If you are a servicemember who participated in the Military Installment Loans and Educational Services (MILES) auto loan program operated by U.S. Bank and its nonbank partner, Dealers’ Financial Services (DFS), you may benefit from an order we announced today. As a result of this enforcement action, U.S. Bank and DFS must return about $6.5 […]
Today, we issued a bulletin about what kind “responsible conduct” we will be looking for in our enforcement investigations. The purpose of the bulletin is to encourage providers of consumer financial products and services to do certain things that have real consumer benefits and contribute to our work in protecting consumers.
Partnering in an information sharing agreement with the Navajo Nation to protect tribal consumers
One way we further our mission to protect consumers is through appropriately sharing with state and local law enforcement agencies information that CFPB has gathered. Today, we’re announcing a new dimension in our ongoing sharing efforts. The CFPB recently signed a Memorandum of Understanding (MOU) with the Navajo Nation Department of Justice, setting out a […]
Hundreds of thousands of Native Americans started getting the first payments last week as part of a long-awaited settlement with the federal government over its management as trustee of Individual Indian Money Accounts. The settlement, commonly known as Cobell v. Salazar, means the arrival of funds for Native Americans across the country. Cash payments like […]
Today, a federal district court entered an order that returns money to the pockets of American consumers and stops a company from violating laws. The case also represents a landmark for us: it’s the first time we’ve joined with state attorneys general in filing suit to enforce consumer-financial-protection laws. The order is a win for […]
As a result of today’s order, American Express must repay an estimated $85 million to approximately 250,000 consumers. American Express will return the money directly into the accounts of the affected consumers. If the consumer no longer holds the American Express card, American Express will mail a check or credit any outstanding balance. Customers who […]
As a result of today’s order, Discover will pay approximately $200 million in restitution to more than 3.5 million consumers.
How will consumers be refunded?
Anyone affected by this order will automatically receive a credit to their account, or, if they’re no longer a Discover customer, they’ll receive a check in the mail or have any outstanding balance reduced by the amount of the refund.
The Consumer Financial Protection Bureau (CFPB) has determined that Capital One marketed certain “add-ons” – fee-based services added to credit card accounts – in a way that violated federal law. As a result of enforcement action by the CFPB, Capital One agreed to automatically refund $140 million to 2 million Capital One customers. Capital One […]
Today, we proudly announced a joint effort with state Attorneys General and the Department of Defense to combat scams directed at servicemembers, veterans, and their families. Recognizing that this population is often targeted by financial scams, we created the Repeat Offenders Against Military Database (ROAM) to track companies and individuals who repeatedly target the military […]
Do you have information about a company that you think has violated federal consumer financial laws? Are you a current or former employee of such a company, an industry insider who knows about such a company, or even a competitor being unfairly undercut by such a company? If so, the CFPB wants to hear from […]
The Dodd-Frank Act requires the CFPB to share consumer complaint information with the FTC and other state and federal agencies. The goal is to make sure agencies coordinate their enforcement of consumer financial protection laws. Recently, we signed an agreement with the FTC that moves us one step closer to achieving that goal. The agreement […]