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Published Category: Speech

Prepared Remarks of CFPB Director Richard Cordray on the TCF Bank Enforcement Action Press Call

Thank you for joining the call. Today, we are suing TCF National Bank for tricking consumers to opt in for costly overdraft services. We believe TCF trained its employees to use unlawful tactics in their marketing to consumers. They made overdraft seem mandatory when it was not. They obscured information about fees when opening accounts for new customers. They adopted a loose definition of “consent” to opt in existing customers, and they pushed back aggressively against any customer who questioned the process. In the end, many of their customers had no idea they had opted in for expensive services that exposed them to high fees.

Published Category: Press Release

CFPB Takes Action to Obtain $120 Million in Redress from Sprint and Verizon for Illegal Mobile Cramming

Companies Will Also Pay $38 Million in Fines for Unauthorized Charges on Customers’ Mobile Bills WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau filed proposed orders in federal courts against Sprint and Verizon which, if approved, would provide $120 million in redress to wireless customers who were illegally billed hundreds of millions of dollars […]