Bank Automation

JULY 18, 2024

The Consumer Financial Protection Bureau proposed an interpretive rule affecting earned wage products, or paycheck advance products, ensuring that employees are aware of costs and fees for these services, according to today’s CFPB release. Paycheck advance products allow employees real-time access to earned wages.

CFPB 127

CFPB Rules Product Consumer 127

Payments Source

SEPTEMBER 16, 2019

The CFPB’s enforcement action against Maxi suggests that the CFPB may more aggressively enforce certain rules going forward, writes Jeffrey Alberts and Dustin Norfizer of Pryor Cashman.

CFPB 120

CFPB Rules Cross-Border Payments Cross-Border 120

PYMNTS

DECEMBER 23, 2020

The Consumer Financial Protection Bureau (CFPB) has settled with student loan servicers Discover Bank , The Student Loan Corporation and Discover Products (collectively Discover) in a 2015 case for unlawful practices, and Discover will have to pay $10 million in customer redress, a press release says. The order from CFPB on Tuesday (Dec.

CFPB 114

CFPB Consumer Financial Protection Bureau (CFPB) Governance Government 114

Payments Dive

APRIL 9, 2024

The bureau will refer “potentially criminal conduct,” including “anti-competitive mischief,” to the DOJ for action, CFPB Director Rohit Chopra said Monday.

CFPB 103

CFPB 103

PYMNTS

APRIL 13, 2020

The Consumer Financial Protection Bureau (CFPB) has made it easier for people to access stimulus CARES Act funds by removing some of the legal barriers barring banks from issuing the payments through prepaid accounts, according to a press release. CFPB Director Kathleen L. Many have been laid off as a result of that turmoil.

Electronic Fund Transfer Act (EFTA) 111

Electronic Fund Transfer Act (EFTA) CFPB Consumer Financial Protection Bureau (CFPB) Direct Deposit 111

PYMNTS

DECEMBER 30, 2020

Payactiv 's Earned Wage Access (EWA) program is exempt from federal lending law under new rules from the Consumer Finance Protection Bureau (CFPB), according to a press release. The CFPB recently clarified its position on EWA programs and said they weren't considered to be extensions of credit.

CFPB 106

CFPB Payroll Correspondent Rules 106

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. The CFPB also published a report examining employer-sponsored paycheck advance loans.

CFPB 105

CFPB Rules Product Consumer Financial Protection Bureau (CFPB) 105

Finextra

AUGUST 14, 2024

Responding to a call from the US Treasury, the Consumer Financial Protection Bureau (CFPB) and the American Fintech Council (AFC) have both weighed in on the use of AI in financial services.

Consumer Financial Protection Bureau (CFPB) 105

Consumer Financial Protection Bureau (CFPB) CFPB Treasury AI 105

Payments Dive

MARCH 27, 2024

Major credit card providers offset attractive rewards programs with fees and interest, costing consumers carrying balances, CFPB Director Rohit Chopra said.

CFPB 97

CFPB Credit Cards Consumer 97

Payments Dive

MAY 21, 2024

“Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.

CFPB 97

CFPB Credit Cards BNPL Consumer Protection 97

Payments Dive

JANUARY 31, 2024

The expansion of the enforcement team is meant “to send a clear deterrent message to entities that are within our authority,” CFPB enforcement attorney Molly McOwen said.

CFPB 88

CFPB Authorization 88

Bank Automation

AUGUST 23, 2024

The Supreme Court upheld the CFPB’s funding mechanism in May. In several recent lawsuits, companies sued by the CFPB for violations argue that the bureau is using funds it should not have. The Dodd-Frank Act requires that the CFPB is funded from “the combined earnings […]

CFPB 80

CFPB Legal Consumer Regulations 80

Payments Dive

NOVEMBER 3, 2023

The digital payments company said it’s cooperating with a Securities and Exchange Commission probe of its stablecoin, and a Consumer Financial Protection Bureau inquiry related to bank transfers.

CFPB 174

CFPB PayPal Stablecoins Digital Payments 174

Finextra

NOVEMBER 8, 2024

The Consumer Financial Protection Bureau (CFPB) has charged the US’s largest credit union for illegally charging users overdraft fees.

Consumer Financial Protection Bureau (CFPB) 103

Consumer Financial Protection Bureau (CFPB) Credit Union Junk Fees CFPB 103

Payments Dive

SEPTEMBER 19, 2024

The card services company argued Wednesday that it has always been upfront with customers about fees, and was blindsided by the CFPB's legal action.

CFPB 88

CFPB Legal Card Services 88

Payments Dive

NOVEMBER 9, 2023

Consumer Financial Protection Bureau supervision “levels the playing field” in buy now, pay later, Affirm’s CEO Max Levchin said Wednesday.

CFPB 166

CFPB Consumer 166

Fintech Finance

MAY 24, 2024

The Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. The CFPB began studying the Buy Now, Pay Later industry in 2021. Last year, the CFPB published its findings on the financial profiles of Buy Now, Pay Later borrowers.

