Open Banking Excellence

OCTOBER 6, 2023

Your guide to the Consumer Financial Protection Bureau's (CFPB) imminent proposals for a new regulatory framework governing “Personal Financial Data Rights” The US will propose a new “Open Banking Rule” this year which will set the foundations for an ecosystem with the potential to become the largest in the world.

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Consumer Financial Protection Bureau (CFPB) Rules CFPB Finance 130

Bank Automation

AUGUST 23, 2024

The Consumer Financial Protection Bureau has once again made it clear that new AI- and machine learning-based technologies are held to the same consumer protection regulations as established technologies.

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AI CFPB Consumer Protection Laws 75

PYMNTS

OCTOBER 5, 2016

As one might expect of a financial product that has so rapidly become so widely popular, the prepaid card industry managed to catch the attention of the Consumer Finance Protection Bureau, which has been considering new regulations for some time that would create “strong federal consumer protections for prepaid account users.”

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CFPB Rules PayPal Debit Card 75

PYMNTS

APRIL 25, 2019

The Consumer Financial Protection Bureau (CFPB) announced Thursday (April 25) that it has issued a request for information on its remittance rule, which had faced calls by the Credit Union National Association for revision. CUNA wants the threshold raised to at least 1,000.

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Request for Information 59

PYMNTS

JUNE 7, 2019

The Bureau of Consumer Financial Protection (CFPB) has delayed the Aug. The CFPB is also correcting several errors in the rule. The Consumer Bankers Association (CBA) commended the delay. Compliance is being delayed 15 months, to Nov.

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CFPB Underwriting Rules Credit Union 53

PYMNTS

MAY 8, 2017

Things are getting tougher for the Consumer Financial Protection Bureau (CFPB) under the new political administration. More banks are now willing to challenge CFPB enforcement actions, said The Wall Street Journal. This already exceeds the total number of challenges the CFPB saw across 2016. The controversial U.S.

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CFPB Consumer Financial Protection Bureau (CFPB) Authorization Consumer Protection 48

Bank Automation

DECEMBER 23, 2024

and one of its financial technology partners allegedly opened expensive bank accounts for delivery drivers without their consent, a US consumer protection agency said on Monday. The Consumer Financial Protection Bureau claimed that Walmart and Branch Messenger Inc. Walmart Inc.

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CFPB Accounts FinTech Consumer Protection 52

PYMNTS

MARCH 7, 2017

On Monday (March 6), CFPB Director Richard Cordray presented at the LendIt USA Conference, providing attendees with an overview of where the bureau stands on FinTech innovation. In his keynote speech, Cordray shared how the CFPB is working to help facilitate FinTech innovation in a way that is beneficial for both providers and consumers.

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CFPB FinTech Consumer Protection Underserved 49

PYMNTS

AUGUST 22, 2016

The Consumer Financial Protection Bureau (CFPB) announced on Friday (Aug. The Consumer Financial Protection Bureau (CFPB) announced on Friday (Aug. The new additions being announced today bring experience and knowledge that will help inform the CFPB’s work going forward.”.

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CFPB Consumer Financial Protection Bureau (CFPB) Credit Union Consumer 40

PYMNTS

JUNE 7, 2016

After mounting complaints from both banks and consumers about unauthorized withdrawals and other illicit activities, the accused payment processor is being taken to court. According to a CFPB press release , the lawsuit claims that Intercept ignored signs that its clients were breaking laws and introducing potential fraud. .

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CFPB Processors Consumer Financial Protection Bureau (CFPB) Payments 41

PYMNTS

MARCH 3, 2020

It’s a problem widely reported and most recently acknowledged by the Consumer Financial Protection Bureau ( CFPB ), which estimates that millions of U.S. consumers are contacted about time-barred debt each year — and that this behavior “can pose consumer protection concerns.”

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Consumer 56

PYMNTS

MAY 8, 2019

Credit union (CU) and bank trade groups are locked in another battle, this time arguing about oversight by the Consumer Financial Protection Bureau (CFPB). In addition, the nine CUs currently under CFPB supervision are all in the top 1 percent of depository institutions. .”

