Last quote by Richard Cordray
Richard Cordray quotes
Though many prepaid companies already offer some of these same protections to their consumers, it is vital for consumers to have assurance that these protections are now the law of the land.
Our new rule closes loopholes and protects prepaid consumers when they swipe their card, shop online, or scan their smartphone.
This was outrageous conduct. It was a violation of trust and an abuse of trust. It should not have happened, and I guarantee you that we will be seeing that it does not happen again at any bank.
We put industry clearly on notice. We will be looking for these types of problems.
We are going to make sure that these banks raise their standard of conduct to what we expect and what the consumers deserve.
Today's action should serve notice to the entire industry that financial incentive programs, if not monitored carefully, carry serious risks that can have serious legal consequences.
Wells Fargo built an incentive-compensation program that made it possible for its employees to pursue underhanded sales practices, and it appears that the bank did not monitor the program carefully.
The Consumer Bureau is committed to ensuring that homeowners and struggling borrowers are treated fairly by mortgage servicers and that no one is wrongly foreclosed upon.
We continue to hear about serious problems with debt collection – debiting accounts without authorization, calling at all hours of the day or night, threats of arrest or criminal prosecution, or threats of physical harm to consumers and even their pets.
This is about bringing better accuracy and accountability to a market that desperately needs it.
Standing up for consumers is a full time job.
Mortgage lending is up, auto lending is up … credit card lending is up.
BancorpSouth's discrimination throughout the mortgage lending process harmed the people who were overcharged or denied their dream of homeownership based on their race, and it harmed the Memphis minority neighborhoods that were redlined and denied equal access to affordable credit.
Mortgage servicers can't hide behind their bad computer systems or outdated technology. There are no excuses for not following federal rules.
By putting in place mainstream, common-sense lending standards, our proposal would prevent lenders from succeeding by setting up borrowers to fail.
Approximately one in four new loans result in a sequence of ten loans – made in a desperate struggle to keep up with loans that are due. It is much like getting into a taxi for a ride across town and finding yourself in a ruinous journey across the country.
Consumers deserve to know before they owe, with clear, upfront information about the prices, risks and terms of the deal.