CFPB Issue Spotlight Analyzes “Artificial Intelligence” Chatbots in Banking
The Consumer Financial Protection Bureau (CFPB) today released a new issue spotlight on the expansive adoption and use of chatbots by financial institutions.
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CFPB Finds that Billions of Dollars Stored on Popular Payment Apps May Lack Federal Insurance
The Bureau published an issue spotlight on digital payment apps heavily used by consumers and businesses.
Consumer advisory: Your money is at greater risk when you hold it in a payment app, instead of moving it to an account with deposit insurance
Keeping money inside your nonbank payment app might feel the same as a keeping money in a traditional bank account. But the money in your app might not be held in an account at an FDIC member bank or NCUA member credit union and may not offer federal deposit insurance.
CFPB Action to Require Citizens Bank to Pay $9 Million Penalty for Unlawful Credit Card Servicing
Today, the Consumer Financial Protection Bureau (CFPB) reached a settlement to resolve CFPB’s allegations that Citizens Bank violated consumer financial protection laws and rules that protect individuals when they dispute credit card transactions.
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Proposed Special Deposit Insurance Assessment on Large Banks
Statement of CFPB Director Rohit Chopra on the FDIC’s Proposed Special Deposit Insurance Assessment on Large Banks
CFPB Issues Guidance to Rein in Creation of Fake Accounts to Harvest Fees
The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that a bank may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it.
Prepared Remarks of CFPB Director Rohit Chopra at the 2023 American Economic Liberties Project Anti-Monopoly Summit
Director Chopra delivered keynote remarks on May 4, 2023 at the Anti-Monopoly Summit in Washington, DC hosted by the American Economic Liberties Project.
CFPB Issues Rule to Facilitate Orderly Wind Down of LIBOR
Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule amending the agency’s 2021 LIBOR transition rule.
CFPB Joins Other Financial Regulatory Agencies in Issuing Statement on Completing the LIBOR Transition
Today, the Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies, along with state bank and state credit union regulators, in issuing a statement that the use of United States Dollar LIBOR (USD LIBOR) panels will end on June 30, 2023.
Prepared Remarks of Director Rohit Chopra at the April 2023 Financial Literacy and Education Commission
Director Chopra delivered remarks at the April 25, 2023, meeting of the Financial Literacy and Education Commission.
Statement of CFPB Director Rohit Chopra on the Proposed Restoration of the Financial Stability Oversight Council’s Authority and Regulatory Credibility
Prepared remarks of CFPB Director Rohit Chopra on the proposed restoration of the FSOC’s authority to prevent shadow bank bailouts.
Prepared Panel Remarks of CFPB Director Rohit Chopra, at the American Bar Association Spring Meeting
Director Chopra delivered prepared remarks at the American Bar Association Spring Meeting.
Deputy Director Martinez’s Prepared Remarks at the Consumer Law Scholars Conference
Deputy Director Martinez delivered prepared remarks on the CFPB’s junk fees work at the Consumer Law Scholars Conference in Berkeley, California.
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, Regarding the Living Wills Submitted by Certain Large Foreign and Domestic Firms
CFPB Director Chopra’s statement on the living wills submitted by certain large foreign banks.
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Living Wills Submitted by JPMorgan Chase, Wells Fargo, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, State Street, and Bank of New York Mellon
CFPB Director Rohit Chopra’s statement on the Living Wills Submitted by JPMorgan Chase, Wells Fargo, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, State Street, and Bank of New York Mellon.
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, at the FDIC Systemic Resolution Advisory Committee
CFPB Director Chopra’s remarks at a meeting of the FDIC Systemic Resolution Advisory Committee to discuss resolution strategies for large and complex financial institutions.
Director Chopra’s Prepared Remarks at the Consumer Advisory Board Meeting
CFPB Director Chopra’s remarks, as prepared for delivery, at a meeting of the Consumer Advisory Board.
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, at the FDIC Advisory Committee on Economic Inclusion Meeting
CFPB Director Chopra’s remarks at a meeting of the FDIC Advisory Committee on Economic Inclusion to discuss the 2021 FDIC National Survey of Unbanked and Underbanked Households.
Director Chopra’s Prepared Remarks at Money 20/20
Prepared remarks of CFPB Director Chopra at the financial technologies conference Money 20/20.
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Revised Deposit Insurance Assessment Rates Final Rule
CFPB Director Rohit Chopra’s statement on a vote finalizing an increase in deposit insurance assessment rates of two basis points.
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on Proposals to Prevent Bailout Risk and Guard Against Increased Concentration in Banking
CFPB Director Rohit Chopra’s statement on a notice of proposed rulemaking to reduce bailout risk among a group of systemically important financial institutions and guard against increasing concentration in banking.
CFPB Report Finds High Fees Charged on Student Banking Products Endorsed by Colleges
Some financial institutions and colleges may be steering students to more expensive financial products.
Director Chopra’s Prepared Remarks at the Financial Stability Oversight Council Meeting
Prepared remarks of CFPB Director Chopra at a meeting of the Financial Stability Oversight Council on October 3, 2022.
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.
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.