Comerica Bank Sues CFPB, Claiming ‘Questionable’ Investigation

The Consumer Financial Protection Bureau’s investigation into Comerica Bank’s administration of the Direct Express program went beyond the scope of its authority, the bank said in a lawsuit.

Comerica Bank was “faced with no other alternative to halt the Bureau’s unremitting regulatory overreach” but to sue, it said in a complaint filed Nov. 8 in the US District Court for the Northern District of Texas.

The bank has serviced the Direct Express program, created by the US Department of the Treasury’s Bureau of the Fiscal Service to provide federal benefits recipients with debit card accounts, since 2008.

According to the ...