress passed and President Obama signed the Wall Continue Reading

  • CU comments to the CFPB on which non-banks it should supervise

    Consumers Union,1 the nonprofit publisher of Consumer Reports®, appreciates the opportunity to comment on this Notice and Request for Comment on how the Bureau should define “larger participants” in markets for other consumer financial products and services. The Bureau’s “larger participant” rule will determine which nondepository covered persons (hereinafter “non-banks”) other than residential mortgage, private Continue Reading

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Press Releases

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Blog Posts

  • Sham Alert: CFPB Sues to Stop Business “Built on Duping Consumers”

    A red-hot Consumer Financial Protection Bureau (CFPB) is taking on another bad actor. The latest: a lawsuit against a company that allegedly tricks consumers into signing-up for what they may think is a use-anywhere credit card but is in fact a paper membership card that can only be used to buy from the company, Union Continue Reading

  • CFPB Says Medical Debt Scars One in Every Five Credit Reports

    The Consumer Financial Protection Bureau has unveiled some surprising new numbers in its latest report on medical debt: one out of every five credit reports is harmed by medical debt that’s considered past due, and medical debt accounts for about half of all debt in collections. Making matters worse, there are no uniform standards for Continue Reading

  • CFPB Takes Action to Shut Down Illegal Student “Debt Relief” Scams

    Big news today from the CFPB! – they are putting an end to two student “debt relief” scams that illegally tricked borrowers into paying upfront fees for federal loan benefits. The CFPB, in a joint filing with Florida’s Attorney General, shut down student debt relief company College Education Services and separately filed a lawsuit against Student Loan Continue Reading

  • Debt Collectors Descend Upon Seniors–Thousands Complain to the CFPB

    It seems like seniors are constantly being bombarded by products and practices that try to separate them from their money.  If it’s not another pitch for a reverse mortgage or an insurance product they might not need, it could be a phony debt collector trying to scare someone into paying for a debt they do Continue Reading

  • Free FICO scores on the way for Citi cardholders

    Great news for those of you with Citi credit cards: starting in January, Citigroup will begin giving its credit card customers a free FICO score – the very same one Citi uses to set interest rates. This will give consumers free access to an important tool to better manage their credit. Keeping a good credit Continue Reading

  • CFPB Working for You: Student Loan Help for Volunteers

    Do you dream of serving your country as a Peace Corps volunteer, but are worried that you won’t be able to pay back your student loans? The Consumer Financial Protection Bureau (CFPB) is here to help. About a quarter of American workers are involved in public service. Many of them have joined the military, volunteered Continue Reading

  • Victory! California Governor Signs Reverse Mortgage Protection Bill, AB 1700 (Medina)

    Today California Governor Jerry Brown signed AB 1700 (Medina), a first-in-the nation bill, that will put important information in the hands of Californians while they are considering a reverse mortgage.  Ensuring a fair reverse mortgage marketplace is a Consumers Union priority.  We are very pleased to share this good news with you. If you’ve been Continue Reading

  • CFPB Cracks Down on U.S. Bank’s Crummy Practices

    Nearly half a million U.S. Bank customers will get money back for the bank’s bad habit of selling consumers services that it did not provide, the Consumer Financial Protection Bureau (CFPB) announced today. The CFPB is ordering U.S. Bank to return $48 million to the 420,000 customers it enrolled in identity protection and credit monitoring Continue Reading

  • Mobile Financial Services Show Promise, But Consumers Need To Be Assured Of Protections, CU Says In Comments

    Mobile financial services may provide consumers lower-cost, more convenient ways to manage their money but lawmakers, industry and regulators need to step-up to ensure adequate consumer protections, we told the Consumer Financial Protection Bureau (CFPB) in response to the CFPB’s Request for Information Regarding the Use of Mobile Financial Services by Consumers and Its Potential Continue Reading

  • CFPB Working for You: Safeguarding Soldiers from Financial Harm

    Members of the armed forces face major obstacles in keeping their finances in order. Many soldiers are stationed abroad and rely on family members to keep track of their money. Others living on military bases in the United States are often the targets of predatory lenders pushing pricey loans. Cammie of Columbus, Ohio became the Continue Reading

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News Articles