Overview
- Bilt moved customers off Wells Fargo cards in February and rolled out a new Bilt Card 2.0 program run with partners including Cardless and Column.
- Customers reported rent and mortgage payments that were delayed, returned, or never reached landlords and servicers, and complaints to the CFPB spiked by roughly 1,300% during the transition month.
- On May 28, Sen. Elizabeth Warren sent a formal letter to CEO Ankur Jain requesting records and data about missing or delayed payments, customer-service practices, compliance with the Credit CARD Act, and documents on bank partners with a June 9 deadline for responses.
- Bilt says the migration drew unexpectedly high demand, acknowledged service gaps, says it boosted support and resolved outstanding issues, and has asked affected members to contact the company for remediation.
- Warren flagged renewed ties to Evolve Bank & Trust and past fintech failures as reasons for scrutiny, raising the prospect of further CFPB and congressional oversight and posing direct risks to consumers who rely on on-time housing payments.