Disputes 97

Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 97

Payments Dive

MARCH 14, 2022

In a rare TV appearance, the director of the Consumer Financial Protection Bureau said that the payments industry isn't competitive enough and that fee hikes by the big card companies would add "insult to injury" at a time of inflation. He noted new fintech tools could ultimately be a benefit if they add competition.

CFPB 174

CFPB FinTech Consumer Payments 174

Bank Automation

SEPTEMBER 11, 2024

By sharing inaccurate information regarding bankruptcies […] The post CFPB fines TD Bank $28M appeared first on Bank Automation News. Consumer reports are used by financial institutions and other lenders to determine access to credit, housing or employment.

CFPB 81

CFPB Rules Automation Consumer 81

Payments Dive

APRIL 3, 2024

The Consumer Financial Protection Bureau received 70,000 card-related complaints from consumers last year, according to a report last week.

Credit Cards 173

Credit Cards CFPB Consumer 173

Payments Dive

MAY 10, 2024

The two agencies raised concerns that airlines and card companies could arbitrarily devalue points accrued in their joint rewards programs, amounting to a bait-and-switch for customers.

CFPB 165

CFPB 165

Fintech Finance

JULY 15, 2024

We are encouraged by the work the CFPB has done to better understand the BNPL industry. In their letter, AFC applauded the CFPB for their 2022 report on BNPL and for their continued engagement with industry leaders. Moloney, SVP, Head of Policy and Regulatory Affairs, wrote in AFC’s recent letter to the CFPB Read the full letter here.

Consumer Financial Protection Bureau (CFPB) 98

Consumer Financial Protection Bureau (CFPB) CFPB Rules BNPL 98

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.

Caps 97

Caps CFPB 97

Payments Dive

SEPTEMBER 16, 2022

The Consumer Financial Protection Bureau is weighing new rules and guidance for the fast-growing buy now-pay later industry after wrapping up a comprehensive report on it.

Rules 158

Rules CFPB BNPL Consumer 158

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.

Credit Cards 167

Credit Cards CFPB Caps Rules 167

Payments Dive

OCTOBER 20, 2023

The rule makes it easier for consumers to share deposit account and credit card data with fintechs, the Consumer Financial Protection Bureau said.

CFPB 157

CFPB Deposit Account Credit Cards Rules 157

Payments Dive

AUGUST 5, 2024

The bank flagged government inquiries over its handling of P2P disputes in May, and said Friday it would consider litigation if the agency issues an enforcement action.

Zelle 158

Zelle CFPB Disputes P2P 158

Payments Dive

DECEMBER 3, 2024

With the proposal, the federal agency aims to crack down on fraudsters and others seeking to use sensitive personal information for illicit activities.

CFPB 170

CFPB Rules Consumer 170

Payments Dive

JULY 5, 2022

The earned wage access provider said that it was eliminating some fees just as the federal agency decided to remove a prior order giving the company leeway under certain laws.

CFPB 187

CFPB Laws 187

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.

Caps 161

Caps Card Issuer CFPB Issuers 161

Payments Dive

JUNE 14, 2023

The agency is eager to encourage open banking in the U.S., with plans for a rule proposal and oversight of standard-setting in the evolving arena.

CFPB 166

CFPB Rules 166

Payments Dive

AUGUST 20, 2024

CFPB Director Rohit Chopra said in a blog post that the agency will not fine companies making a good faith effort to follow regulations treating buy now, pay later loans like credit card transactions. His remarks follow significant industry pushback.

CFPB 88

CFPB BNPL Rules Credit Cards 88

Finextra

NOVEMBER 21, 2024

The Consumer Financial Protection Bureau (CFPB) has finalised a rule that will see it supervise tech giants such as Apple and Google that offer digital payment apps and wallets.

Consumer Financial Protection Bureau (CFPB) 81

Consumer Financial Protection Bureau (CFPB) CFPB Rules Payments 81

Payments Dive

AUGUST 27, 2024

The federal agency surveyed major retailers and was concerned to find three retailers impose $90 million in fees annually when consumers ask for cash back with a debit or prepaid card purchase.

CFPB 157

CFPB Consumer 157

Payments Dive

MARCH 1, 2024

The bureau seeks “to ensure that digital advertisements for financial products are not disguised as unbiased and objective advice,” CFPB Director Rohit Chopra said.

CFPB 79

CFPB Credit Cards Product 79

Payments Source

DECEMBER 12, 2019

PayPal — which is rarely thought of as a prepaid card company — has filed a lawsuit against the CFPB over its rules on prepaid accounts, underscoring the rapid changes in digital financial services and PayPal’s own expanding financial services ambitions in recent years.

CFPB 90

CFPB PayPal Rules Accounts 90

Payments Dive

MARCH 15, 2024

“We know dangers exist when more powerful players weaponize industry standards,” Consumer Financial Protection Bureau Director Rohit Chopra said in advance of finalizing an open banking rule later this year.

CFPB 161

CFPB Rules Consumer 161