WASHINGTON – The Consumer Financial Protection Bureau estimates it recovered about $14 million in relief for 104,000 harmed customers through the first half of 2017.
The federal agency, through a review of its supervisory actions, released a report showing it successfully recovered funds lost from banks misleading consumers about checking account fees and overdraft coverage. At the same time, some credit card companies deceived consumers about pay-by-phone fees.
“Through supervision, the CFPB is putting an end to practices that harm consumers and taking proactive steps to prevent future violations,” said CFPB Director Richard Cordray.
The CFPB shares the report with companies so it can be used as a guideline for how to comply with federal consumer financial law.
