From: The Consumer Financial Protection Bureau
To: Scott Jenkins,
Subject: CFPB Update: April 4, 2014
Date: Fri Apr 04 20:39:07 MDT 2014
Consumer Financial

CFPB Update: April 4, 2014

CFPB Finds Four Out Of Five Payday Loans Are Rolled Over Or Renewed

The CFPB recently issued a report on payday lending finding that four out of five payday loans are rolled over or renewed within 14 days. The study also shows that the majority of all payday loans are made to borrowers who renew their loans so many times that they end up paying more in fees than the amount of money they originally borrowed. Learn more... 

CFPB Report Shows Complaints Rose 80 Percent in 2013

The CFPB recently announced that consumer complaint volume nearly doubled from 91,000 complaints received in 2012 to 163,700 complaints received in 2013. The CFPB’s Consumer Response Annual Report also highlighted the many issues the CFPB is helping consumers address – from foreclosure alternatives to simply receiving better customer service. Learn more...

CFPB Deputy Director Speaks at the U.S. Chamber of Commerce

 CFPB Deputy Director Steve Antonakes delivered remarks at the U.S. Chamber of Commerce in Washington, DC on March 19, 2014.  Learn more…

CFPB Releases TILA-RESPA Compliance Guide

The CFPB recently released a small entity compliance guide for the TILA-RESPA Integrated Disclosure Rule.  Learn more…

Agencies Issue Proposed Rule on Minimum Requirements for Appraisal Management Companies

Six agencies recently issued a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies (AMCs). An AMC is an entity that serves as an intermediary between appraisers and lenders and provides appraisal management services.  Learn more…

Director Cordray’s Appearance

March 25th: Director Cordray delivered remarks at the CFPB’s Field Hearing on payday loans in Nashville, Tennessee. 

CFPB In Your Community

The CFPB held a field hearing on payday loans in Nashville, Tennessee on March 25th. The event featured remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. 

Watch video of the hearing

The Consumer Financial Protection Bureau

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Washington, DC 20552