On March 17, 2021, Consumer Financial Protection Bureau Acting Director Dave Uejio issued a statement regarding consumers’ access to Economic Impact Payment funds distributed through the American Rescue Plan.
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.
The federal financial institution regulatory agencies and the state banking regulators issued an interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19 and providing additional information regarding loan modifications.
The Consumer Financial Protection Bureau (Bureau) issued a Notice of Proposed Rulemaking (NPRM) relating to the Remittance Rule (Rule).
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.
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.
The Consumer Financial Protection Bureau and the Federal Reserve Board today jointly published amendments to Regulation CC that implement a statutory requirement to adjust for inflation the amount of funds depository institutions must make available to their customers.
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.
Joint release with the Board of Governors of the Federal Reserve System
Joint release with the Federal Reserve Board of Governors and Office of the Comptroller of the Currency
Today the Bureau of Consumer Financial Protection (Bureau) filed in federal district court a proposed settlement with TCF National Bank regarding its marketing and sale of overdraft services.
Bureau Acting Director Mick Mulvaney issued the following statement after President Donald Trump signed the Economic Growth, Regulatory Relief and Consumer Protection Act into law.
For more than five years now, I have had the honor to serve our country as the first director of the new U.S. Consumer Financial Protection Bureau. In that time, we have built a brand-new federal agency from scratch. And we have sent a strong message to the banks and large financial companies that in a frank and fair way we are pushing them to clean up their act and put their customers first.
Consumers Harmed By Inferior Card Terms, Including Higher Interest Rates, Stricter Credit Cutoffs, and Less Debt Forgiveness, Receive Over $95 Million in Redress
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.
New CFPB Study Shows Opted-In Frequent Overdrafters Typically Pay Almost $450 More in Fees
Bureau’s Order Requires Bank to Pay $4.6 Million Penalty
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.
Bureau Report Outlines Accuracy and Other Issues That Bureau Supervision Has Taken Action to Address
Bureau Seeks Stakeholder Input on Security, Consumer Choice, and Control of 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.
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.
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.
Bank Incentives to Boost Sales Figures Spurred Employees to Secretly Open Deposit and Credit Card Accounts
Report Also Includes In-Depth Look at Consumer Complaints from Ohio
