Fintech Finance

JULY 19, 2024

The Consumer Financial Protection Bureau (CFPB) has proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. When the paycheck advance product is no-fee and truly free to the employee, many requirements would not apply.

CFPB 105

CFPB Rules Product Consumer Financial Protection Bureau (CFPB) 105

Innovative Payments Association

JANUARY 10, 2024

On October 31 , the Consumer Financial Protection Bureau published its proposed rule on open banking. The proposed rule would require banks, credit unions, and other financial services companies to share account and transaction data with consumers and authorized third parties. Comments were due by December 29, 2023.

Junk Fees 52

Junk Fees CFPB Rules Direct Deposit 52

Global Fintech & Digital Assets

MARCH 8, 2024

The rule targets a statutory loophole that the CFPB asserts large credit card issuers exploited to exact excessive late fees from consumers. The Rule was initially proposed in February 2023 and was intended to go into effect in October 2023 (for more information on the proposal, see this Latham blog post ).

CFPB 59

CFPB Credit Cards Rules Card Issuer 59

Tearsheet

MARCH 27, 2024

View the case study While the historical arrangement of paying employees bi-weekly remains the norm, around 20% of employers have veered toward a more flexible approach by introducing Earned Wage Access [EWA] as of 2023 in anticipation of increased employee satisfaction and better retention rates. Take, for example, DailyPay.

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Instant Payments RTP Consumer Financial Protection Bureau (CFPB) FedNow 65