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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 to CFPB on Education Loan Servicing

    Consumers Union, the advocacy division of Consumer Reports, appreciates the opportunity to comment on the Bureau’s request for information regarding student loan servicing practices. We applaud the Bureau’s interest in this issue, and write to share the common problems we’ve heard from consumers as well as recommendations for reform. The time is long past due Continue Reading

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Consumer Bureau to  Protect them from Unfair Financial Practices Too many young Americans have paid the price for an outdated regulatory system that has left our financial system vulnerable to collapse and our families without adequate protections.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

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Press Releases

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Blog Posts

  • CFPB Raises Red Flags on Mortgage Lending and Servicing, Credit Reporting

    The Consumer Financial Protection Bureau (CFPB) is working to make sure that financial services providers – like debt collectors and mortgage lenders – follow the law. They keep a close watch to keep you from getting treated unfairly. This week, the CFPB released a report on their supervision work in several areas, including mortgage lending, mortgage servicing, debt Continue Reading

  • Many Reverse Mortgage Ads Misleading, says CFPB

    On June 4, 2015, the CFPB released a new study concluding that many advertisements for reverse mortgages contain incomplete or inaccurate information that can pose a serious risk to seniors who take out such loans.  The study was issued in conjunction with an advisory to consumers warning them to “watch out for misleading and confusing Continue Reading

  • Is Education Debt Holding You Back?

    The hard part of college was supposed to be passing tests and writing great essays – not meeting the shifting demands of companies taking your loan payments after you get out of school. For millions of former students and their families, paying the bills is already tough.  But the companies that handle loans from your Continue Reading

  • CFPB Is Helping Consumers Check Their Specialty Credit Reports

    Most consumers know that they can check their credit reports with the “big three” credit bureaus, Experian, Equifax, and TransUnion, once a year, for free, at annualcreditreport.com. But, there are dozens more companies that may collect and report important information about you – and it’s important to check those reports, too. (Note that these specialty agencies aren’t Continue Reading

  • PayPal Behaving Badly?

    CFPB Files Complaint Alleging Unfair, Deceptive and Abusive Practices   PayPal enrolled people in its credit program, known as Pay Pal Credit (formerly Bill Me Later), without their permission,  forced customers to use PayPal Credit even when they indicated they wanted to pay another way, failed to properly process payments, refused to honor and apply Continue Reading

  • ALERT! Wells Fargo Sued for Allegedly Opening Unauthorized Customer Accounts: 3 Things You Can Do

    The Los Angeles City Attorney (Mike Feuer) on Tuesday filed a civil lawsuit against Wells Fargo alleging the bank opened up savings and checking accounts and issued credit cards in customers’ names, without authorization.  The lawsuit further alleges that Wells Fargo failed to inform customers of the alleged misuse of their personal information and did Continue Reading

  • A Better Day for Mobile Pay? Google Wallet Adds FDIC Insurance

                  Good news for consumers who store funds directly in a Google Wallet: your funds are will soon be protected by Federal Deposit Insurance Corporation (FDIC) Insurance, according to press reports. In general terms, deposit insurance makes sure that consumers don’t lose money if the bank where their money Continue Reading

  • 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

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News Articles