Fintech Finance

JULY 15, 2024

Regulatory clarity and consistent standards are critical for providers offering safe, transparent and responsible financial services and even more important for consumers who expect protections when utilizing financial services including Buy Now Pay Later,” said Phil Goldfeder, Chief Executive Officer of AFC.

Consumer Financial Protection Bureau (CFPB) 98

Consumer Financial Protection Bureau (CFPB) CFPB Rules BNPL 98

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 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.

CFPB 114

CFPB Consumer Financial Protection Bureau (CFPB) Government Governance 114

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

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

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

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

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

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

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

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

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

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

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

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

Bank Automation

AUGUST 23, 2024

The Consumer Financial Protection Bureau is facing additional challenges that call into question the legality of the bureau’s funding. 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.

CFPB 80

CFPB Legal Consumer Regulations 80

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

Finextra

APRIL 14, 2024

US and European officials have begun an "informal dialogue" on consumer financial protection issues, focusing on the rise of Big Tech in payments; the use of AI in lending; and the emergence of buy now, pay later.

AI 115

AI Consumer CFPB BNPL 115

Payments Source

APRIL 13, 2020

The Consumer Financial Protection Bureau wants to make it easier for those who lack bank accounts to receive pandemic relief payments authorized by Congress.

CFPB 123

CFPB Consumer Authorization Accounts 123

Bank Automation

SEPTEMBER 11, 2024

TD Bank was ordered to pay $28 million in fines by the Consumer Financial Protection Bureau, which ruled the bank had shared inaccurate information about its customers to consumer reporting companies. 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

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 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

Payments Source

MARCH 16, 2021

As the Consumer Financial Protection Bureau weighs rules on protecting customer information shared between banks and third parties, it should consider giving consumers full authority over their financial data and committing to direct oversight of everyone involved, including data aggregators and fintechs. ]].

CFPB 153

CFPB Regulations Rules Authorization 153

PYMNTS

JULY 20, 2020

The Consumer Financial Protection Bureau (CFPB) has recorded record-high numbers of complaints every month since the pandemic hit in mid-March, according to a press release from the U.S. The CFPB was off to a good start after the last economic crisis,” said Mike Litt , U.S. PIRG Education Fund.

CFPB 64

CFPB Consumer Financial Protection Bureau (CFPB) Consumer Identity Theft 64

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) 72

Consumer Financial Protection Bureau (CFPB) CFPB Consumer Rules 72

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

APRIL 19, 2023

A Consumer Financial Protection Bureau official pointed to how buy now, pay later providers handle consumer disputes as a major area of concern for the agency.

Disputes 88

Disputes CFPB Consumer BNPL 88

Bank Automation

JUNE 6, 2024

The Consumer Financial Protection Bureau is soliciting financial services stakeholders to help form a framework for sharing data ahead of open banking in the United States.

CFPB 75

CFPB Rules Consumer Regulations 75

PYMNTS

DECEMBER 31, 2020

Synchrony Bank will be able to offer a combination secured/unsecured credit card under a Consumer Financial Protection Bureau order posted Wednesday (Dec. Like other secured card offerings, the DFCC offers such consumers the opportunity to improve or establish their credit profile.".

Credit Cards 98

Credit Cards CFPB Security Industry Trends 98

PYMNTS

MARCH 29, 2018

Consumers paid $34.3 Despite the increase, consumers aren’t, in fact, overdrawing their accounts. Even so, consumers must opt in to be able to overdraft. consumers in 2016, according to a report from the Consumer Financial Protection Bureau (CFPB) on the impact of bouncing checks in American finance.

Consumer Financial Protection Bureau (CFPB) 89

Consumer Financial Protection Bureau (CFPB) CFPB Credit Union Consumer 89

Bank Automation

OCTOBER 31, 2024

The Consumer Financial Protection Bureau fined VyStar Credit Union $1.5 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 Jacksonville, Fla.-based, based, $14.75

Credit Union 98

Credit Union CFPB Automation Posting 98

PYMNTS

NOVEMBER 3, 2020

Late last week, the Consumer Financial Protection Bureau (CFPB) said it will look to issue advance notice of proposed rulemaking on “open banking” by the end of this year. The document released by the CFPB specifically targets the implementation of Section 1033 of the Dodd-Frank Act. Beyond the Comment Period.

CFPB 79

CFPB Consumer Financial Protection Bureau (CFPB) Rules Authorization 79

Payments Dive

APRIL 25, 2022

In an effort to level the playing field, the Consumer Financial Protection Bureau said Monday it would invoke a largely unused legal provision. Banks have long complained that fintechs are able to offer many of the same financial services without abiding by the same laws.

CFPB 148

CFPB FinTech Legal Laws 148

Payments Dive

OCTOBER 31, 2022

Elizabeth Warren told the Consumer Financial Protection Bureau that it should amend Regulation E of the Electronic Fund Transfer Act “to increase consumer protection.”

Zelle 131

Zelle CFPB Funds Transfer Consumer Protection 131

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. wrote Ian P. “AFC wrote Ian P.

CFPB 69

CFPB Consumer Financial Protection Bureau (CFPB) FinTech Underserved 69

PYMNTS

OCTOBER 29, 2020

API FinTech TrueLayer is launching in Australia, recent reports said, and will seed accreditation from the Australian Competition and Consumer Commission to operate as an Accredited Data Recipient. CFPB Seeks Open Banking Guidance. That’s a critical advantage in the new normal.". TrueLayer Launches in Australia.

CFPB 81

CFPB Consumer Financial Protection Bureau (CFPB) Payment APIs and Integration Financial Crimes 81