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Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the CFPB Research Conference

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.

Category: Testimony |
Published

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. 

Category: Speech |
Published

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.

Category: Press release |
Published

Consumer Financial Protection Bureau Monthly Complaint Snapshot Spotlights Credit Card Complaints

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.