Republican and Democrat leaders on the Senate Committee on Banking, Housing and Urban Affairs divided their Dec. 15 hearing with Consumer Financial Protection Bureau Director Rohit Chopra between discussion supporting the bureau’s continued actions on medical debt credit reporting and changing the leadership in charge of those actions to a five-member bipartisan commission funded through congressional appropriations.
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is ordering Wells Fargo Bank to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines. The bank’s illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes.
Wells Fargo is one of the most powerful banks in the world. Unlike some other massive U.S. banks, Wells Fargo primarily concentrates on consumer banking. One in three American households are customers and are affected by its corporate culture and business practices.
WASHINGTON (AP) — Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle a laundry list of charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.
In recent weeks, the Consumer Financial Protection Bureau (CFPB), the U.S. government agency that is charged with implementing and enforcing federal consumer financial law, has taken an increasingly active approach on a range of topics relating to credit reporting and background checks. In the last eight weeks, the agency has taken action aimed at protecting on five separate occasions.
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