CFPB - Payments Space

States could pick up where CFPB left off

Bank Automation

MARCH 17, 2025

In one recent example, New York State Attorney General Letitia James on March 13 announced legislation to establish the Fair Business Practice Act, Christy Hancock, partner at law firm Bradley LLP, said today during a panel at […] The post States could pick up where CFPB left off appeared first on Bank Automation News.

CFPB

CFPB Laws Regulations Automation

CFPB Approves FDX as First Standard-Setting Body for Open Banking

The Fintech Times

JANUARY 11, 2025

The Consumer Financial Protection Bureau (CFPB) has approved the Financial Data Exchange (FDX) as the first standard-setting body in an important step towards implementing open banking in the US. These standards can help companies to comply with the CFPB’s new open banking rules.

CFPB

CFPB Consumer Financial Protection Bureau (CFPB) Card Issuer Rules

CFPB fines fintech Wise, alleging it charged deceptive fees

TechCrunch Fintech

JANUARY 31, 2025

The Consumer Financial Protection Bureau (CFPB) has hit UK-based remittance company Wise with about a $2 million fine for what it described as a series of illegal actions. Those actions include advertising inaccurate fees and failing to properly disclose exchange rates and other costs, the CFPB alleges.

Consumer Financial Protection Bureau (CFPB)

Consumer Financial Protection Bureau (CFPB) CFPB FinTech Consumer

Webinars

A Roadmap For Modernization: How To Break Free From Your Monolith Before July 31, 2026

MORE WEBINARS

CFPB fines VyStar Credit Union $1.5M for ‘bungled’ platform rollout

Bank Automation

OCTOBER 31, 2024

billion VyStar tried to transition to a new online banking platform in May 2022, but the platform failed leaving […] The post CFPB fines VyStar Credit Union $1.5M The Consumer Financial Protection Bureau fined VyStar Credit Union $1.5 The Jacksonville, Fla.-based, based, $14.75

Credit Union

Credit Union CFPB Automation Posting

CFPB Slaps Equifax With $15Million Fine for Mishandling Consumer Credit Disputes

The Fintech Times

JANUARY 21, 2025

The Consumer Financial Protection Bureau (CFPB), the consumer protection agency in the US, has hit Equifax with a $15million fine, after it found that the nationwide consumer reporting agency failed to conduct proper investigations of consumer disputes. ” Once paid, CFPB will deposit Equifax’s fine into its victim relief fund.

Disputes

Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer

CFPB carves out new competition angle for oversight

Payments Dive

MAY 18, 2022

A former CFPB enforcement director told an audience of payments professionals this week that they'd best be prepared for the agency to expand its oversight by way of its markets authority.

CFPB

CFPB Authorization Payments

CFPB takes aim at Apple, Google tap-to-pay tech

Payments Dive

SEPTEMBER 8, 2023

“Regulations imposed by Big Tech firms have a big impact on whether consumers and businesses can make payments using third-party apps,” CFPB Director Rohit Chopra said in a Thursday press release.

CFPB

CFPB Regulations Consumer Payments

Immigrants denied credit cards, other loans: CFPB, DOJ

Payments Dive

OCTOBER 13, 2023

“The CFPB will not allow companies to use immigration status as an excuse for illegal discrimination,” the bureau’s Director Rohit Chopra said Thursday.

CFPB

CFPB Credit Cards

CFPB: Consumers paid record credit card fees in 2022

Payments Dive

OCTOBER 26, 2023

"With credit card debt crossing the trillion dollar mark, we will be working to prevent bait-and-switch tactics when it comes to rewards,” CFPB Director Rohit Chopra said in a Wednesday press release.

CFPB

CFPB Credit Cards Consumer

CFPB fines Chime $3.25M

Bank Automation

MAY 7, 2024

The CFPB found that Chime has not adhered to this policy, a move that has […] Chime Financial was fined $3.25 million by the Consumer Financial Protection Bureau today as the digital bank has failed to give timely consumer refunds. According to Chime’s refund policy, the company is required to issue consumer refunds within 14 days.

CFPB

CFPB Consumer Payments

CFPB requests public comment on consumer privacy protections

Bank Automation

JANUARY 10, 2025

The CFPB seeks comment regarding how to address intrusive data collection from digital payments platforms, including how consumer data is being collected, used and shared, according to todays release. When people pay […] The post CFPB requests public comment on consumer privacy protections appeared first on Bank Automation News.

CFPB

CFPB Privacy Consumer Request for Information

CFPB: Santander Must Pay $4.75 Million For Credit Reporting Violations

PYMNTS

DECEMBER 23, 2020

million to the Consumer Financial Protection Bureau ( CFPB ) for violating the Fair Credit Reporting Act (FCRA), the CFPB said in a press release. Santander is an originator and servicer of non-prime auto loans and leases and provides credit information to CRAs via monthly data files, according to the CFPB release.

