PYMNTS

OCTOBER 18, 2016

That’s according to a new report out from the Consumer Financial Protection Bureau’s (CFPB) Student Loan Ombudsman. The worse news is that the bureau is estimating a cost to consumers over the next two years of $125 million in unnecessary interest charges. 1, 2015, and May 31, 2016. Of that 8 million, about 1.2

CFPB 73

CFPB Consumer Protection Treasury Consumer 73

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.

CFPB 48

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

PYMNTS

JUNE 7, 2016

The Consumer Financial Protection Bureau (CFPB) announced on Monday (June 6) that it filed a lawsuit against Intercept Corporation and two of its executives, Bryan Smith and Craig Dresser, for the alleged illegal acts.

CFPB 41

CFPB Processors Consumer Financial Protection Bureau (CFPB) Payments 41

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.

CFPB 40

CFPB Consumer Protection Regulatory Compliance FTC 40

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. Ledda was found by the court to have violated federal law.

CFPB 43

CFPB Laws Consumer Protection Rules 43

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.

CFPB 40

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

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.

CFPB 41

CFPB Consumer Protection Laws Process 41

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.

CFPB 40

CFPB Regulations Laws Underwriting 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.

CFPB 40

CFPB Rules Consumer Financial Protection Bureau (CFPB) Regulations 40

Global Fintech & Digital Assets

DECEMBER 21, 2023

Compliance Risk Compliance with various consumer protection-related laws and regulations [1] is critical for banks furnishing BNPL loans to ensure that obligations are understood and met on both sides of the transaction.

OCC 59

OCC BNPL Electronic Fund Transfer Act (EFTA) Federal Trade Commission 59

PYMNTS

FEBRUARY 3, 2020

As noted by the news outlet, the government will leverage existing antitrust law, and any fines or regulatory actions tied to the new mandates would be the purview of the Fair Trade Commission (FTC). CFPB Files Suit Against Citizens Bank. Digital Currencies, Too. million credit card customers. million credit card customers.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) CFPB Digital Currency Central Bank 52

PYMNTS

NOVEMBER 1, 2017

A small business (SMB) in Massachusetts borrowing funds via marketplace lender Kabbage has sued the platform, igniting new debate in the conversation over the definition of a “true lender,” according to reports in the National Law Review on Tuesday (Oct. Usury laws regulate how much interest can be charged on a loan.

Small Business 51

Small Business Consumer Financial Protection Bureau (CFPB) Laws CFPB 51

Payment Savvy

NOVEMBER 30, 2021

In 2020, the Consumer Financial Protection Bureau (CFPB) published two rules which implement the Fair Debt Collection Practices Act (FDCPA). This federal law, known as Regulation F goes into effect on November 30, 2021. In total, these laws were in the works for more than five years. Attorneys’ fees.

Regulations 52

Regulations Consumer Financial Protection Bureau (CFPB) CFPB Rules 52

FICO

JANUARY 13, 2020

The CFPB will issue its final debt collection rule in the fall of 2020. Forty-two years after the enactment of the Fair Debt Collections Practices Act, the CFPB proposed the first set of rules governing third-party debt collection activities. The FCC will issue updated interpretations of the Telephone Consumer Protection Act in 2020.

AML 52

AML Authentication Finance OCC 52

PYMNTS

JULY 20, 2018

California lawmakers are considering legislation that would extend disclosure requirements currently required by consumer lenders to lenders of small business loan products, according to Manatt, Phelps & Phillips, LLP. The amendment includes commercial and investment banks in those requirements. ”

Consumer Financial Protection Bureau (CFPB) 40

Consumer Financial Protection Bureau (CFPB) Small Business CFPB Finance 40

PYMNTS

JANUARY 16, 2018

The Kansas businessman – facing a 2017 conviction for violating federal truth in lending and racketeering laws in connection with his online lending business – attempted to apologize for the $3.5 According to Reuters, it served to convince the judge that Tucker had not really accepted that his actions were against the law.

