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Consumer Bureau to  Protect them from Unfair Financial Practices Too many young Americans have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections.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a Strong Consumer Bureau to  Protect them from Unfair Financial Practices Too many women have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections.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Consumer Bureau to Protect them from Unfair Financial Practices Too many servicemembers have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections.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

  • CU comments to the OCC on proposed preemption rules for national banks

    In this comment letter, CU tells the Office of the Comptroller of Currency (OCC) to amend its proposed rules regarding preemption of State consumer financial protection laws.

    Since 2004, the OCC, which currently oversees national banks, has had broad preemption rules in place that allow national banks to evade stronger State laws that would protect consumers against predatory lending and other abuses. The Dodd-Frank Act overturned these standards and required the OCC to rewrite their rules – but the OCC’s proposed rules do little more than maintain the status quo, essentially ignoring their new responsibilities under Dodd-Frank.

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Press Releases

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Blog Posts

  • It’s Not Just Your Mother’s Reverse Mortgage: Pitfalls Impact Multiple Generations

    What exactly should you do when you find out that your mother’s reverse mortgage stripped all the equity out of a family home?  Slap this reality down next to the fact that you may have just lost your mother and you yourself are an aging adult.  What then? Such is the plight of more and Continue Reading

  • Slip Sliding Into Debt: New CFPB Report Confirms Payday Loan Debt Trap

    Today the Consumer Financial Protection Bureau (CFPB) released a new report that chronicles how dangerous the payday loan terrain is for consumers.  Payday loans are short term cash advances on the borrower’s next paycheck.  The costs can quickly grow if the borrower cannot pay off the loan or needs to borrow a second loan to Continue Reading

  • Mortgage Madness Continues? CFPB Receives 4,300 Mortgage Complaints per Month

    Last February, Steve Antonakes, Deputy Director of the CFPB, noted that the agency’s “mortgage complaint volume . . . remains high and averages around 4,300 complaints per month.”  He made these remarks while speaking before the U.S. Chamber of Commerce. According to a recent blog by Housingwire, these numbers “show little improvement in the volume Continue Reading

  • For-Profit Career Colleges Under Fire for Alleged Fraud, Predatory Lending Practices

    It’s been a bad week for career colleges – those for-profit schools that promise to help you find a rewarding career in a specific field like auto tech, nursing, or cosmetology.  Two big court cases have just been announced targeting for-profit schools that may have done little more than put their students into mountains of Continue Reading

  • Why The CFPB Is The Best Thing To Happen To Americans Since J.Law

    Jennifer Lawrence is pretty awesome, right? For several years now she’s excelled at playing characters that excite the American imagination- they’re young, vibrant, and struggle against difficult odds or crafty opponents.  The Consumer Finance Protection Bureau (CFPB) is also young, rather vibrant, and also goes to battle with powerful forces but, despite all this, the Continue Reading

  • Worried About the Target Breach? The CFPB Has Some Tips

    As the fallout from the Target data breach continues (along with Neiman Marcus and Michael’s), many consumers are wondering what, if anything, they can do to protect themselves from fraud and identity theft.  Yesterday, the Consumer Financial Protection Bureau (CFPB) issued a “consumer advisory” with basic tips on how to keep your information safe. So Continue Reading

  • What’s Annoying about the Credit Cards in Your Wallet?

    About 7 in 10 Americans carry at least one credit card in their wallet, which means a lot of folks know a lot about credit cards from direct experience. Recent reports indicate that consumers’ credit card experiences are not all positive. Consumer complaints about credit cards are second only to complaints about mortgages according to Continue Reading

  • Scam Bam, No Thank You Ma’am: How to Avoid Being Scammed after the Target Security Breach

    by guest blogger Caitlin Watkins In the wake of the Target security breach, there are a number of scams that are popping up. These scams try to gather consumer’s personal and credit information. This is adding to insult to injury, as we also just found out that the initial 40 million Target customers affected by Continue Reading

  • New Protections for Homeowners and Buyers in 2014: CFPB Rules Go Into Effect on January 10th

    Homeowners and consumers shopping for a mortgage can breathe a bit easier knowing that some new CFPB rules are going into effect in January 2014.  The new rules will bring much needed relief to consumers in the form of new rights and greater protection from harmful practices in the mortgage marketplace, including many of the Continue Reading

  • CFPB Takes Action Against Deferred Interest Credit Provider for Deceptive Practices

    We’ve been warning consumers of the dangers of deferred interest credit plans (see here, here and here). There is good news to report for consumers. The Consumer Financial Protection Bureau (CFPB) took action against one of the larger companies in this space: CareCredit. CareCredit’s deferred interest credit cards are sold in 175,000 healthcare providers’ offices, Continue Reading

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News Articles