CFPB

CFPB Consumer Financial Protection Bureau (CFPB) Non-Bank Origination

Virtual marketplaces risk real losses: CFPB

Payments Dive

APRIL 5, 2024

Virtual worlds “can become a haven for scams, fraud, financial losses, and unanticipated purchases that can deplete a family’s real-world financial assets,” CFPB Director Rohit Chopra said.

CFPB

CFPB Risk Scams

CFPB proposes earned wage access rule

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

CFPB Rules Product Consumer

CFPB fines fintech Wise $2.5M

Bank Automation

JANUARY 30, 2025

The CFPB found that Wise sent false advertisements regarding ATM fees and free withdrawals, according to todays release from the bureau. By deceiving customers, Wise […] The post CFPB fines fintech Wise $2.5M clients about fees. appeared first on Bank Automation News.

CFPB

CFPB FinTech ATM Automation

Plaid’s $575 Million Round Signals Strength Despite Valuation Drop and Delayed IPO

Finovate

APRIL 3, 2025

Plaid’s delayed IPO likely reflects US open banking uncertainty, as the CFPB finalizes its data access rule. The funding will support employee restricted stock units tax obligations and provide internal liquidity. Waiting for regulatory clarity and consumer awareness could position Plaid for a stronger public debut down the road.

Consumer Financial Protection Bureau (CFPB)

Consumer Financial Protection Bureau (CFPB) CFPB Rules Consumer

2 senior CFPB officials ‘still working,’ source says

Bank Automation

APRIL 24, 2025

Two senior officials at theConsumer Financial Protection Bureau continue to work on auto financial markets-related matters, despite the tumult and pending firings at the bureau spurred by the Donald Trumpadministration, a source inside the CFPB tells Bank Automation News sister publication, Auto Finance News.

CFPB

CFPB Automation Finance Continuity

Killing the CFPB would create a vacuum, former insider says

Payments Dive

MARCH 7, 2025

Payment players and large banks might enjoy lighter regulation if the agency disappears, but should be careful what they wish for, a former CFPB executive says.

CFPB

CFPB Regulations Payments

CFPB co-founder: Agency will ‘rise from the ashes’

Bank Automation

MARCH 5, 2025

It looks really scary from the news, like theyre going to […] The post CFPB co-founder: Agency will rise from the ashes appeared first on Bank Automation News.

CFPB

CFPB Automation Posting Consumer

CFPB director favors ‘the end of screen scraping’

Bank Automation

OCTOBER 28, 2024

LAS VEGAS — The Consumer Financial Protection Bureau Director Rohit Chopra hopes the financial services industry moves away from screen scraping although the CFPB’s Oct. 22 Section 1033 Open Banking Rule did not ban the practice outright. “I

CFPB

CFPB Automation Rules Posting

CFPB lawsuit against bank giants is ‘regulatory overreach,’ Zelle says

Bank Automation

DECEMBER 20, 2024

Customers of the financial institutions named in todays lawsuit have accumulated more than $870 million in losses due to the alleged failure […] The post CFPB lawsuit against bank giants is regulatory overreach, Zelle says appeared first on Bank Automation News.

Zelle

Zelle CFPB Payment Networks Automation

Apple Pay, other tech firms come under CFPB regulatory oversight

Bank Automation

NOVEMBER 21, 2024

The US Consumer Financial Protection Bureau will now treat those companies more like banks as long as they handle more than 50 million transactions a […] The post Apple Pay, other tech firms come under CFPB regulatory oversight appeared first on Bank Automation News.

CFPB

CFPB Automation Transactions Consumer

Senate votes to overturn CFPB big tech rule

Payments Dive

MARCH 6, 2025

The Senate backed a resolution to overturn a Consumer Financial Protection Bureau rule that gave the agency oversight of big tech companies offering payment tools.

Rules

Rules CFPB Payments Tools Consumer

CFPB Settles Student Loan Case With Discover For $35 Million

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

CFPB Consumer Financial Protection Bureau (CFPB) Governance Government

Google Hits Back at US Regulator Over Payment Arm Supervision

The Fintech Times

DECEMBER 9, 2024

Google has filed a legal challenge against the US Consumer Financial Protection Bureau (CFPB), the agency responsible for overseeing consumer finance, after it placed Google Payment Corp., The tech giant argues that the move, which the CFPB says is aimed at addressing potential consumer risks, constitutes regulatory overreach.

Consumer Financial Protection Bureau (CFPB)

Consumer Financial Protection Bureau (CFPB) CFPB Regulations Legal

CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products

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

CFPB Rules Product Consumer Financial Protection Bureau (CFPB)

CFPB, DOJ boost teamwork on cases

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

CFPB and American Fintech Council stake out AI positions to Treasury

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)

Consumer Financial Protection Bureau (CFPB) CFPB Treasury AI

CFPB plans to spike BNPL rule

Payments Dive

MARCH 31, 2025

The buy now, pay later industry sued to block the consumer-friendly rule, arguing that the services are not the same as those offered via credit cards.

