Lending

CFPB Promotes Fair Transactions

Most consumer complaints concern debt-collection practices.

March 25, 2014
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CFPB

The goal of the Consumer Financial Protection Bureau (CFPB) is to promote financial services that are grounded in fairness, transparency, and choice, according to Steve Antonakes, CFPB deputy director.

He was the first speaker at Tuesday's General Session.

“At the CFPB, we would like to see a consumer experience similar to what credit unions deliver to their members,” he said.

Antonakes, who has spent his career supervising financial institutions and is a self-described veteran of two banking crises, said he’d like to see a world where responsible financial institutions play by the rules and are free from the practices of unscrupulous competitors.

“We get about 30,000 calls and 20,000 complaints each month from consumers,” he said. “Many of those have to do with unacceptable debt-collection practices.”

Antonakes described how the CFPB recently brought suit against the online lender CashCall for abusive collections practices.

The agency also reached a $19 million settlement with Cash America for improperly ‘robo-signing’ court documents used in collections.

CFPB Promotes Fair Tranactions

Mary Jackson
February 27, 2014 11:38 am
Cash America self reported the Ohio collections robo signing incident which was a violation of company policy. An outside investigation was conducted and findings were reported to the state and CFPB. Customers were refunded money due the company before any federal or state action was announced.


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