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PYMNTS

MARCH 21, 2016

The Consumer Financial Protection Bureau said on Friday (March 18) that, at the agency’s request, a federal district court has entered a final judgment against Morgan Drexen, a debt relief company, with the resolution of a suit brought by the CFPB three years ago. 2015 against the firm’s CEO, Walter Ledda.

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CFPB Laws Consumer Protection Rules 43

PYMNTS

APRIL 28, 2016

The CFPB has its eye on the biggest marketplace lenders in the U.S., The new idea being floated involves classifying marketplace lenders, who operate online and also offer smaller loans with set payments, as installment lenders that are under the CFPB’s jurisdiction and regulations.

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PYMNTS

JANUARY 19, 2017

The Consumer Financial Protection Bureau (CFPB) announced yesterday (Jan. The CFPB suit alleges that Navient, formerly part of Sallie Mae, has been in violation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Fair Credit Reporting Act and the Fair Debt Collections Practices Act.

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CFPB Consumer Financial Protection Bureau (CFPB) Enrollments Consumer Protection 40

The Fintech Times

JULY 15, 2024

The new proposed interpretive rule would ensure that nonbank financial companies adhere to the same credit card lending rules as large banks, credit unions, and other financial institutions already supervised by the CFPB. In a letter , it applauded the CFPB for its 2022 report on BNPL and its continued engagement with industry leaders.

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BNPL Consumer Financial Protection Bureau (CFPB) CFPB Request for Comment 64

The Fintech Times

MAY 22, 2024

The Consumer Financial Protection Bureau (CFPB), a US government agency responsible for protecting consumers in the financial sector, has ruled that buy now, pay later (BNPL) lenders must treat consumers as credit card providers do, ensuring they receive the same key protections.

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BNPL Credit Cards Consumer Financial Protection Bureau (CFPB) CFPB 64

PYMNTS

JANUARY 24, 2017

According to a report , a Ninth Circuit of Appeals panel ruled online lenders Great Plains Lending, MobiLoans and Plain Green, all of which offer payday loans and installment loans, have to comply with the demands of the CFPB in its civil investigation. Rawlinson wrote in a 20-page opinion in the case, CFPB v.

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CFPB Enrollments Rules Consumer Protection 40

PYMNTS

JULY 26, 2020

The nation’s consumer protection agency is seeking input on rule changes to third-party access to individual financial records. Congress created the legislation in 2010 that created the CFPB. Its mission is to help ensure consumers have access to and the ability to leverage the data in their records.

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PYMNTS

AUGUST 26, 2016

The CFPB will collect more than $32 million in fines from First National Bank of Omaha over credit card practices the regulator found to be deceptive. The consumer protection agency found that the bank worked to push consumers into add-on services — services for which they were charged whether or not they ever received them.

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PYMNTS

AUGUST 23, 2016

That’s according to the Consumer Financial Protection Bureau , which announced on Monday (Aug. The CFPB’s order not only requires Wells Fargo to improve its consumer billing and student loan payment processing practices but also to provide $410,000 in relief to borrowers and pay a $3.6 million civil penalty to the CFPB.

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PYMNTS

JUNE 6, 2018

s appeal of a $109 million penalty caused a legal battle over the constitutionality of the Consumer Financial Protection Bureau’s (CFPB) structure, agency officials are recommending that Director Mick Mulvaney dismiss the company’s case, American Banker reported. After PHH Corp. ’s In January, the U.S.

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PYMNTS

MARCH 8, 2016

The CFPB has officially opened up its online forum for accepting consumer complaints geared at those who have experienced issues from online marketplace lenders. The bureau also released a bulletin about the marketplace lending industry and provided tips for consumers who are looking for alternative financing options.

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PYMNTS

JULY 26, 2016

Moreover, given the fact that the CFPB uses these databases as part of its various enforcement actions, it has essentially created a version of Yelp, where enough bad reviews can net a multi-million dollar fine. A House bill introduced in June would require the CFPB to verify all claims made in complaints.

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PYMNTS

JANUARY 21, 2021

Plus, the chief of the CFPB stepped down at Biden’s request. Biden Asks Consumer Protection Chief Kraninger To Step Down. Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger handed in her resignation Wednesday (Jan. Biden Expected To Name Professor Michael Barr To Head OCC. president.

