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CFPB 2 articles

Wells Fargo Wasn’t the Only Bank to Open Unauthorized Customer Accounts

Wells Fargo wasn’t an outlier when it opened 3.5 million unauthorized customer accounts. Federal regulators found that dozens of other banks opened nearly 10,000 deposit and loan accounts for customers without their consent. The new banking fraud revelation came in testimony given by U.S. Comptroller of the Currency (OCC) Joseph Otting before the Senate Banking Committee June 14. Although the number of newly discovered fraudulent accounts is miniscule in comparison to the 3.5 million bogus accounts Wells Fargo bankers opened for customers, it points to the need for banks to put better safeguards in place. According to USA Today, banking ... Read More

CFPB Head Mulvaney Dissolves Consumer Advisory Board

Mick Mulvaney, Acting Director of the Consumer Financial Protection Bureau (CFPB), has dissolved the agency’s Consumer Advisory Board, a panel of consumer advocates, financial industry professionals, community leaders, and other representatives formed after the housing crisis to protect consumers from corporate fraud and abuse. The measure sends another clear signal that Mulvaney is working to undermine the powers of the agency he was appointed to lead, consumer advocates say, with rollbacks that chip away at the regulatory oversight of banks and other financial institutions. Mulvaney fired the board June 6, just days after its 25-member panel criticized his leadership of ... Read More