Battle ensues over CFPB proposal to cap late fees
Payments Dive
MAY 5, 2023
Supporters and opponents of the CFPB’s proposal to cap late fees at $8 clashed in comments to the agency in recent weeks.
CFPB $8 late fee cap edges toward reality
Payments Dive
APRIL 17, 2024
Despite an industry-backed lawsuit seeking to stop the Consumer Financial Protection Bureau’s new $8 late fee rule, bank card issuers are bracing for potential implementation.
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CFPB predicts late fee lawsuit settlement
Payments Dive
MARCH 26, 2025
The agency’s new leadership believes it can settle a 2024 lawsuit banks and business groups filed over an $8 cap on credit card late fees.
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CFPB attacks credit card late fees
Payments Dive
FEBRUARY 1, 2023
The Consumer Financial Protection Bureau proposed a new rule that would effectively cap credit card late fees and potentially save Americans $9 billion.
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US Judge throws out CFPB's cap on credit card late fees
Finextra
APRIL 16, 2025
A US judge has killed of a Consumer Financial Protection Bureau rule capping credit card late fees at $8.
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Synchrony, Bread plan offsets to late fee cap
Payments Dive
DECEMBER 14, 2023
“I want that shoe to drop so we can start mitigating that issue,” Bread CEO Ralph Andretta said last week, as the industry awaits the CFPB’s final rule.
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CFPB caps credit card late fees
Finextra
MARCH 5, 2024
The Consumer Financial Protection Bureau (CFPB) finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers.
With Capped Fees, Dining Aggregators May Face Tough Post-Covid Future
PYMNTS
DECEMBER 8, 2020
Several states have instituted caps on the fees that apps and platforms can charge on restaurants. Last month, Chicago announced a 15 percent delivery cap on what third-party aggregators can charge restaurants. Last month, Chicago announced a 15 percent delivery cap on what third-party aggregators can charge restaurants.
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Synchrony braces for late fee rule
Payments Dive
JULY 18, 2023
The CEO of the private label card issuer expects a final rule on the CFPB’s proposed credit card late fee cap later this year, and litigation could follow, he said.
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Card issuers defend late fees
Payments Dive
JULY 6, 2023
senators, the top 10 credit card issuers outlined their late fee practices and warned of potential consequences if fees are capped as the CFPB has proposed. In responses to a group of U.S.
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Texas Judge Throws Out Rule That Would Have Capped Credit Card Late Fees
The Nilson Report
APRIL 18, 2025
The post Texas Judge Throws Out Rule That Would Have Capped Credit Card Late Fees appeared first on Nilson Report.
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Beyond Bitcoin, Token Regulation Looms, While Dodd-Frank Still in Bloom?
PYMNTS
MAY 7, 2018
The suit by the state attorney general alleges that the company exceeded the 12 percent usury cap. Amid the headlines swirling around the Consumer Finance Protection Bureau (CFPB), PHH Corp. Under the case, fines had been levied by the CFPB against the reinsurance firm to the tune of $109 million. Outside the U.S. Dodd-Frank.
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Wells Fargo Refunding Customers For Add-On Products
PYMNTS
JULY 19, 2018
People familiar with the matter told WSJ that the Consumer Financial Protection Bureau (CFPB) is investigating the incident and is looking into whether customers were tricked and whether they had the ability to cancel the services.
IPA Government Update November 2023
Innovative Payments Association
NOVEMBER 17, 2023
They cover the Fed’s proposal to reduce the cap on debit interchange for issuers with more than $10 billion in assets. They cover the CFPB’s proposed open banking rules and look at a proposal to regulate earned wage access in California.
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The Big Political Uniter?
PYMNTS
APRIL 19, 2016
It’s been a dramatic 12 months for the CFPB. But that might not have been any big surprise given the title of the hearing: “ The CFPB’s Assault on Access to Credit and Trampling of State and Tribal Sovereignty.”. Only 18 percent, however, thought that a firm cap should be placed at 18 percent.
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The Regulatory Future Of Payday Lending
PYMNTS
AUGUST 14, 2018
Most recently, Ohio capped off a 10-year regulatory project two weeks ago, with John Kasich’s signature on a new bill that will close loopholes in 2008 legislation to legally rein in short-term lenders. The CFPB also reiterated the request for a formal stay on the implementation of the rules as written. As of this week, U.S. “If
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The shifting EWA regulatory framework and its impact on bank partnerships and instant payment adoption
Tearsheet
MARCH 27, 2024
While the Consumer Financial Protection Bureau [CFPB] plans to issue further guidance to provide greater clarity concerning the application of federal law to income-based advance products, several states have taken individual legislative actions targeting EWA in recent months. A similar proposal was introduced in Connecticut last September.
The Top Five At Five: PYMNTS Trending Topics
PYMNTS
APRIL 11, 2016
Uber – and its $60 billion market cap – just makes it look way too easy. The head of the CFPB, Richard Cordray, said during testimony on The Hill last week that FinTech companies will likely be a significant presence in making payday loans (or smaller dollar loans) to consumers. Probably a lot. But wait a moment.
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Sizzle Or Fizzle: The Ant Financial IPO?