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OCC Consumer Financial Protection Bureau (CFPB) Treasury Office of the Comptroller of the Currency 72

PYMNTS

NOVEMBER 27, 2017

The Consumer Financial Protection Bureau (CFPB) is gearing up to sue Spain-based Santander Bank, claiming the bank has overcharged its car loan customers. Citing sources familiar with the CFPB’s plans, Reuters reported that the CFPB suit could happen as soon as Monday (Nov.

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CFPB Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency Product 40

PYMNTS

MARCH 9, 2018

The Consumer Financial Protection Bureau (CFPB) introduced a final rule on Thursday (March 8) that it said will help mortgage servicers communicate with borrowers who are facing bankruptcy. The CFPB said the Truth in Lending Act requires that mortgage servicers provide borrowers with periodic statements.

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CFPB Consumer Financial Protection Bureau (CFPB) Rules Legal 40

PYMNTS

FEBRUARY 7, 2019

6), with the announcement that the Consumer Financial Protection Bureau (CFPB) will overhaul a series of 2017 payday loan regulations, set to go into effect in August 2019. The next chapter in the ongoing saga that is payday loan regulation officially began yesterday (Feb. The Tumultuous Response.

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Regulations 40

Finovate

JUNE 6, 2024

Late last month, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule stating that Buy Now, Pay Later (BNPL) lenders are credit card providers. For those unfamiliar with the matter, summarize the CFPB’s recent ruling on BNPL. territories.

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Consumer Financial Protection Bureau (CFPB) Rules BNPL CFPB 52

Neopay

MAY 28, 2024

Consumer Financial Protection Bureau (CFPB) issued a new interpretation under the existing Truth in Lending Act. Regardless of 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 already on the books.”

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BNPL Credit Cards Consumer Financial Protection Bureau (CFPB) Regulations 52

The Paypers

OCTOBER 10, 2016

(The Paypers) The Consumer Financial Protection Bureau (CFPB) has released new consumer protections that apply to digital wallets and debit and credit cards.

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Consumer Financial Protection Bureau (CFPB) CFPB Consumer Protection Credit Cards 31

PYMNTS

JUNE 8, 2017

The Consumer Financial Protection Bureau (CFPB) released a study Wednesday (June 7) that shows the way consumers establish their credit history can differ based on their economic background. The CFPB noted that in 2015 11 percent of U.S.

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CFPB Consumer Financial Protection Bureau (CFPB) Consumer Finance 40

PYMNTS

NOVEMBER 9, 2020

regulators acknowledge that although there is a market and demand for open banking, the current regulatory structure prioritizes consumer protection.”. The open access to APIs allows merchants to give consumers additional payment options. The CFPB specifically targets the implementation of Section 1033 of the Dodd-Frank Act.

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Consumer Financial Protection Bureau (CFPB) Accreditation CFPB TCH 114

PYMNTS

JULY 19, 2018

The Consumer Financial Protection Bureau (CFPB) has announced that Paul Watkins, a lawyer, will lead the agency’s newly created Office of Innovation. “I Before joining CFPB, Watkins was working at the Arizona Office of the Attorney General, where he was in charge of the office’s FinTech initiatives.

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CFPB Consumer Financial Protection Bureau (CFPB) Innovation Regulations 40

PYMNTS

OCTOBER 6, 2016

As the specifics of the CFPB’s pre-paid card rule are making their way through the ecosystem, the players are starting to come out with their takes on the newest set of financial regulations. Among the opinionators was Green Dot CEO and founder Steve Streit.

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Rules CFPB Debit Card Consumer Protection 49

NFCW

NOVEMBER 27, 2023

The US Consumer Financial Protection Bureau (CFPB) is proposing to subject large non-bank companies that offer consumer finance services including digital wallets and payment apps – such as Apple and Google – to the same regulatory scrutiny and oversight as banks, credit unions and other financial institutions.

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Consumer Financial Protection Bureau (CFPB) Rules CFPB Consumer 52

Finovate

JULY 24, 2024

On top of all of this, we’ve seen the CFPB take measures to further consumer protection, such as last week’s proposed interpretive ruling stating that some earned wage access tools should be considered loans. In the U.S., there has been increased scrutiny of banking-as-a-service partnerships.

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Checks FinTech Embedded Finance CFPB 59