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CFPB Fines to Wells Fargo for Consumer Banking Law Violations

The Consumer Financial Protection Bureau imposed its largest fine ever for consumer banking law violations. The agencyโ€™s action is a good reminder for other banks to review their own practices and may spawn class action litigation against the target bank and other banks.
Consumer Financial Protection Bureau Wells Fargo Consumer Financial Protection Bureau Wells Fargo Consumer Banking Violations Loan Servicing

2023 could be a sea change in how consumers approach banks

Two long-awaited developments โ€” the Consumer Financial Protection Bureau's data access proposal and the Federal Reserve's faster payments network debut โ€” are slated for next year. The combined effect on consumer banking might be more consequential than we now know.
United States Rohit Chopra Consumer Financial Protection Bureau Federal Reserve Clearing House Automated Clearing House

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