CFPB Resource Center

  • September 26, 2014
    CFPB Announces Project Catalyst Pilot On Thursday, September 25, 2014, the CFPB announced a research pilot titled Project Catalyst to examine the effectiveness of early intervention credit counseling for consumers who are at risk of default on their credit card debt. "Managing credit card debt can be stressful for consumers and will affect their ability to access credit in the future," said CFPB...
  • September 19, 2014
    CFPB Field Hearing On Auto Finance The CFPB hosted a field hearing on Thursday, September 18, 2014, in Indianapolis, to address the auto finance market and proposed federal oversight of larger nonbank auto finance firms. It also released a Supervisory Highlights report , outlining the CFPB's investigation of auto lending discrimination over the last two years and published a long-awaited white...
  • September 12, 2014
    CFPB Holds Consumer Advisory Board Meeting in Washington, D.C. On Thursday, September 11, 2014, the CFPB's Consumer Advisory Board (CAB) held its third meeting of the year, attended by approximately 20 people, including the public and members of the press. The agenda covered the student loan market, small dollar credit building, harnessing technology to improve access to financial services, and...
  • September 5, 2014
    CFPB Eyes Credit Card Interest Rate Promotions On Wednesday, September 3, 2014, the CFPB issued a bulletin cautioning credit card issuers on interest rate promotions to consumers. "Credit card offers that lure in consumers and hit them with surprise charges are against the law," said CFPB Director Richard Cordray, alluding to marketing practices by credit card companies when providing "grace...
  • August 29, 2014
    CFPB to hold Auto Finance Field Hearing On Thursday, August 28, 2014, the CFPB announced it will host a field hearing focused on auto finance on Thursday, September 18, 2014, in Indianapolis, IN. CFPB Director Richard Cordray will make remarks, and consumer groups, industry representatives, and members of the public will also participate. The hearing is open to the public, but RSVP is required...
  • August 15, 2014
    CFPB Takes Action against Mortgage Lender for Deceptive Practices On Tuesday, August 12, 2014, the CFPB ordered Amerisave and its affiliate to pay $14.8 million in compensation to consumers, as well as a $4.5 million penalty for "engaging in a deceptive bait-and-switch mortgage-lending scheme." The Bureau claims Amerisave advertised misleading interest rates and illegally overcharged for...
  • August 8, 2014
    CFPB Asks about Agreements with Financial Institutions On Wednesday, August 6, 2014, the CFPB sent a letter to the 14 "Big Ten" universities urging them to disclose their agreements with financial institutions which result in providing financial products to students on campus. According to a Bureau blog post , The letter was sent to follow up an effort the CFPB began in 2013 to collect...
  • August 1, 2014
    CFPB Releases Overdraft Data Point On Thursday, July 31, 2014, the CFPB released a long-awaited report entitled: “Data Point: Checking Account Overdraft,” which provided statistics on the usage of overdraft products. The report is not final and does not make express policy recommendations. The CFPB is expected to release more overdraft reports prior to a proposed rulemaking. Key findings from the...
  • July 18, 2014
    CBA Submits Comments to Privacy Notice Proposal On Monday, July 14, 2014, CBA and other industry trades submitted a comment letter to the CFPB on its proposal to streamline annual privacy notices under Regulation P. While the proposal would create an alternative method for delivering annual privacy notices, the alternative is so circumscribed it has little practical value to consumers or...
  • July 11, 2014
    CFPB Takes Action Against Payday Lender On Thursday, July 10, 2014, the CFPB took enforcement action against a large payday lender, ACE Cash Express, for allegedly pushing payday borrowers into a cycle of debt. The CFPB found ACE, headquartered in Irving, TX, used illegal debt collection tactics, including harassment and false threats of lawsuits or criminal prosecution, to pressure overdue...

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