Laws 47

Laws Regulations CFPB On-Demand 47

PYMNTS

MARCH 10, 2020

The Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Cincinnati-based Fifth Third Bancorp alleging that employees opened accounts for customers without their consent in an effort to reach sales targets, according to reports on Tuesday (March 10). The CFPB filed a complaint with the U.S.

CFPB 67

CFPB Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency Accounts 67

Clearly Payments

FEBRUARY 8, 2024

Consumer Financial Protection Bureau (CFPB): Established in response to the 2008 financial crisis, the CFPB is tasked with protecting consumers in the financial marketplace. It monitors and enforces regulations related to payment products and services to ensure fair treatment and transparency for consumers.

Regulations 105

Regulations Electronic Fund Transfer Act (EFTA) Federal Reserve Electronic Funds Transfer (EFT) 105

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.

CFPB 43

CFPB Legal Rules Procedures 43

Finovate

DECEMBER 13, 2023

the EU’s AI Act is set to become law early next year. the Consumer Financial Protection Bureau (CFPB) has been studying the BNPL industry since at least late 2021. At this point, much of the CFPB’s impact on BNPL has been minimal. Unlike policy in the U.S., The only question was when. In the U.S.,

Regulations 64

Regulations BNPL Consumer Financial Protection Bureau (CFPB) FinTech 64

PYMNTS

MARCH 26, 2020

Five federal financial regulatory agencies are encouraging banks, savings associations and credit unions to offer small loans to consumers and small businesses in response to the coronavirus pandemic.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency Credit Union FDIC 52

PYMNTS

JANUARY 20, 2021

Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger handed in her resignation Wednesday (Jan. president, Bloomberg Law reported. While at the CFPB, Kraninger rolled back payday lender regulations, finalized debt collection laws and made changes to consumer finance regulations, Bloomberg Law reported.

Consumer Financial Protection Bureau (CFPB) 105

Consumer Financial Protection Bureau (CFPB) Consumer Protection CFPB Consumer 105

PYMNTS

APRIL 20, 2018

According to a report in the Financial Times , more than a dozen attorneys general in states around the country in December expressed alarm about the appointment of Mick Mulvaney as the acting director of the CFPB, pointing out he once called the government watchdog a “joke…in a sick, sad kind of way.”

CFPB 42

CFPB Void Non-Bank Laws 42

PYMNTS

JANUARY 26, 2018

It seems an era has drawn to a close at the Consumer Finance Protection Bureau (CFPB) as that under Mick Mulvaney, interim director and Office of Management and Budget (OMB) head, gets underway in earnest. And, under his leadership, the new CFPB seems bent on doing things very differently than it has in the past.

CFPB 40

CFPB Rules Push-to-Card Laws 40

PYMNTS

MARCH 31, 2017

Learning experiences have included $185 million in fines and penalties from regulators (including the CFPB) and a few rounds of public excoriation for its executives on Capitol Hill. Since that revelation, Wells Fargo has enjoyed a six-month lesson in why fraudulently using customer information doesn’t pay.

Settlement 40

Settlement Non-Bank ATM Credit Cards 40

PYMNTS

DECEMBER 12, 2018

Kathy Kraninger, the new head of the Consumer Financial Protection Bureau (CFPB), has said that she’ll prioritize the protection of consumers over regulatory issues, according to a report by the Chicago Tribune. Mulvaney often said that under Obama, the CFPB overreached enforcement against companies.

CFPB 49

CFPB Consumer Financial Protection Bureau (CFPB) Privacy Data Security 49

PYMNTS

JANUARY 31, 2018

The Consumer Financial Protection Bureau (CFPB) wants more insight into the use of administrative adjudications and sent out a Request for Information (RFI) to get it. The CFPB is also seeking information about how the current process can be improved. The CFPB will be accepting comment starting Feb.

