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Consumer Financial Protection Bureau (CFPB) Resources

Dear Friends:

The Consumer Financial Protection Bureau (CFPB) accomplishes important work on behalf of consumers in Houston and across the country, as well as recent reports the CFPB has published that may inform consumers about their rights. The CFPB is responsible for implementing and enforcing financial laws to protect consumers in the financial services sector. To learn more about how you may be able to benefit from the CFPB’s work, please visit the agency’s Consumer Resources page.

Recent CFPB Actions

• On December 27, 2023, the CFPB sent $6 million in financial relief to consumers harmed by illegal predatory lending practices targeting veterans. To learn more about this case, click here.

• On December 19, 2023, the CFPB ordered U.S. Bank to pay $20.7 million for keeping out-of-work consumers from accessing unemployment benefits during the height of the COVID-19 pandemic. To learn more about this enforcement action, click here.
  • U.S. Bank froze tens of thousands of accounts and failed to provide people a reliable and quick way to regain access to their accounts.

• On December 15, 2023, the CFPB ordered Commonwealth Financial Systems, a medical debt collector, to cease operations and pay a $95,000 penalty to the CFPB’s victims relief fund. To learn more about this enforcement action, click here.
  • Commonwealth Financial systems failed to conduct reasonable investigations of disputed debts and failed to inform consumer reporting companies that certain information was being disputed. 

• On December 7, 2023, the CFPB ordered Atlantic Union Bank to pay $6.2 million for illegally enrolling customers in checking account overdraft programs. To learn more about this enforcement action, click here.
  • Atlantic Union Bank collected millions of dollars from consumers who it misled about the terms and costs of their overdraft coverage, charging them excessive fees without their consent.

• On November 28, 2023, the CFPB ordered Bank of America to pay a $12 million penalty for submitting false mortgage lending information to the federal government. To learn more about this enforcement action, click here.
  • For at least four years, hundreds of Bank of America loan officers failed to ask mortgage applicants certain demographic questions as required under federal law and then falsely reported that the applicants had chosen not to respond.

• On November 20, 2023, the CFPB ordered Toyota Motor Credit to pay $60 million for operating an illegal scheme to prevent borrowers from cancelling product bundles that increased their monthly car loan payments. To learn more about this enforcement action, click here.
  • The CFPB ordered Toyota Motor Credit to cease its unlawful practices, pay $48 million to harmed consumers, and pay a $12 million penalty into the CFPB’s victims relief fund.

• On November 15, 2023, the CFPB ordered Enova International Inc., a publicly traded nonbank lender, to pay a $15 million penalty for widespread illegal conduct including withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions. To learn more about this enforcement action, click here.

Recent CFPB Reports

• On February 16, 2024, based on results from the Terms of Credit Card Plans survey, the CFPB found that the largest credit card companies consistently charge higher interest rates than smaller banks and credit unions. Furthermore, the CFPB also found that large issuers were almost three times more likely to charge annual fees on their cards compared to small firms. To read more about this report, click here.

• On December 9, 2023, the CFPB published a report finding that despite recent changes implemented by banks and credit unions to eliminate billions of dollars in fees charged each year, many consumers are still experiencing unexpected overdraft and nonsufficient fund (NSF) fees. After analyzing responses to a recent CFPB Making Ends Meet survey, more than a quarter of consumers reported that someone in their household was charged an overdraft or NSF fee within the past year. This report outlines consumers’ experiences with overdraft and NSF fees. To read more about this report, click here.

To learn more about how you may be able to benefit from the CFPB’s work, please visit the agency’s Consumer Resources page.

If you believe you are the victim of fraud or malfeasance, you can submit complaints about financial products and services by visiting the CFPB’s complaint line or by calling (855) 411-CFPB (2372). The CFPB sends approximately 25,000 complaints per week regarding financial products or services to companies for a response.