CFPB fines Chime $3.25M over account refund delays

The Consumer Financial Protection Bureau (CFPB) ordered Chime Financial to pay $3.25 million in penalties for allegedly delaying consumer refunds past its promised 14-day timeframe.

Chime agreed to pay at least $1.3 million in redress to harmed consumers in reaching settlement, the CFPB announced in a press release Tuesday.

The financial technology company further agreed to implement a compliance plan; provide compliance progress reports; and update its board and chief executive on compliance obligations, including reporting, recordkeeping, and monitoring requirements, according to its consent order.