Tag Archives: Consumer Finance Protection Bureau

Breaking News: Cordray Out of the CFPB This Month

Photo credit: CNN

Richard Cordray, the Director of the Consumer Financial Protection Bureau has announced he will resign at the end of this month. Cordray has been at the epicenter of controversy.

His official statement is below:

“It has been a joy of my life to have the opportunity to serve our country as the first director of the Consumer Bureau by working alongside all of you here,” he wrote. “Together we have made a real and lasting difference that has improved people’s lives.”

It has been the position of many that he used the lack of Congressional Oversight to abuse the power bestowed upon him. During a hearing in April, Rep. Jeb Hensarling, R-Texas, who chairs the House Financial Services Committee, called for Cordray to be fired.

“For conducting unlawful activities, abusing his authority, denying market participants due process, Richard Cordray should be dismissed by our president. Not only must Mr. Cordray go, but this CFPB must go as well,” Hensarling said.

Let’s hope the next representative represents the interests of American citizens in a fair and ethical manner.

Collection Companies Charging Illegal Fees, Failing to Validate a Debt, and Other Crimes

Have you (or perhaps someone you know who got behind on bills) been charged an extra money-pay-backprocessing fee by the collection company? Have you been bullied by a debt collector? Has the collector blabbed your personal information to others?

In a report out today, the Consumer Finance Protection Bureau (CFPB) reveals that some collectors are guilty of the following:

  • Charging a processing fee on the debt.
  • Lying to consumers that if they don’t pay immediately their credit would be further harmed.
  • Revealing information about the person’s debts to friends and family while trying to track them down.
  • Failing to properly investigate and validate a disputed account.

As a result of these crimes plus illegal practices by some auto loan servicers and student loan servicers, the CFPB has recovered $11,000,000 in damages. This money is to be distributed to 225,000 consumers who have been harmed.

If this is you (or possibly someone you know), contact the CFBP here. Please feel free to post this on social media to help get the word out. You never know who among your acquaintances might be due a nice rebate check.

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