PYMNTS
APRIL 29, 2016
The degree to which alt lending will fizzle is – or will soon be – in the hands of the CFPB. Reports yesterday (April 28) suggest that the CFPB will soon preside over online marketplace lending. The interventionist approach this past summer where money got pumped into the markets was a salve, but only briefly. . With roughly $6.5
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Payday Lending Viewed From Inside A NY Courtroom
PYMNTS
OCTOBER 4, 2017
Tucker’s company, AMG Services, allegedly sidestepped state-by-state caps in place on the interest rates that can be levied on consumers through its links to Native American tribes, which operate as sovereign states and are not governed by those caps.
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2015 Digital Banking Strategic Planning (Part 1)
Fintech Labs Insights
JULY 31, 2014
Insurance How are you going to replace NSF fee income once the CFPB gets around to capping it? In semi-prioritized fashion, here are my first three recommendations for 2015. More will follow. Timing hint: There''s a big election in 27 months.) One place to look: Insurance.
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Best New Fintech Products & Trends of 2024
Fintech Labs Insights
JANUARY 24, 2025
mo Klarna 24 Jan 2024 BNPL Consumer CNBC Klarna is first BNPL serices with subscription ($7.99/mo) mo Klarna 24 Jan 2024 BNPL Consumer CNBC Klarna is first BNPL serices with subscription ($7.99/mo)
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Is Tribal Lending Done?
PYMNTS
JANUARY 16, 2018
The same rule arguably allows these tribes to offer loans that do not conform to state lending laws for things like interest rate caps or term length restrictions – even if they are making loans to borrowers outside of tribal territory.
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47 Sizzle Or Fizzle: Facebook, Online Lending, Cash – And The Twilio Surge
PYMNTS
JUNE 24, 2016
In the last several weeks, marketplace lenders have seen announcements of greater forthcoming regulatory scrutiny via the CFPB. Yesterday’s “real” action resulted in a market cap of around $2 billion. The venture capital backers are no doubt smiling. .
Bernie Sanders And Alexandria Ocasio-Cortez Look To Cap Card Rates At 15 Percent
PYMNTS
MAY 9, 2019
Alexandria Ocasio-Cortez moved today to introduce legislation that would cap rates on credit cards and other consumer financial services at 15 percent. The cap would also apply to payday (and other short term) loans.
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55 CFPB Has Spoken: Payday Lending Regs Drop
PYMNTS
OCTOBER 6, 2017
But today, the journey came to an end as the CFPB has offered its final ruling on the future of the payday and title lending industry in this country. That destruction is necessary, according to CFPB director Richard Cordray. There are no caps on annual interest rates on loans (though some states like California do have them).
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Big Statements Edition: Verifone, The CFPB And Amex
PYMNTS
APRIL 16, 2018
Payday Lenders Vs. The CFPB. . The regulation would require payday lenders to verify borrowers can afford the loan before lending money and caps the number of short term loans an individual consumer can take in a row — or within a calendar year. Sometimes the best way to make a big statement is with a lawyer.
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The Final Payday Lending Rule Drops (Now What)
PYMNTS
OCTOBER 6, 2017
But today, the journey came to an end as the CFPB has offered its final ruling on the future of the payday and title lending industry in this country. That destruction is necessary, according to CFPB director Richard Cordray. There are no caps on annual interest rates on loans (though some states like California do have them).
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40 Amazon And Wells Fargo Set Fizzle Speed Record (Also Cybercrime Sizzles, Human Decency Fizzles — In Paris)
PYMNTS
SEPTEMBER 2, 2016
What hasn’t helped is its recent run-in with the CFPB. percent (federal student loans are capped, hence why many students have a mix of government and private loans). And who needs any more reason to invite the CFPB into your house when your intention was only to extend a perk to Prime members? So, Who Is It A Bigger Fizzle For?
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Financial Policy Predictions 2021: Meaningful Changes Ahead
FICO
DECEMBER 15, 2020
In late October, the CFPB released Part 1 of its long-awaited update to the Fair Debt Collections Practices Act governing third-party collectors. If my prediction is on the mark, 2021 should be one where improved customer communications will fuel stronger customer engagement. New Debt Collection Rules Are Here to Stay.
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Ten Years On, Banking’s Post-Crisis Evolution
PYMNTS
SEPTEMBER 13, 2018
And, of course, Dodd-Frank also created the Consumer Financial Protection Bureau (CFPB), with the intent to shield consumers from unfair and even harmful financial products and services. The continuing battle over the CFPB – its executive structure and even its very existence – have been well-documented in these virtual pages.
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PYMNTS - Untitled Article
PYMNTS
SEPTEMBER 13, 2018
And, of course, Dodd-Frank also created the Consumer Financial Protection Bureau (CFPB), with the intent to shield consumers from unfair and even harmful financial products and services. The continuing battle over the CFPB – its executive structure and even its very existence – have been well-documented in these virtual pages.
It’s Time To Reset Consumer Financial Protection
PYMNTS
NOVEMBER 28, 2016
The CFPB must show greater concern for losing the benefits consumers get from borrowing in its efforts to stamp out wrongdoing. And the fact is, the CFPB is an important protector of those people.”. When it comes to borrowing money, the CFPB is not the “important protector” of those with the short end of the economic stick.
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