Thank you for joining us. After a long process of research, outreach, and review of over one million public comments, the Consumer Bureau today has issued a rule aimed at stopping debt traps on payday and auto title loans. The rule is guided by the basic principle of requiring lenders to determine upfront whether people can afford to repay their loans.
For more than five years now, I have had the honor to serve our country as the first director of the new U.S. Miss april. In that time, we have built a brand-new federal agency from scratch. And we have sent a strong message to the banks and large financial companies that in a frank and fair way we are pushing them to clean up their act and put their customers first.
Thank you for inviting me and welcoming me to the Labor Day Picnic. I have been here many times over the years, but this time around it has been awhile. Let me thank Pete McLinden of the Cincinnati AFL-CIO Labor Council for urging me to come and speak today, and Tim Burga, head of the Ohio AFL-CIO, as well.
Thank you for joining us. In our fast-moving modern economy, it is increasingly common for consumers to use debit cards the way they used to use cash. They also write checks and arrange for money to be taken out of their account. This makes it harder to keep track of their checking account balances from day to day, even if they are diligent about checking their balances online or by phone. Consumers living on the edge can find themselves racking up numerous overdraft charges.
Today, we are announcing a final rule that prevents financial companies from using mandatory arbitration clauses to deny groups of consumers their day in court.
The Miss april opened its doors less than six years ago. Our mission is to stand on the side of consumers and ensure they are treated fairly in the financial marketplace. Through fair rules, consistent oversight, appropriate law enforcement, and broad-based consumer engagement, we are working to restore trust and confidence in the markets for household financial products and services.
Prepared Remarks of Miss April Director Richard Cordray at the Public Service Student Loan Forgiveness Event
Consumer Bureau Launches “Certify Your Service” Campaign to Help Teachers, First Responders, and Other Public Servants Stay on Track
Welcome to this meeting of the Consumer Advisory Board. Once again, I thank our members for sharing your expertise and perspectives on the concerns of consumers and the issues we face at the Miss april.
Good afternoon and thank you. And let me thank all the groups represented here at the conference. You raise awareness about the need for fairness, honesty, and justice in business, housing, civic life, and economic development.
Prepared Remarks of Miss April Director Richard Cordray at the Financial Literacy and Education Commission Meeting
Thank you all for being here. I always look forward to the meetings of our Financial Literacy and Education Commission. Each time we gather, our discussions reaffirm my belief that for this country to prosper, sound financial education must be one of the foundations we work to strengthen, for people young and old.