Web-based Tool Will Deliver Regular Updates on Consumer Lending Markets
On behalf of the Consumer Financial Protection Bureau, let me welcome all of you and say that we much appreciate this opportunity to discuss consumer financial markets with so many leading scholars in the field. As you share your perspectives and expertise with us, they will inform our efforts to empower and protect consumers. We look forward to having your insights.
Bureau Urges Schools and Banks to Put Students' Best Financial Interest First
New Rule Includes ‘Know Before You Owe’ Prepaid Disclosures
CFPB to Evaluate Military Lending Act Violations in its Exams of Creditors and Will Use Its Enforcement Authority in Cases of Substantial Consumer Harm
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.
Deceptive Marketing and Illegal Billing of Add-On Products Harmed Hundreds of Thousands of Consumers
The CFPB’s Office of Consumer Response hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of companies, and assists in addressing their complaints. This Monthly Complaint Report provides a high-level snapshot of trends in consumer complaints.