Comerica disclosed in a regulatory filing Wednesday the Consumer Financial Protection Bureau (CFPB) is investigating certain of its business practices.
The financial services firm did not disclose any further details, other than it “has responded and continues to respond to the CFPB.”
“We are unable to predict the outcome of these discussions at this time,” Comerica stated. “Remedies in these proceedings or settlements may include fines, penalties, restitution, or alterations in the corporation’s business practices and may result in increased operating expenses or decreased revenues.”
CFPB enforcement has been down in recent years, with the regulator failing to reach $1 billion in fines in a single year since obtaining more than $5 billion in total relief in 2015. The CFPB is expected to ramp up enforcement efforts under Rohit Chopra, who was named director last year.
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