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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

  • CU Comments of CFPB’s “Safe Student Account” Initiative

    Consumers Union, the policy and advocacy arm of Consumer Reports, appreciates the opportunity to comment on the Bureau’s initiative to create a “Safe Student Account Scorecard” for schools to use when negotiating campus banking agreements with financial institutions. We believe this initiative is an important step toward improving the quality and transparency of campus banking Continue Reading

  • 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Consumer Bureau to  Protect them from Unfair Financial Practices Too many young Americans have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections.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a Strong Consumer Bureau to  Protect them from Unfair Financial Practices Too many women have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections.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

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Press Releases

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Blog Posts

  • CFPB Answers Our Letter About Possible CARD Act Violations at Schools

    We recently told you about our investigation into whether colleges and universities with credit card marketing agreements were making their agreements available to the public.  Using information from the CFPB’s college credit card database, we contacted 10 schools with the largest active account volume that did not post their agreements or offer guidance for how Continue Reading

  • CU Says Colleges May Be Violating CARD Act; Will Colleges Respond?

    In the 2000s, colleges and credit card companies got a lot of flack for entering into agreements to aggressively market credit cards to students on campus.  After the 2008 financial collapse, Congress passed the CARD Act – which, among other things, requires all schools with credit card agreements to make them available to the public. Continue Reading

  • Subprime Credit Card Company Ordered to Return Millions

    Continental Finance Company, a company that markets credit cards to folks with dinged-up credit, agreed today to refund an estimated $2.7 million to tens of thousands of customers to compensate them for illegal fees and charges, according to a consent order Continental signed with the Consumer Financial Protection Bureau (CFPB). Continental credit cards carried annual Continue Reading

  • Have You Received Your Free FICO Score?

    Consumers are finally seeing substantial progress in the credit score market. They’ve long faced real challenges in getting the same credit score that their banks and lenders purchased when making lending decisions about them. But over the past year, millions of Americans have gained access to free, reliable credit scores. Recently, President Obama announced that more Continue Reading

  • Thinking About a Reverse Mortgage? Californians Get New Protections in 2015

    Wondering if a reverse mortgage is right for you?  Reverse mortgages are home loans that allow eligible homeowners, 62 years of age or older, to tap into their home equity.  While that friendly reverse mortgage salesperson can be helpful, the Consumer Financial Protection Bureau (CFPB) says you should not rely only on the advice you Continue Reading

  • CFPB Announces “Scorecard” For Campus Banking Products

    In a new effort to protect students being marketed campus banking products, the CFPB announced today that it is developing a “Safe Student Account Scorecard” for schools.  The Scorecard will give schools a roadmap to negotiating a better deal for students when choosing a financial institution to offer bank accounts or prepaid cards on campus. We’ve Continue Reading

  • Buying a House? Don’t Forget to Buy the Right Mortgage Too

    Today the Consumer Financial Protection Bureau (CFPB) released some new online tools to help you shop for a mortgage.  The home buying process can be daunting, with so many decisions to make as you move through unfamiliar and high-dollar territory.  That may explain why a new CFPB investigation found that nearly half of all home buyers Continue Reading

  • Thirty-Five Things in 12 Months: CFPB Working for You–2014 in Review

    As this year comes to a close, we wanted to take a moment to highlight some of the many actions the CFPB has taken to defend your rights as a consumer of financial services and products.  The CFPB has a tough job, as we all know, and they’ve done it well.  They are an indispensable Continue Reading

  • 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

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News Articles