CFPB works with Bilt on redress after Wells Fargo transition

The Consumer Financial Protection Bureau (CFPB) said it has been working with Bilt Rewards to address consumer issues that arose during the company’s transition to a new banking partner, opting for a collaborative approach rather than a formal enforcement action.

According to a statement from the agency on June 2, agency officials met with Bilt to review problems related to its transition away from Wells Fargo.

After evaluating the transition and the company’s efforts to compensate affected customers, the bureau said it directed Bilt to provide full redress to consumers who incurred financial harm as a result of the change.

Following those discussions, Bilt informed the CFPB that it had contacted a limited number of potentially affected customers and offered reimbursement for overdraft fees, late fees and insufficient funds fees tied to the transition.

The CFPB also reviewed documentation submitted by Bilt regarding corrective measures taken to address technical issues associated with the transition. The bureau said the materials indicate the company has completed the remediation process and restored normal system operations.

The agency described the matter as an example of its revised enforcement strategy, which emphasizes addressing consumer harm, due process, collaboration and efficiency. CFPB officials said the approach allows consumers to receive compensation more quickly than they might through a traditional enforcement investigation and litigation process.

Bilt is currently reviewing reimbursement requests and said it expects to compensate more than 500 additional customers by June 4 who were identified through outreach conducted after discussions with the CFPB.

The CFPB did not immediately respond to HousingWire‘s request for comment. A spokesperson from Bilt declined to comment.

The bureau said it will continue monitoring Bilt’s remediation efforts until it is satisfied that all affected consumers have received appropriate compensation. It said it plans to provide additional updates in the future.

Warren demands answers

The CFPB’s meeting with Bilt follows a letter sent last week by U.S. Sen. Elizabeth Warren (D-Mass.) to Bilt CEO Ankur Jain, which pressed Bilt on payment disruptions during its transition away from Wells Fargo.

“Bilt users have reportedly made rent or mortgage payments that never reached their landlord or lender, were rejected or returned, or only were delivered after a significant delay,” Warren wrote.

Wells Fargo had issued Bilt’s credit card since 2022 under a partnership originally expected to run through 2029. The relationship ended early after reports that Wells Fargo was losing money on the card program.

Wells Fargo deactivated its version of the Bilt card in February 2026, requiring customers either to transition to Bilt Card 2.0 — which is operated through financial partners Cardless and Column — or switch to Wells Fargo’s Autograph card. Warren said the transition coincided with a 1,300% increase in complaints submitted to the CFPB that month.

Last week, a Bilt spokesperson released a statement that acknowledged “gaps in service” and reiterated the company’s commitment to make amends with customers.

“Our members have been our priority since day one. While the transition to the Bilt Card 2.0 in February represents an even more exciting future that offers our membership richer rewards and greater flexibility, the transition also attracted unexpectedly high demand, and some of our members experienced gaps in service that are simply unacceptable to us,” the statement read.

“In response, we increased our customer service capabilities to address this and proactively communicated with any impacted members. All outstanding issues relating to the card transition in February have been addressed and resolved. Should any member ever have an issue we encourage them to contact Bilt, as we will do everything we can to make it right.”