The CFPB Works To Ensure Bilt Consumers Are Made Whole

WASHINGTON, D.C. - The CFPB has been working to ensure consumers affected by Bilt's transition to a new bank partner are appropriately remedied. CFPB officials met with Bilt to understand the issues caused by the transition and what steps Bilt has taken to ensure customers affected by challenges with the transition were made whole.

Following our discussions and at our direction that Bilt ensures full redress, Bilt notified the CFPB that they proactively 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.

The CFPB has also discussed with Bilt the steps it has taken to guarantee that all transition-related technical issues have been resolved, and Bilt's documentation submitted to the CFPB appears to show that it has completed the process and its systems are back on track.

This collaborative process is an illustration of our Enforcement Principles in action, as the CFPB recently announced on its newly-revised website.

These principles are: addressing actual consumer harm, due process, collaboration, and efficiency. Here, instead of initiating a protracted investigation, followed by a public enforcement action, which could be litigated for years before consumers get any redress, as the Biden CFPB would have done under the former Director Chopra, this leadership engaged with Bilt directly and collaboratively. This meant that within weeks of the meeting, additional consumers were already receiving redress.

Bilt is in the process of reviewing requests for reimbursement and, by June 4, will reimburse fees for more than 500 newly identified customers from its outreach following discussions with the CFPB.

The CFPB will continue monitoring Bilt's efforts until it is satisfied that full redress will be provided and will share another update at such time.