In April of the previous year, a Citigroup employee mistakenly initiated a fund transfer of $81 trillion to a customer’s account, an amount that would have made them […]
Banks
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‘Alarming’: Trump CFPB Drops Cases Against Companies Accused of Cheating Consumers
Consumer advocates have criticized the Trump administration for dropping enforcement actions against companies accused of fraudulent activities. The Consumer Financial Protection Bureau (CFPB), under temporary leader Russell Vought, […]
Banks
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Citi’s $81 Trillion Inputting Error Underscores Ongoing Operational Challenges
Citigroup recently encountered an operational mishap involving an $81 trillion ‘inputting error,’ although no funds were actually transferred out of the bank. This incident follows a series of […]
Banks
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Citi Accidentally Credits Client Account With $81 Trillion: FT
Citigroup Inc. mistakenly credited $81 trillion to a customer’s account instead of the intended $280 in April last year, as reported by the Financial Times. The error was […]
Banks
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Trump Administration Halts Multiple Consumer Protection Cases
The Trump administration has dismissed several consumer protection cases, including one against Capital One, signaling a significant rollback of the Consumer Financial Protection Bureau’s (CFPB) enforcement actions. President […]
Banks
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The CFPB drops its enforcement lawsuits against Capital One, Rocket Homes and more
The Consumer Financial Protection Bureau (CFPB) has withdrawn several enforcement actions against companies such as Capital One and Rocket Homes, following recent leadership changes and directives from the […]
Banks
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Democrats Question Trump’s CFPB Nominee on Leadership and Agency’s Future
During a recent Senate panel, Democratic senators rigorously questioned the nominee for director of the Consumer Financial Protection Bureau (CFPB), expressing concerns over who would truly lead the […]
Banks
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Senators grill Trump’s CFPB director pick: You are ‘on the Titanic, good luck’
During a Senate hearing on Thursday, President Donald Trump’s nominee to lead the Consumer Financial Protection Bureau (CFPB), Jonathan McKernan, faced intense questioning from Democratic senators. They repeatedly […]
Banks
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Consumer watchdog drops cases against firms accused of consumer harm
The Consumer Financial Protection Bureau (CFPB) has unexpectedly dropped cases against several companies previously accused of harming consumers, including Capital One, Rocket Homes, and a student loan servicer. […]
Banks
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CFPB Drops Lawsuit Against Capital One Bank That Accused It of Tricking Customers
The Consumer Financial Protection Bureau (CFPB) has dropped its lawsuit against Capital One, which accused the bank of deceptive practices leading to $2 billion in lost interest payments […]