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Capital One, Walmart: A look at some of the consumer cases dropped by the CFPB under Trump
UNITED STATES, JUL 15 – The Consumer Financial Protection Bureau under the Trump administration dropped or altered multiple enforcement actions against major financial firms, reversing Biden-era consumer protections, officials said.
- Shortly after the Trump administration assumed control in early 2017, the CFPB withdrew several lawsuits, including a December case accusing Capital One of withholding $2 billion in interest from savings account holders.
- This action reflects the bureau's leadership shift under Trump, focusing on dismissing Biden-era penalties and reducing obligations for companies to refund customers.
- Additional cases included a February 2023 dropped suit against Navy Federal, which had agreed to an $80 million refund for illegal overdraft fees, and a December 2022 lawsuit against Walmart and Branch Messenger alleging deceptive practices affecting delivery drivers.
- The CFPB also proposed overdraft fee caps of $5 versus the $27 industry average, but Congress overturned these rules in April 2023, affecting billions in bank revenues.
- These developments suggest a regulatory environment easing penalties on financial institutions, prompting senators to express concern about consumer protections, especially for service members and veterans.
47 Articles
47 Articles
A look at some cases dropped by the government's consumer protection watchdog under Trump
In the nearly six months � since the Trump administration has had control of the Consumer Financial Protection Bureau , the bureau’s leadership has focused almost exclusively on rolling back any ...
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Associated Press News
Capital One, Walmart: A look at some of the consumer cases dropped by the CFPB under Trump
In the nearly six months since the Trump administration has had control of the Consumer Financial Protection Bureau, the bureau’s leadership has focused almost exclusively on rolling back any punishments, fines and penalties doled out against companies during the Biden administration.
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