The foreclosure crisis was an important catalyst for the creation of the Consumer Financial Protection Bureau. Congress required the CFPB to implement new rules to make the mortgage market work better. The new rules first took effect in 2014. During the COVID-19 pandemic, we saw how these rules worked when unemployment spiked. The CFPB observed that there were places where the rules could be revised to reduce unnecessary complexity.
The CFPB is working to accelerate the shift to open banking through a new personal data rights rule intended to break down these obstacles, jumpstart competition, and protect financial privacy.
Today, the CFPB is taking another step toward ensuring accountability for automated decision models, sometimes marketed as artificial intelligence (AI).
The CFPB is exploring long-term solutions to move away from single points of failure, ensure system resilience, and eliminate unnecessary complexity in rulemaking.
Mientras la deuda de tarjetas de crédito alcanza un nuevo pico, en la CFPB nos enfocamos en aumentar la competencia y reducir los costos
Las tarjetas de crédito son de los productos financieros más comunes del país, proveen el mayor volumen del crédito a corto plazo a las familias. Las tasas de interés han subido, llegando a un promedio de más del 20%. Dadas las tendencias que enfrentan los usuarios en el país, en la CFPB estimamos que la deuda en tarjetas de crédito podría llegar a $1 trillón.
As outstanding credit card debt hits new high, the CFPB is focusing on ways to increase competition and reduce costs
Credit cards are one of the most common financial products in our country, providing the bulk of short-term credit for families. Interest rates on credit cards have risen substantially, with average interest rates going over 20%. Given the trends for the 175 million Americans with credit cards, the CFPB estimates that outstanding credit card debt may continue to set records and could even hit $1 trillion.
Markets work best when rules are simple, easy to understand, and easy to enforce. The CFPB is seeking to move away from highly complicated rules that have long been a staple of consumer financial regulation and towards simpler and clearer rules. In addition, the CFPB is dramatically increasing the amount of guidance it is providing to the marketplace, in accordance with the same principles.
Financial companies that collect and process loan payments play a critical role in consumer finance markets. The Consumer Financial Protection Bureau (CFPB) is the primary federal regulator of the consumer debt collection industry, and today, we submitted our annual report to Congress on the Fair Debt Collection Practices Act (FDCPA).
As the economy recovers from the global pandemic, American families and businesses are experiencing higher prices.
A new Request for Information will help inform a review of the FDIC and OCC’s Bank Merger Act policies.
We’ve issued additional guidance to staff reminding them to report ethics violations, such as suspicious communications and activity by former employees to agency officials.
Today, I was sworn in as Director of the CFPB. I am honored to lead this organization, which plays an essential role within the Federal Reserve System.
Support volunteerism including community-based efforts to provide free tax preparation services to people with low incomes.
Mientras las protecciones expiran, la nueva normativa para la administración hipotecaria busca reducir las ejecuciones que sean evitables
En efecto desde el 31 de agosto del 2021, la nueva normativa les exige a los administradores hipotecarios ofrecerles a los propietarios, oportunidades reales para evitar el “foreclosure” y mantenerse en sus viviendas, mientras algunos programas federales de aplazamiento comienzan a expirar.
Effective August 31, 2021, a new rule requires mortgage servicers to provide meaningful opportunities for homeowners to avoid foreclosure and keep their homes as certain federal forbearance programs begin to expire.
Today is the 10th anniversary of the Consumer Financial Protection Bureau. The CFPB is proud to celebrate 10 years of protecting consumers, and looks forward to the next decade.
As Acting Director, my top priorities are to take bold and swift action to address issues of pervasive racial injustice and the long-term economic impacts of the COVID-19 pandemic on consumers.
The CFPB was born out of the 2008 financial crisis to protect the economically vulnerable. During COVID-19 and the resulting economic crisis, we’re doubling down on that commitment. Learn how the CFPB is using our tools to protect consumers facing housing insecurity.
The CFPB will use the authority provided by Congress to address consumer harms in the small dollar lending market. The CFPB will do so through vigorous market monitoring, supervision, enforcement, and, if appropriate, rulemaking.
A new CFPB report shows more than 11 million renters and homeowners are behind on their housing payments. Communities of color are disproportionately vulnerable to housing insecurity. Here's what we’re doing to prevent harm to vulnerable consumers.
In 2020, the CFPB issued new rules to help ensure borrowers can afford the mortgages they take on. To ensure consumers have the options they need, the CFPB will extend the mandatory compliance deadline for the Qualified Mortgage rules until July 1, 2021.
Moving forward, the Division of Consumer Education and External Affairs should redouble its efforts to ensure the Bureau engages all consumers who are economically suffering.
The Consumer Financial Protection Bureau is proud to launch an effort to recruit attorneys at all experience levels to join our team.
The Bureau is working hard to address housing insecurity, promote racial equity, and protect small businesses’ access to credit
In furtherance of our mission, I have directed the Division of Research, Markets, and Regulations (RMR) to take some immediate actions, and I want to share my directions publicly.
The Bureau is taking much-needed action to protect consumers, particularly the most economically vulnerable
Last week, I was honored to have been appointed Acting Director of the CFPB by the President. Having joined the Bureau in 2011, I have seen firsthand the impact of the Bureau’s mission and the incredible work being done by its staff. I know that the Bureau’s staff shares my devotion to the Bureau’s mission, and I look forward to serving in this latest capacity.