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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.

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray on the Overdraft Press Call

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.

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at a Field Hearing on Checking Account Access

Thank you for joining us today in Louisville to talk about individual checking and savings accounts. When I think about these deposit accounts, I am reminded of my Dad, now 97 years old, who lost all his paper route money in a bank failure during the Depression. Of course, banking today has little in common […]

Category: Press release |
Published

CFPB Takes Steps to Improve Checking Account Access

CFPB Concerned that Screening Inaccuracies and Lack of Account Options are Keeping Consumers Out of the Banking System WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is taking steps to improve checking account access amidst Bureau concerns that consumers are being sidelined by the lack of account options and by inaccurate information used […]

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at a Meeting of the Credit Union Advisory Council

I want to welcome you all to this meeting of the Credit Union Advisory Council, which has been convened to talk about consumer challenges in payment systems. I especially want to extend a warm welcome to the newest members, who are joining us for the first time since their appointment this year. I would also […]

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray on the Citizens Bank Enforcement Action Press Call

Thank you for joining this call. Today the Consumer Financial Protection Bureau, along with our federal partners, is taking action against Citizens Bank for shoddy practices that deprived consumers of money that was rightfully theirs when they made deposits into their checking and savings accounts. The Consumer Bureau is ordering the bank to return approximately […]

Category: Press release |
Published

CFPB Orders Citizens Bank to Pay $18.5 Million for Failing to Credit Full Deposit Amounts

CFPB, OCC, and FDIC Take Action Against Bank For Ignoring Deposit Discrepancies WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) took action against Citizens Bank for failing to credit consumers the full amounts of their deposited funds. […]

Category: Press release |
Published

CFPB Outlines Guiding Principles for Faster Payment Networks

CFPB Wants to Ensure Consumer Protections Are Built Into New Payment Systems From Outset WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) outlined guiding principles for protecting consumers as the private sector develops new faster payment systems. These new systems are aimed at reducing “pocket-to-pocket” payment times between consumers and businesses or other […]

Category: Press release |
Published

CFPB Fines Regions Bank $7.5 Million for Unlawful Overdraft Practices

Bank Refunds $49 Million in Illegal Fees to Consumers Who Did Not Opt-In to Overdraft WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) took action against Regions Bank for charging overdraft fees to consumers who had not opted-in for overdraft coverage. The bank also charged overdraft and non-sufficient funds fees on its deposit […]

Category: Speech |
Published

Prepared Remarks of CFPB Deputy Enforcement Director Cara Petersen on the Regions Bank Enforcement Action Press Call

Today the Consumer Financial Protection Bureau is taking its first enforcement action under the federal rules that protect consumers against illegal overdraft fees by their banks. We are taking action against Alabama-based Regions Bank for failing to ask consumers if they wanted overdraft service before charging them fees for this service. Regions amplified this harm […]

Category: Press release |
Published

CFPB Takes Action Against M&T Bank for Deceptively Advertising Free Checking

M&T to Refund $2.9 Million to Approximately 59,000 Account Holders Who Paid Fees for Free Checking WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) took action against M&T Bank for deceptively advertising free checking accounts. The CFPB found that M&T lured in consumers with promises of “no strings attached” free checking, without disclosing […]

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at Forum on Access to Checking Accounts

Thank you for joining our forum to explore how consumers are affected by checking account screening policies and practices. Today we will look at how these practices work and raise questions about whether they unfairly block some consumers from opening checking accounts, while exposing other consumers to inappropriate risk. We look forward to a fruitful […]

Category: Press release |
Published

CFPB Orders U.S. Bank to Pay $48 Million Refund to Consumers Illegally Billed for Services Not Received

Approximately 420,000 Consumers Unfairly Charged for Identity Protection “Add-On” Products to Receive Full Refunds WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is ordering U.S. Bank to provide an estimated $48 million in relief to consumers harmed by illegal billing practices. U.S. Bank consumers were unfairly charged for certain identity protection and credit […]