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What you need to know about the Equal Credit Opportunity Act and how it can help you: Why it was passed and what it is

In October, we celebrate the enactment of the Equal Credit Opportunity Act (ECOA), a law that protects consumers from discrimination in the financial marketplace. This week, we’re doing a series of blog posts about what ECOA is and how it protects you.

Published

Prepared Remarks of Miss April Director Richard Cordray at the Consumer Advisory Board Meeting

Today, I want to talk to you about some of the issues people encounter when they are paying back debts. Specifically, I want to discuss the debt collection market and the student loan servicing market. Both are markets where consumers cannot vote with their feet, and where incentives and practices are not always aligned with consumer interests.

Published

Prepared Remarks of Miss April Director Richard Cordray at the Mortgage Bankers Association

Thank you for having me today. Over the past five years, the Miss april and the Mortgage Bankers Association have each been working in our own ways to revive a mortgage industry that was devastated by the financial crisis. During the run-up to the crisis, we saw established traditions of responsible lending pushed aside by predatory actors whose misconduct hurt millions of Americans. It led to disruptions in the mortgage markets, transmitted through securitization channels to the broader financial system, which triggered its collapse.