Rules

Rules CFPB BNPL Blocks

CFPB to treat BNPL loans like credit cards

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

CFPB Credit Cards BNPL Consumer Protection

CFPB sues Early Warning Services over Zelle

Payments Dive

DECEMBER 20, 2024

The federal agency sued the operator of the pay-by-bank service as well as three bank owners, alleging they let fraud "fester" on the digital system.

Zelle

Zelle CFPB

House votes to kill CFPB big tech payments rule

Payments Dive

APRIL 9, 2025

The measure revoking the bureau’s oversight of large technology payments players, such as Google and Block, passed on a straight party-line vote.

CFPB

CFPB Rules Blocks Payments

CFPB funding under new scrutiny

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

CFPB Legal Consumer Regulations

PayPal discloses SEC, CFPB probes

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

CFPB PayPal Stablecoins Digital Payments

CFPB charges Navy Federal Credit Union $95 million for overdraft and junk fees

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)

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

Reliant pushes back against CFPB lawsuit

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

CFPB Legal Card Services

Affirm CEO welcomes CFPB oversight

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

CFPB Consumer

CFPB Takes Action to Ensure Consumers Can Dispute Charges and Obtain Refunds on Buy Now, Pay Later Loans

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

Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer

CFPB sues Walmart, fintech partner for illegal account openings

Bank Automation

DECEMBER 23, 2024

The agency sued the two […] The post CFPB sues Walmart, fintech partner for illegal account openings appeared first on Bank Automation News. The Consumer Financial Protection Bureau claimed that Walmart and Branch Messenger Inc. required the delivery drivers to be paid through costly accounts.

CFPB

CFPB Accounts FinTech Consumer Protection

CFPB swats at retail credit cards

Payments Dive

DECEMBER 18, 2024

The federal agency warned companies issuing credit cards about illegal tactics, specifically calling out promotions that turn into “bait-and-switch” offers.

Credit Cards

Credit Cards CFPB

CFPB's Chopra blasts potential card hikes

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

CFPB FinTech Consumer Payments

CFPB fines TD Bank $28M

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

CFPB Rules Automation Consumer

CFPB targets ‘bait-and-switch’ card reward programs

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

CFPB Credit Cards Consumer

CFPB, DOT take aim at airline rewards

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

States could pick up where CFPB left off

CFPB Approves FDX as First Standard-Setting Body for Open Banking

CFPB fines fintech Wise, alleging it charged deceptive fees

Webinars

CFPB fines VyStar Credit Union $1.5M for ‘bungled’ platform rollout

CFPB Slaps Equifax With $15Million Fine for Mishandling Consumer Credit Disputes

CFPB carves out new competition angle for oversight

CFPB takes aim at Apple, Google tap-to-pay tech

Immigrants denied credit cards, other loans: CFPB, DOJ

CFPB: Consumers paid record credit card fees in 2022

CFPB fines Chime $3.25M

CFPB requests public comment on consumer privacy protections

CFPB: Santander Must Pay $4.75 Million For Credit Reporting Violations

Virtual marketplaces risk real losses: CFPB

CFPB proposes earned wage access rule

CFPB fines fintech Wise $2.5M

Plaid’s $575 Million Round Signals Strength Despite Valuation Drop and Delayed IPO

2 senior CFPB officials ‘still working,’ source says

Killing the CFPB would create a vacuum, former insider says

CFPB co-founder: Agency will ‘rise from the ashes’

CFPB director favors ‘the end of screen scraping’

CFPB lawsuit against bank giants is ‘regulatory overreach,’ Zelle says

Apple Pay, other tech firms come under CFPB regulatory oversight

Senate votes to overturn CFPB big tech rule

CFPB Settles Student Loan Case With Discover For $35 Million

Google Hits Back at US Regulator Over Payment Arm Supervision

CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products

CFPB, DOJ boost teamwork on cases

CFPB and American Fintech Council stake out AI positions to Treasury

CFPB plans to spike BNPL rule

CFPB to treat BNPL loans like credit cards

CFPB sues Early Warning Services over Zelle

House votes to kill CFPB big tech payments rule

CFPB funding under new scrutiny

PayPal discloses SEC, CFPB probes

CFPB charges Navy Federal Credit Union $95 million for overdraft and junk fees

Reliant pushes back against CFPB lawsuit

Affirm CEO welcomes CFPB oversight

CFPB Takes Action to Ensure Consumers Can Dispute Charges and Obtain Refunds on Buy Now, Pay Later Loans

CFPB sues Walmart, fintech partner for illegal account openings

CFPB swats at retail credit cards

CFPB's Chopra blasts potential card hikes

CFPB fines TD Bank $28M

CFPB targets ‘bait-and-switch’ card reward programs

CFPB, DOT take aim at airline rewards

Stay Connected