Wells Fargo to Pay $3.6 Million Penalty to the Bureau
CFPB and Financial Regulators Issue Guidance on How Banks Handle Consumer Deposit Account Discrepancies
Interagency Guidance Details Supervisory Expectations for Preventing Consumer Harm
Report Also Includes In-Depth Look at Consumer Complaints from Connecticut WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaint snapshot, highlighting bank account and service complaints. The report shows many consumers are experiencing problems opening up and managing accounts, while other consumers found their accounts closed without explanation. […]
Prepared Remarks of CFPB Director Richard Cordray at the American Bankers Association Annual Convention
It is a pleasure to be back at the American Bankers Association. Before I begin, I would like to take a moment to congratulate Governor Keating for his dedication to the financial services industry, and for his long and distinguished record of public service. During my time at the Consumer Bureau, it has been my […]
Prepared Remarks of CFPB Director Richard Cordray on the Citizens Bank Enforcement Action Press Call
Thank you for joining this call. Today the Consumer Financial Protection Bureau, along with our federal partners, is taking action against Citizens Bank for shoddy practices that deprived consumers of money that was rightfully theirs when they made deposits into their checking and savings accounts. The Consumer Bureau is ordering the bank to return approximately […]
CFPB, OCC, and FDIC Take Action Against Bank For Ignoring Deposit Discrepancies WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) took action against Citizens Bank for failing to credit consumers the full amounts of their deposited funds. […]
M&T to Refund $2.9 Million to Approximately 59,000 Account Holders Who Paid Fees for Free Checking WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) took action against M&T Bank for deceptively advertising free checking accounts. The CFPB found that M&T lured in consumers with promises of “no strings attached” free checking, without disclosing […]
Prepared Remarks of CFPB Director Richard Cordray at the Association of Military Banks of America
I would like to thank the Association of Military Banks and Andy Egeland for inviting me to be with you here today.
As the Director of the Consumer Financial Protection Bureau, I recognize the importance that community banks play in the lives of many consumers and in many neighborhoods and small towns across the United States. When I joined the Consumer Bureau, I came with a strong viewpoint that community banks were not among the causes of the financial crisis. I saw this when I was a county treasurer, then the State Treasurer of Ohio. You did not underwrite the bad loans that brought down the housing market. Instead, you worked to keep your own customers in sound and sustainable loans. You were sounding the alarm bells well before the sinking of the economy. And you were upholding sensible underwriting standards even though you may have been losing some of your customers and your market share to the financial predators who were not held to the same standards of responsible lending.
Prepared Remarks of CFPB Director Richard Cordray at the Mobile Request for Information Field Hearing
We are glad to be in New Orleans today, a vibrant city of many different proud cultures. As it has been said, this city is “like a big musical gumbo.” I am sure that comment was mostly about its music, but I think it also applies to the great diversity I see here too. That is important for us as we travel the country to raise awareness about the Consumer Financial Protection Bureau and the work we are doing to help ensure that people are treated fairly in the financial marketplace. Understanding the diversity of consumers, and learning all that we can about their lives, helps us stay attuned to the needs and challenges they are facing. And by deepening our understanding of consumers, we are better able to conceptualize and prioritize our work.
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) announced it is launching an inquiry into the opportunities and challenges associated with the use of mobile financial services. As part of the inquiry, the Bureau is exploring how mobile technologies are impacting unbanked and underserved consumers with limited access to traditional banking systems.
Prepared Remarks of Deputy Director Antonakes at the Federal Reserve Bank of Atlanta 2014 Banking Outlook Conference
Good morning. It is my pleasure to have the opportunity to be with you today at the Federal Reserve Bank of Atlanta’s 2014 Banking Outlook Conference. I think an open dialogue among regulators and industry participants benefits everyone involved. Today, I will update you on a few of our key initiatives and discuss how we […]
Prepared Remarks of Steven Antonakes Deputy Director of the Consumer Financial Protection Bureau Mortgage Bankers Association Orlando, Florida February 19, 2014 Good afternoon. Thank you for the invitation to be here with you today. By way of background, I am a career bank regulator. I cut my teeth during the end of the S&L Crisis […]
Crossposted from USAToday.com. This opinion editorial originally ran on January 7, 2014 online and in the print edition on January 8, 2014. Let me tell you a common story I hear. It starts with a woman in 2005 or 2006 who took out a mortgage to buy her first home. After two years, her teaser interest […]
Prepared Remarks of Richard Cordray Director of the Consumer Financial Protection Bureau The Clearing House Annual Conference November 21, 2013 Thank you so much for having me here today. I very much enjoy coming to visit The Clearing House, which has long played a central role in our financial markets. Or, as your own slogan […]
Prepared Remarks of Richard Cordray Director of the Consumer Financial Protection Bureau American Bankers Association Annual Convention New Orleans, Louisiana October 21, 2013 Thank you Frank, and thank you all so much for inviting me to speak this morning as part of your discussion about how to spur economic recovery in this country. We appreciate […]
Thank you so much for having me here today as you discuss the aftermath of the financial crisis and the future of banking regulation. I know many of you are interested to know what is on our agenda at the Consumer Financial Protection Bureau, so I would like to describe where we have been and where we are going.
The bulletin also explains some of the federal consumer protections that apply to payroll cards, such as fee disclosure, access to account history, limited liability for unauthorized use, and error resolution rights.
Thank you so much for allowing me to join you here today. Since our inception, the Consumer Financial Protection Bureau has enjoyed a relationship with credit unions based on mutual respect and a common understanding of who it is we serve: the people of this country. To you, they are not simply your customers, but instead are your “members.”
Nonbanks subject to the rule are companies that offer or provide consumer financial products or services but do not have a bank, thrift, or credit union charter.
Thank you. It is a privilege to speak to this group, which touches nearly every sector of our economy. One thing we share in common is that we all have been profoundly affected by what occurred in the financial marketplace in recent years.
This report describes a broad variety of different overdraft practices and different consumer experiences. It also raises concerns about the ability of consumers to anticipate and avoid overdraft costs.
The report shows big differences across financial institutions when it comes to overdraft coverage on debit card transactions and ATM withdrawals, drawing into question how banks sell this account feature.
The framework will apply in situations where the CFPB and state regulators share concurrent supervisory jurisdiction.
Today, I will focus on our crucial task of connecting with consumers, which we must do well in order to help them properly. In particular, it is important that we connect with those who may be new to the American economy and in need of sensible protections.
The remittance rule creates a comprehensive consumer protection regime for remittance transfers sent by consumers in the United States to individuals and businesses in foreign countries.