The Consumer Financial Protection Bureau (CFPB) is working to ensure that consumers impacted by Bilt’s transition to a new bank partner are remedied.
CFPB officials recently met with Bilt to understand the issues caused by the transition and what steps the company has taken to ensure customers affected by challenges with the transition were made whole.
Following the meeting, Bilt officials ensured full redress for affected customers. Bilt informed CFPB officials that it reached out to the limited number of potentially-affected customers and offered to reimburse them for any overdraft fees, late fees, or insufficient funds fees related to the transition.
In addition, the CFPB has also discussed the steps that Bilt has taken to guarantee that all transition-related technical issues have been resolved. The documentation the bank submitted to the CFPB shows that it has completed the process and its systems are back on track.
Bilt officials are in the process of reviewing requests for reimbursement. They said they will reimburse fees for more than 500 newly identified customers by June 4. The CFPB will continue monitoring Bilt’s efforts until it is satisfied that full redress will be provided.
This collaborative process is an illustration of our Enforcement Principles in action. These principles are: addressing actual consumer harm, due process, collaboration, and efficiency.