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Published Category: Speech

Prepared Remarks of Richard Cordray, Director of the CFPB, at the National Association of Federal Credit Unions

Good morning and thank you for having me join you today. For five years now, the Consumer Financial Protection Bureau and America’s credit unions have had the opportunity to work together on behalf of all Americans. Our responsibility is to support and protect consumers. For credit unions, these same people are more than your customers; they are your members. We share many goals in common as we pursue our respective objectives, and we have a considerable stake in one another’s success.

Published Category: Testimony

Written Testimony of Richard Cordray, Director, CFPB Before the Senate Committee on Banking, Housing, and Urban Affairs

On September 8, 2016, the Consumer Bureau, together with our partners at the Los Angeles City Attorney’s office and the Office of the Comptroller of the Currency, took an enforcement action against Wells Fargo Bank. Our investigations found that, in order to meet sales goals and collect financial bonuses for themselves, employees of the bank created unauthorized deposit and credit card accounts, enrolled consumers in online banking services, and ordered debit cards for consumers, all without their consent or even their knowledge.