Comerica Bank Sues CFPB, Claiming 'Questionable' Investigation
3 days ago · Comerica Bank Sues CFPB, Claiming 'Questionable' Investigation. Olivia Alafriz. Reporter. COURT: N.D. Tex. TRACK DOCKET: 3:24-cv-02828. The Consumer Financial Protection Bureau’s investigation into Comerica Bank’s administration of the Direct Express program went beyond the scope of its authority, the bank said in a lawsuit.
Comerica sues CFPB over ‘costly’ prepaid card probe
3 days ago · Suffering “substantial harm” from the CFPB’s “ongoing and costly” probe – which began in 2021 – Dallas-based Comerica wants a judge to deem the bureau’s investigation unlawful because it oversteps the CFPB’s authority. The CFPB declined to comment. Banks are enthusiastic about AI’s promises.
Comerica sues CFPB over investigation into prepaid card program
1 day ago · In a lawsuit filed on Nov. 8, Comerica accuses the CFPB of "pursuing an aggressive and overreaching investigation" of the bank's role as the designated financial agent for the Treasury Department's Direct Express program, which provides federal benefits on prepaid cards to more than three million Americans. Comerica had previously disclosed that it was being investigated by the CFPB.
Comerica Bank Sues CFPB, Claiming ‘Questionable’ Investigation
Comerica Bank was “faced with no other alternative to halt the Bureau’s unremitting regulatory overreach” but to sue, it said in a complaint filed Nov. 8 in the US District Court for the Northern District of Texas. The bank has serviced the Direct Express program, created by the US Department of the Treasury’s Bureau of the Fiscal ...
Comerica Sues CFPB To Stop 'Ultra Vires' Benefits Card Probe
The CFPB opened an "aggressive and overreaching investigation" into Comerica in 2021, even though the bank carried out the Direct Express program under the oversight and approval of the Treasury ...
Comerica Bank v. Consumer Financial Protection Bureau et al
Nov 8, 2024 · Filing 1 COMPLAINT against Rohit Chopra, Consumer Financial Protection Bureau filed by Comerica Bank. (Filing fee $405; Receipt number ATXNDC-15053379) Plaintiff will submit summons(es) for issuance. (Filing fee $405; Receipt number ATXNDC-15053379) Plaintiff will submit summons(es) for issuance.
Comerica CEO and CFO sued for statements on Treasury program
Aug 25, 2023 · Comerica CEO Curt Farmer and CFO James Herzog as well as the company itself face a purported class action by shareholders for allegedly making false and misleading statements about the Dallas company's oversight of the …
Comerica Shares Fall Most in a Year After Losing Federal Program
Jul 19, 2024 · Shares of Comerica Inc. fell the most in more than a year after the business-focused regional lender said it probably lost a contract to help millions of people receive their federal benefits.
Comerica Says It Is Facing CFPB Investigation - Law360
The Consumer Financial Protection Bureau is investigating Comerica Inc. over certain of its business practices, the Texas-based financial services company told investors on Wednesday.
Comerica pressured over handling of government program fraud …
Feb 14, 2023 · Comerica Bank has been battling allegations for years of mishandled fraudulent transactions in violation of U.S. federal banking laws. A series of class-action lawsuits against the bank recently certified by a federal district court judge provide scope into the alleged failings.