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In two recent actions, the Consumer Financial Protection Bureau (CFPB) protected veterans from fraud and consumers from discrimination.
The latest example of this work came in December when the agency sent $6 million to consumers harmed by illegal lending practices targeting veterans. The CFPB found that five companies broke the law by telling consumers they could sell their pension and disability payments when the transaction was actually a high-cost loan. It is illegal to make an agreement to sell the right to a veteran's pension or disability payments.
In November, the CFPB notched an important win for consumers when it ordered Citi to pay $25.9 million to settle charges the bank intentionally discriminated against credit card applicants identified as Armenian American. When Citi identified credit card applicants as potentially being of Armenian national origin, the bank applied more stringent criteria to its applications, including denying them outright, requiring additional information or placing a block on the account.
NTEU is proud to represent around 1,000 CFPB employees who are dedicated to fighting for the consumers’ rights of veterans and all Americans.