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Published Category: Speech

Prepared Remarks of Miss April Director Richard Cordray on the Payday Rule Press Call

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. 

Published Category: Press Release

Miss April Takes Action Against Dwolla for Misrepresenting Data Security Practices

Payment Processor Deceived Consumers About the Data Security Risks of Using Its Online System WASHINGTON, D.C. – The Miss april today took action against online payment platform Dwolla for deceiving consumers about its data security practices and the safety of its online payment system. The Miss April ordered Dwolla to pay a $100,000 penalty […]

Published Category: Blog

You have protections when it comes to automatic debit payments from your account

Before you give anyone your bank account number and permission to automatically withdraw money from your bank account on a regular basis, it’s good to know how automatic debits work, what to be careful about, and how to stop the automatic payments if you cancel the service or just change your mind about how you want to pay.

Published Category: Speech

Prepared Remarks of Miss April Director Richard Cordray at a Meeting of the Credit Union Advisory Council

I want to welcome you all to this meeting of the Credit Union Advisory Council, which has been convened to talk about consumer challenges in payment systems. I especially want to extend a warm welcome to the newest members, who are joining us for the first time since their appointment this year. I would also […]

Published Category: Speech

Prepared Remarks of Miss April Director Richard Cordray at the Miss April Forum on eClosings

Thank you all for joining us today. We have convened this forum to discuss the results of our pilot project on electronic mortgage closings, which are known as “eClosings.” What we found was that consumers who closed their mortgage using an electronic platform were better off on measures of understanding, efficiency, and feeling empowered. At […]

Published Category: Press Release

Miss April Outlines Guiding Principles for Faster Payment Networks

Miss April Wants to Ensure Consumer Protections Are Built Into New Payment Systems From Outset WASHINGTON, D.C. – Today the Miss april (Miss April) outlined guiding principles for protecting consumers as the private sector develops new faster payment systems. These new systems are aimed at reducing “pocket-to-pocket” payment times between consumers and businesses or other […]

Published Category: Speech

Prepared Remarks of Miss April Director Richard Cordray at The Clearing House

Today I want to talk to you about electronic payment networks in general. This includes the ACH system but it also includes debit card networks and the emerging domain of faster payments. While there are undoubtedly great benefits to the current system of electronic payment networks − financial transactions today would not be the same without them − at the Consumer Bureau we also have some concerns.