The Consumer Financial Protection Bureau (CFPB) has charged Comerica Bank with neglecting and exploiting vulnerable customers who rely on the Direct Express program for federal benefits. The CFPB alleges that Comerica disconnected millions of customer service calls, imposed illegal fees, and failed to address fraudulent activities, all to boost profits. Comerica, which has an exclusive contract with the U.S. Treasury to manage these benefits, denies the allegations and has countersued the CFPB. The case highlights ongoing debates about the role and future of the CFPB in consumer protection.
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Comerica Bank, alleging the bank mishandled the administration of the Direct Express prepaid debit card program, which provides federal benefits to Social Security recipients and others. The CFPB claims Comerica terminated millions of customer service calls, improperly charged ATM fees, and mishandled fraud complaints, actions that allegedly prioritized profits over the needs of vulnerable beneficiaries. Comerica disputes the allegations, asserting it operated under federal oversight and has cooperated with the CFPB's investigation.
Neon, an independent film distributor and producer, has secured a credit facility exceeding $200 million from Comerica Bank to enhance its core operations and expand into new markets. This funding will support Neon's film acquisition, development, production, and distribution efforts, as well as its international growth. The company, known for its successful releases like "Parasite" and recent hits such as "Anora" and "Longlegs," continues to strengthen its position in the film industry with strategic initiatives and upcoming projects.
