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Category: Press release |
Published

CFPB Takes Action Against Hello Digit for Lying to Consumers About Its Automated Savings Algorithm

The Consumer Financial Protection Bureau (CFPB) is taking action against Hello Digit, LLC, a financial technology company that used a faulty algorithm that caused overdrafts and overdraft penalties for customers. Hello Digit was meant to save people money, but instead the company falsely guaranteed no overdrafts with its product, broke its promises to make amends on its mistakes, and pocketed a portion of the interest that should have gone to consumers.

Category: Press release |
Published

CFPB Fines U.S. Bank $37.5 Million for Illegally Exploiting Personal Data to Open Sham Accounts for Unsuspecting Customers

Today, the Consumer Financial Protection Bureau (CFPB) took action against U.S. Bank for illegally accessing its customers’ credit reports and opening checking and savings accounts, credit cards, and lines of credit without customers’ permission. U.S. Bank pressured and incentivized its employees to sell multiple products and services to its customers, including imposing sales goals as part of their employees’ job requirements.

Category: Press release |
Published

Federal Regulators Fine Bank of America $225 Million Over Botched Disbursement of State Unemployment Benefits at Height of Pandemic

The Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) have fined Bank of America $225 million for botching the disbursement of state unemployment benefits at the height of the pandemic.

Category: Press release |
Published

CFPB Launches Initiative to Improve Customer Service at Big Banks

The Consumer Financial Protection Bureau (CFPB) is seeking public input on how bank customers can assert their rights to better customer service with big banks. A 2010 federal law specifies that consumers have rights to obtain timely responses to requests for information about their accounts from large depository institutions. In today’s Request for Information, the CFPB seeks data about, and consumer experiences with, the obstacles that may prevent people from receiving high standards of customer service and high-quality human interactions with their banks or credit unions.

Category: Press release |
Published

Consumer Financial Protection Bureau Launches Initiative to Save Americans Billions in Junk Fees

Today, the Consumer Financial Protection Bureau (CFPB) launched an initiative to save households billions of dollars a year by reducing exploitative junk fees charged by banks and financial companies. Today’s request is a chance for the public to share input that will help shape the agency’s rulemaking and guidance agenda, as well as its enforcement priorities in the coming months and years.

Category: Director's statement |
Published

Statement of Director Rohit Chopra on the LIBOR Transition Rule

In the years leading up to the subprime crisis, one opaque and easily manipulable index, LIBOR, came to dominate adjustable rate home mortgage loan contracts. In the wake of the crisis, we learned that large international banks had conspired to set the LIBOR rate in order to conceal weaknesses in the financial system and to boost their bottom line.

Category: Press release |
Published

Federal Agencies Encourage Banks, Savings Associations, and Credit Unions to Offer Responsible Small-Dollar Loans to Consumers and Small Businesses Affected by COVID-19

Five federal financial regulatory agencies issued a joint statement encouraging banks, savings associations, and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to COVID-19.

Category: Press release |
Published

CFPB Releases Research on Tax Time Savings

The Consumer Financial Protection Bureau (Bureau) released today the results of a pilot study, Planning for tax-time savings, launched with the tax preparation company H&R Block that shows that simple messages encouraging customers to use their prepaid card to save at tax time increased the likelihood that they would do so.  

Category: Press release |
Published

Consumer Financial Protection Bureau Recommends Financial Institutions Report Suspected Financial Exploitation of Older Adults

The Consumer Financial Protection Bureau (Bureau) today issued an updated advisory to financial institutions urging them to report to the appropriate local, state and federal authorities whenever they suspect that an older adult is the target or victim of financial exploitation. 

Category: Press release |
Published

Consumer Financial Protection Bureau Outlines Plan to Review Rules Under the Regulatory Flexibility Act

Today the Consumer Financial Protection Bureau (CFPB) published a notice on how it plans to periodically review regulations under the Regulatory Flexibility Act (RFA) and to request public input.