Thank you for joining us. In our fast-moving modern economy, it is increasingly common for consumers to use debit cards the way they used to use cash. They also write checks and arrange for money to be taken out of their account. This makes it harder to keep track of their checking account balances from day to day, even if they are diligent about checking their balances online or by phone. Consumers living on the edge can find themselves racking up numerous overdraft charges.
CFPB Takes Action Against JPMorgan Chase for Failures Related to Checking Account Screening Information
Bureau’s Order Requires Bank to Pay $4.6 Million Penalty
Bureau Report Outlines Accuracy and Other Issues That Bureau Supervision Has Taken Action to Address
Welcome to this meeting of the Consumer Advisory Board. We find great value in the dialogue we have with our CAB members, who share with us their perspective, their expertise, and their experience. All of that improves our work in many ways. We are here together because each of us cares deeply about how consumers are being treated in the consumer financial marketplace. Today, I want to talk to you specifically about some of the work we are doing and the tangible progress we are making in the consumer reporting marketplace.
CFPB Launches Inquiry Into Challenges Consumers Face in Using and Securely Sharing Access to Their Digital Financial Records
Bureau Seeks Stakeholder Input on Security, Consumer Choice, and Control of Records
Prepared Remarks of CFPB Director Richard Cordray at the Field Hearing on Consumer Access to Financial Records
Thank you all for joining us in Salt Lake City. We have a special moment right now to peer into the future and see what we can learn. And we have a great opportunity to begin to discuss how we can help shape the future in ways that support and protect consumers.
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.
Consumer Financial Protection Bureau Fines Wells Fargo $100 Million for Widespread Illegal Practice of Secretly Opening Unauthorized Accounts
Bank Incentives to Boost Sales Figures Spurred Employees to Secretly Open Deposit and Credit Card Accounts
Prepared Remarks of Richard Cordray Director of the Consumer Financial Protection Bureau on the Wells Fargo Enforcement Action Press Call
Today the Consumer Financial Protection Bureau is joining our partners at the Los Angeles City Attorney’s office and the Office of the Comptroller of the Currency in taking an enforcement action against Wells Fargo Bank. Our investigations found that employees of the bank created unauthorized deposit and credit card accounts across the country in order to collect financial bonuses for themselves. The Bureau itself is levying a fine of $100 million against Wells Fargo for this widespread practice. All told, the bank will pay $185 million in fines for the illegal actions of these employees.
Consumer Financial Protection Bureau Monthly Complaints Snapshot Spotlights Bank Account and Service Complaints
Report Also Includes In-Depth Look at Consumer Complaints from Ohio