CFPB 43

CFPB Consumer Financial Protection Bureau (CFPB) Request for Information Laws 43

PYMNTS

APRIL 19, 2016

It’s been a dramatic 12 months for the CFPB. But that might not have been any big surprise given the title of the hearing: “ The CFPB’s Assault on Access to Credit and Trampling of State and Tribal Sovereignty.”. There were the hearings earlier this year in the House that devolved pretty quickly into dueling insults.

CFPB 40

CFPB Consumer Protection Addressing Laws 40

FICO

DECEMBER 15, 2020

For the past several years, industry has been anxiously waiting for the FCC to clarify one of the most unsettled areas of the now antiquated, nearly three decades old Telephone Consumer Protection Act. If my prediction is on the mark, 2021 should be one where improved customer communications will fuel stronger customer engagement.

BSA 52

BSA Financial Inclusion Suspicious Activity Report (SAR) AML 52

FICO

APRIL 10, 2017

CFPB Debt Collection Rulemaking Will Likely Move Forward. The panel discussed the CFPB’s continued focus on developing new debt collection regulations. However, the law does not apply to pre-rule and proposed rulemaking activities. While our experts spoke on a number of hot-button topics, three main themes emerged.

CFPB 40

CFPB Rules Regulations Compliance 40

PYMNTS

APRIL 17, 2018

According to American Banker , the Senate is expected to vote this week on legislation that would use the Congressional Review Act to repeal the CFPB’s regulation on discriminatory pricing by auto lenders. The rules were created to protect drivers who use indirect auto loans financed through a dealership, which are backed by banks.

Consumer 40

Consumer CFPB Rules Regulations 40

PYMNTS

JUNE 29, 2020

Consumer Finance Protection Bureau ( CFPB )’s legality, the U.S. president has the power to remove a sitting CFPB director during the agency chief’s six-year term. The ruling marks a final decision for an issue that has made various trips through the courts to determine whether the CFPB as formulated was constitutional.

CFPB 97

CFPB Rules Federal Reserve Laws 97

PYMNTS

NOVEMBER 28, 2016

The CFPB must show greater concern for losing the benefits consumers get from borrowing in its efforts to stamp out wrongdoing. Meanwhile, financial services providers must do a better job of explaining how lending helps consumers and, of course, policing themselves. “A Taking Care Of Consumers. That’s a serious problem.

Consumer 51

Consumer CFPB Credit Cards Federal Reserve 51

PYMNTS

APRIL 11, 2018

In his first semiannual report to Congress, Mick Mulvaney said he is taking a narrow approach to running the Consumer Financial Protection Bureau (CFPB). The news comes months after Richard Cordray announced his resignation from his position as chief of the CFPB.

CFPB 40

CFPB Consumer Financial Protection Bureau (CFPB) Continuity Federal Reserve 40

PYMNTS

NOVEMBER 15, 2016

The nation’s top consumer advocacy watchdog, the Consumer Financial Protection Bureau (CFPB), is intensifying its investigation into high-interest seller-financed home sales. The CFPB announced Monday (Nov. The CFPB announced Monday (Nov. Harbour Portfolio Advisors sells the homes as-is.

Consumer Financial Protection Bureau (CFPB) 47

Consumer Financial Protection Bureau (CFPB) CFPB Consumer Advisors 47

PYMNTS

MAY 1, 2017

Ever since the Dodd-Frank Act gave the Consumer Financial Protection Bureau (CFPB) jurisdiction over just about every US business that provides some form of consumer credit, Republicans have been complaining that the agency has too much power. Most bankers support moves to rein the CFPB in a bit.

Consumer Financial Protection Bureau (CFPB) 43

Consumer Financial Protection Bureau (CFPB) CFPB Federal Trade Commission Law Enforcement 43

FICO

JANUARY 5, 2023

The CFPB's New Open Banking Proposal Will Accelerate Exciting Product Innovations. The Consumer Financial Protection Bureau (CFPB) has indicated it will publish rules , not guidelines, aimed at strengthening consumers’ control over and providing portability of their financial account data, sometime in 2023.

BNPL 52

BNPL CFPB Consumer Financial Protection Bureau (CFPB) Privacy 52