Newsroom archive

Statement of CFPB Director Rohit Chopra on the FDIC’s Proposed Special Deposit Insurance Assessment on Large Banks.

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.

Director Chopra delivered keynote remarks on May 4, 2023 at the Anti-Monopoly Summit in Washington, DC hosted by the American Economic Liberties Project.

Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule amending the agency’s 2021 LIBOR transition rule.

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.

Director Chopra delivered remarks at the April 25, 2023, meeting of the Financial Literacy and Education Commission.

Prepared remarks of CFPB Director Rohit Chopra on the proposed restoration of the FSOC’s authority to prevent shadow bank bailouts.

Director Chopra delivered prepared remarks at the American Bar Association Spring Meeting.

Deputy Director Martinez delivered prepared remarks on the CFPB’s junk fees work at the Consumer Law Scholars Conference in Berkeley, California.

Today, the CFPB is ordering Wells Fargo to pay more than $2 billion in redress to over 16 million consumers and a $1.7 billion civil penalty for widespread illegal activity across its major product lines for which it has never been held to account.

CFPB Director Chopra’s statement on the living wills submitted by certain large foreign banks.

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.

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.

CFPB Director Chopra’s remarks, as prepared for delivery, at a meeting of the Consumer Advisory Board.

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.

Prepared remarks of CFPB Director Chopra at the financial technologies conference Money 20/20.

CFPB Director Rohit Chopra’s statement on a vote finalizing an increase in deposit insurance assessment rates of two basis points.

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.

Some financial institutions and colleges may be steering students to more expensive financial products.

Prepared remarks of CFPB Director Chopra at a meeting of the Financial Stability Oversight Council on October 3, 2022.

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.

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.

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.

Deputy Director Martinez delivered keynote remarks at the 2022 Consumer Assembly on June 15, 2022.

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.