The CFPB held a public hearing at the Downtown Minneapolis Hennepin County Public Library. People detailed about how student loans, which are the number two debt for consumers right behind mortgages, were hard to understand and difficult to pay off.
A representative from AARP told of how banks put piles of unnecessary fees, including charging hundreds of dollars to deliver papers, into mortgage closings. There were also stories of lenders foreclosing on mortgages that were not past due, but were trying to be paid off.
CFPB staffer Raj Date commented that these stories were the reason he and others and his agency were willing to work long hours to fix the country’s consumer financial system.