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Monday, April 7, 2014

CFPB Director Highlights Consumer Obstacles at Greenlining Institute

In a speech at the Greenlining Institute’s Economic Summit, CFPB Director Richard Cordray emphasized four areas where the bureau has been directing their efforts:

  • Working to eradicate deceptive practices that give consumers false or inaccurate information;
  • Targeting institutions that pose a potential debt trap, such as payday lenders;
  • Ensuring consumers are treated fairly in debt collection, loan servicing and credit reporting when consumers do not choose the company they work with; and
  • Identifying and rectifying discriminatory patterns that lead to biased lending practices.

Cordray also pointed out that the bureau is developing tools geared to help consumers identify potential problems and protect themselves.

Read Cordray’s speech.

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