CFPB - Payments Space

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

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 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

Webinars

From Start to Scale: Driving Growth Through Seamless Payments Implementation

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 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

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

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 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 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

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

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: 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 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

Fintech association sues CFPB over BNPL rule

Finextra

OCTOBER 21, 2024

The Financial Technology Association (FTA) has filed a lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) new buy now, pay later rules.

CFPB

CFPB Rules BNPL FinTech

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 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

States should fill in gaps in federal law to protect customer financial data - CFPB

Finextra

NOVEMBER 13, 2024

US states should assess gaps in their data privacy laws to ensure Americans are protected in an era when financial institutions are increasingly bidding to monetise their customers' data, according to the CFPB.

CFPB

CFPB Laws Privacy Assessments

CFPB hiring for tech enforcement

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

CFPB Authorization

BNPL providers won’t face penalties during transition to new CFPB rule

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

CFPB BNPL Rules Credit Cards

The Bank Policy Institute and Kentucky Bankers Association sue CFPB

The Paypers

OCTOBER 24, 2024

The Bank Policy Institute and Kentucky Bankers Association have filled a lawsuit against CFPB for jeopardising customers’ privacy and account security with its new rule.

CFPB

CFPB Privacy Rules Accounts

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 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 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 Slaps VyStar Credit Union With $1.5million Fine After Failed Rollout ‘Left Customers Stranded’

The Fintech Times

NOVEMBER 4, 2024

US government agency, the Consumer Financial Protection Bureau (CFPB) has fined Florida-headquartered VyStar Credit Union $1.5million for failing to protect consumers during its ‘botched’ rollout of a new online banking system. million civil penalty to the CFPB’s victims relief fund. . ” VyStar must also pay a $1.5

Credit Union

Credit Union CFPB Consumer Financial Protection Bureau (CFPB) NCUA

Comerica Sues CFPB Over Investigation Into Prepaid Card Program

The Nilson Report

NOVEMBER 15, 2024

The post Comerica Sues CFPB Over Investigation Into Prepaid Card Program appeared first on Nilson Report.

CFPB

CFPB Posting

Final CFPB open banking rule to force innovation

Bank Automation

OCTOBER 23, 2024

22 “is the day the banking industry catches up to every other industry, where consumers own their data,” Matt Denham, co-founder and head of product and […] The post Final CFPB open banking rule to force innovation appeared first on Bank Automation News.

CFPB

CFPB Rules Innovation Assessments

CFPB Finalizes Personal Financial Data Rights Rule

The Nilson Report

OCTOBER 28, 2024

The post CFPB Finalizes Personal Financial Data Rights Rule appeared first on Nilson Report.

CFPB

CFPB Rules Posting Privacy

Goldman, Apple to pay $89M after CFPB card probe

Bank Automation

OCTOBER 23, 2024

The Consumer Financial Protection Bureau said customer service breakdowns and misrepresentations affected hundreds of thousands of Apple Card […] The post Goldman, Apple to pay $89M after CFPB card probe appeared first on Bank Automation News.

CFPB

CFPB Disputes Credit Cards Automation

CFPB solicits stakeholders to form open banking framework

Bank Automation

JUNE 6, 2024

The CFPB on June 5 finalized a rule outlining which entities qualify as acceptable “standard setters” to include nine or fewer financial organizations, consumer advocates, small companies and large […]

CFPB

CFPB Rules Consumer Regulations

CFPB puts credit card comparison sites on notice

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

CFPB Credit Cards Product

American Fintech Council (AFC) Responds to Consumer Financial Protection Bureau (CFPB) Interpretive Rule on Buy Now Pay Later

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)

Consumer Financial Protection Bureau (CFPB) CFPB Rules BNPL

Climb Credit sued by CFPB for “false promises and outright lies”

Finextra

OCTOBER 18, 2024

The Consumer Financial Protection Bureau (CFPB) has announced its suit against Climb Credit and its largest shareholder 1/0 for misrepresenting the quality of its training programmes at partner schools.

Consumer Financial Protection Bureau (CFPB)

Consumer Financial Protection Bureau (CFPB) CFPB Consumer

Warren urges CFPB to act on card late fee rule

Payments Dive

DECEMBER 4, 2023

“I urge the CFPB to finalize this as quickly as possible,” Sen. Elizabeth Warren said during a Senate hearing with the agency’s director, Rohit Chopra.

CFPB

CFPB Rules

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 Orders Apple and Goldman Sachs to Pay Over $89 Million for Apple Card Failures

The Nilson Report

NOVEMBER 1, 2024

The post CFPB Orders Apple and Goldman Sachs to Pay Over $89 Million for Apple Card Failures appeared first on Nilson Report.

