Posts from January 2012

Earlier this week, we issued a memorandum to consumers and industry participants who submitted comments on our Know Before You Owe: Student Loans project.

We got feedback on almost every aspect of the “financial aid shopping sheet” prototype, and a majority of those who commented said a standardized way of receiving financial aid information is needed. (more…)

Today, we proudly announced a joint effort with state Attorneys General and the Department of Defense to combat scams directed at servicemembers, veterans, and their families. Recognizing that this population is often targeted by financial scams, we created the Repeat Offenders Against Military Database (ROAM) to track companies and individuals who repeatedly target the military community. (more…)

Yesterday, Director Cordray kicked off our field hearing on payday lending in Birmingham, Ala., by explaining why he was there and what the Bureau wants to learn from consumers about payday loans. (more…)

Today, the Consumer Financial Protection Bureau traveled to Birmingham, Ala., for our first field hearing. We gathered to discuss and collect information on payday lending. The payday lending market is a multi-billion dollar industry in the United States, and Alabama has one of the largest concentrations of payday lenders in the country. (more…)

In the months since the CFPB officially opened its doors, the Bureau has been moving at full speed to engage consumers and bring greater transparency to the financial marketplace. We’ve been hard at work building our consumer response system, creating our Know Before You Owe campaigns, and forming a strong foundation for our supervision, examination, fair lending, and enforcement teams. In addition to these efforts, we have been focused on standing up the CFPB’s Office of Minority and Women Inclusion (OMWI). (more…)

A Beginning

Today marks an important step forward for the CFPB as we work to protect consumers. Going forward, the CFPB will expand its bank supervision program (which began last July) to nonbanks, ensuring that banks and nonbanks play by the same rules.

Before we get ahead of ourselves, it makes sense to remember what a nonbank actually is. (more…)