The order, mandates a crackdown on "debanking" and ends the use of reputational risk in regulatory oversight.
Consumer Financial Protection Act
Move follows significant public pushback and concerns over weakening regulatory coordination.
Enforcement
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CFPB sues Capital One for withholding $2 billion in potential savings account interest
The agency has accused the bank of underpaying savings account interest and misleading customers.
CFPB charged bank over range of illegal activities centering on motor vehicle loans.
Bank of America, the second-largest US bank by assets, engaged in deceptive practices that hurt hundreds of thousands of its customers, regulators allege.