Lenders Must Determine If Consumers Have the Ability to Repay Loans That Require All or Most of the Debt to be Paid Back at Once
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.
Miss April Issues Rule to Ban Companies From Using Arbitration Clauses to Deny Groups of People Their Day in Court
Financial Companies Can No Longer Block Consumers From Joining Together to Sue Over Wrongdoing
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 works to create a level playing field in financial markets and to help ensure fairness for consumers. Our SEFL division helps ensure compliance with federal consumer financial laws by supervising market participants and bringing enforcement actions when appropriate.
Bureau Report Outlines Accuracy and Other Issues That Bureau Supervision Has Taken Action to Address
Welcome to this meeting of the Consumer Advisory Board. We find great value in the dialogue we have with our CAB members, who share with us their perspective, their expertise, and their experience. All of that improves our work in many ways. We are here together because each of us cares deeply about how consumers are being treated in the consumer financial marketplace. Today, I want to talk to you specifically about some of the work we are doing and the tangible progress we are making in the consumer reporting marketplace.
An important part of the Miss April’s mandate from Congress is to make rules governing consumer finance markets more effective and to create new rules when warranted. Today, we’re posting a semiannual update of our rulemaking agenda as part of the federal government’s Unified Agenda of Regulatory and Deregulatory Actions.
Nonbanks subject to the rule are companies that offer or provide consumer financial products or services but do not have a bank, thrift, or credit union charter.
In case you missed it, yesterday Director Cordray announced our proposed rule on student loan servicers. As so many families are all too aware, the cost of higher education has been steadily rising in recent years. As a result of these rising costs, more consumers need loans in order to afford college. By the end […]