CFPB

CFPB Posting Consumer

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

American Fintech Council Identifies Hurdles in CFPB Open Banking Proposal

The Fintech Times

JANUARY 3, 2024

The American Fintech Council (AFC) has submitted its response to the Consumer Financial Protection Bureau (CFPB) on its open banking proposal. The CFPB proposed a change on personal financial data rights implementing Section 1033 of the Dodd-Frank Act. We look forward to our continued partnership on this and many other proposals.” “AFC

CFPB

CFPB Consumer Financial Protection Bureau (CFPB) FinTech Underserved

Citi suit prompts dispute between CFPB and industry groups

Finextra

JUNE 2, 2024

A legal case involving how Citi responded to customers who had money stolen via wire transfers has caused a spat between the CFPB and industry associations over the scope of the Electronic Fund Transfer Act (EFTA).

Electronic Fund Transfer Act (EFTA)

Electronic Fund Transfer Act (EFTA) CFPB Wire Transfer Disputes

EPC Myth-Busts Latest CFPB Credit Card Rewards Report

Electronic Payments Coalition

MAY 9, 2024

The Electronic Payments Coalition fact-checked a politically motivated report focused on credit card reward programs issued by the Consumer Financial Protection Bureau (CFPB). EPC’s fact-check of the CFPB’s report is copied below.

Consumer Financial Protection Bureau (CFPB)

Consumer Financial Protection Bureau (CFPB) CFPB Credit Cards Checks

Reg E in Focus: CFPB Enforcement and Compliance Tips

Innovative Payments Association

JULY 8, 2024

The Consumer Financial Protection Bureau (CFPB) is the primary enforcement agency for Regulation E, and it has been cracking down on violations in recent years. CFPB Enforcement Actions The CFPB has taken enforcement actions against companies in the payments industry for various violations of Regulation E.

Reg E

Reg E CFPB Error Resolution Boot Camp

CFPB Proposes to Regulate Large Digital Wallet and Payment App Providers

Global Fintech & Digital Assets

DECEMBER 18, 2023

By Jenny Cieplak , Parag Patel , Barrie VanBrackle , and Deric Behar On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule, Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications (the Proposal), to supervise large providers of digital wallets and payment apps.

CFPB

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

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.

Caps

Caps CFPB

CFPB says startups and consumers must have say in open banking standard setting

Finextra

JUNE 5, 2024

The Consumer Financial Protection Bureau (CFPB) has taken another step designed to promote open banking in the US, finalising a rule for recognising data sharing standards and preventing incumbents from "squelching" startups.

Consumer Financial Protection Bureau (CFPB)

Consumer Financial Protection Bureau (CFPB) CFPB Consumer Rules

CFPB establishes rules for standard-setting bodies

The Paypers

JUNE 10, 2024

The Consumer Financial Protection Bureau ( CFPB ) has finalised a rule detailing the requirements for becoming a recognised industry standard-setting body.

Consumer Financial Protection Bureau (CFPB)

Consumer Financial Protection Bureau (CFPB) CFPB Rules Consumer

CFPB proposes earned wage access rule

Virtual marketplaces risk real losses: CFPB

CFPB fines Chime $3.25M

Webinars

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

CFPB funding under new scrutiny

Reliant pushes back against CFPB lawsuit

Immigrants denied credit cards, other loans: CFPB, DOJ

CFPB fines TD Bank $28M

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

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

CFPB, DOJ boost teamwork on cases

CFPB: Consumers paid record credit card fees in 2022

CFPB director favors ‘the end of screen scraping’

Fintech association sues CFPB over BNPL rule

CFPB to treat BNPL loans like credit cards

CFPB and American Fintech Council stake out AI positions to Treasury

States should fill in gaps in federal law to protect customer financial data - CFPB

CFPB hiring for tech enforcement

BNPL providers won’t face penalties during transition to new CFPB rule

The Bank Policy Institute and Kentucky Bankers Association sue CFPB

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

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

CFPB carves out new competition angle for oversight

CFPB Slaps VyStar Credit Union With $1.5million Fine After Failed Rollout ‘Left Customers Stranded’

Comerica Sues CFPB Over Investigation Into Prepaid Card Program

Final CFPB open banking rule to force innovation

CFPB Finalizes Personal Financial Data Rights Rule

Goldman, Apple to pay $89M after CFPB card probe

CFPB solicits stakeholders to form open banking framework

CFPB puts credit card comparison sites on notice

American Fintech Council (AFC) Responds to Consumer Financial Protection Bureau (CFPB) Interpretive Rule on Buy Now Pay Later

Climb Credit sued by CFPB for “false promises and outright lies”

Warren urges CFPB to act on card late fee rule

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

CFPB Orders Apple and Goldman Sachs to Pay Over $89 Million for Apple Card Failures

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

American Fintech Council Identifies Hurdles in CFPB Open Banking Proposal

Citi suit prompts dispute between CFPB and industry groups

EPC Myth-Busts Latest CFPB Credit Card Rewards Report

Reg E in Focus: CFPB Enforcement and Compliance Tips

CFPB Proposes to Regulate Large Digital Wallet and Payment App Providers

Battle ensues over CFPB proposal to cap late fees

CFPB says startups and consumers must have say in open banking standard setting

CFPB establishes rules for standard-setting bodies

Stay Connected