OAKLAND – In recognition of National Consumer Protection Week, California Attorney General Rob Bonta today highlighted ongoing efforts to protect California consumers and urged Californians to report misconduct or violations of state consumer protection laws to the California Department of Justice (DOJ) at oag.ca.gov/report. Complaints submitted by the public provide DOJ with important information about potential misconduct to help determine whether to investigate a business or individual.
Good afternoon. I am Kristen Clarke, Assistant Attorney General for Civil Rights at the U.S. Department of Justice. I am delighted to be here today to address America’s credit unions. Credit unions are a cornerstone of a strong economy, and an economy that is equally accessible to all people.
An increasing number of former bank customers are transitioning away from those institutions in favor of becoming credit union members. These newly minted members are migrating to credit unions due to the appeal of competitive interest rates, lower fees and the accessibility of staffers, The Wall Street Journal reported Tuesday (March 5)
The auto finance market has seen significant change over the past two years. Car prices have risen substantially, leading to larger loan amounts and higher monthly payments. These more expensive loans are beginning to have an impact on consumer and household financial stability.
On February 23, 2024, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) published an order establishing supervisory authority over a small-loan consumer finance company, using a Dodd-Frank Act provision that allows the Bureau to supervise certain nonbanks that it has reasonable cause to determine pose risks to consumers (the “Order”). The Order represents the CFPB’s first publicized use of this authority in a contested case.
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