WASHINGTON, D.C. — The Consumer Financial Protection Bureau said Bilt has agreed to reimburse additional customers for fees tied to its recent banking partner transition after discussions with federal regulators, a move that expands consumer redress without a formal enforcement action.
The CFPB said it directed Bilt to ensure affected customers were made whole following reports of problems associated with the transition. According to the agency, Bilt subsequently contacted potentially affected customers and offered reimbursement for overdraft fees, late fees, and insufficient funds charges linked to the changeover.
The agency said Bilt also provided documentation indicating that technical issues related to the transition have been resolved and that its systems have returned to normal operations.
The CFPB said more than 500 newly identified customers are expected to receive fee reimbursements by June 4 as a result of Bilt’s outreach efforts following discussions with the bureau.
The matter serves as an early example of enforcement priorities under the CFPB’s current leadership, which has emphasized direct remediation and cooperation with companies over lengthy investigative and litigation processes.
Rather than pursuing a formal enforcement action, the bureau said it worked with Bilt to identify affected consumers and secure reimbursement more quickly. The agency contrasted that approach with what it characterized as more prolonged enforcement strategies used under previous leadership.
The CFPB said it will continue monitoring Bilt’s remediation efforts until it determines that all eligible customers have received appropriate compensation.
Additional information about the agency’s enforcement approach is available at the CFPB’s website: https://www.consumerfinance.gov/
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