In an Annual Report covering 2022, the CFPB Office of Servicemember Affairs analyzed complaints submitted by servicemembers, veterans and their families.
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In an analysis of deposit insurance coverage on funds stored through payment apps, the CFPB Office of Competition and Innovation and Office of Markets highlighted that U.S. consumers store "billions of dollars" on these apps and that "funds stored in a payment app may be at significantly higher risk of loss for a consumer than if it is deposited in an insured bank or credit union account."
The CFPB concluded that the unilateral reopening of an account by a financial institution after the consumer closed the account could constitute an "unfair act or practice."
Senate Banking Committee Chair Sherrod Brown (D-OH) requested information from an on-line "smart savings platform powered by real estate," on the company's potential risks to customers.
In a "Consumer Compliance Supervisory Highlights" Report, the FDIC summarized the results of consumer compliance examinations of supervised institutions in 2022 and offered recommendations to strengthen compliance management systems.