Electronic Transactions Association

JANUARY 16, 2025

ETA supports a uniform policy framework for AI that appropriately preserves the innovation and security AI brings, while ensuring appropriate consumer protection. Modernize the CFPB The payments industry is committed to delivering innovative products and services in a transparent and secure manner.

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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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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

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

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.

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CFPB Processors Consumer Financial Protection Bureau (CFPB) Payments 41

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.

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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

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

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

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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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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Segpay

MARCH 24, 2025

This article will help you gain a better understanding of gaming and gambling laws in Down Under. USA: Stricter data-sharing laws, including the Gramm-Leach-Bliley Act (GLBA) and inter-agency reporting for suspicious activity over $3,000 USD. What are the Implications for Payment Companies (PSPs, PayFacs, etc)?

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Compliance Suspicious Activity Report (SAR) Fincen AML 71

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

The Payments Association

MARCH 18, 2025

Unlike Europe, there is no centralised regulatory framework governing open banking, though the Consumer Financial Protection Bureau (CFPB) has proposed a new rule that could establish a more standardised approach. As of 2023, account-to-account (A2A) transactions in the U.S. reached $1.1

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Finance Payment APIs and Integration Non-Bank Embedded Finance 88

PYMNTS

SEPTEMBER 15, 2017

Senator Elizabeth Warren also announced that she has begun an investigation into the hack, explaining in a letter to the Consumer Financial Protection Bureau (CFPB), the agency she helped create after the 2007-2009 financial crisis, that it may require additional powers to ensure closer federal oversight of credit reporting agencies. “Is

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Consumer Financial Protection Bureau (CFPB) CFPB Data Breach Breach 54

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

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.

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

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.

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

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.

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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.

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

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.

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BNPL CFPB Consumer Financial Protection Bureau (CFPB) Privacy 52

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.

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

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.

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Regulations Consumer Financial Protection Bureau (CFPB) CFPB Rules 52

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.

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CFPB Consumer Protection Addressing Laws 40

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.

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AML Authentication Finance OCC 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.

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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.

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Consumer CFPB Rules Origination 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.

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Laws Regulations CFPB On-Demand 47

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. ”

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Consumer Financial Protection Bureau (CFPB) Small Business CFPB Rules 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.

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Settlement Non-Bank ATM Credit Cards 40

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.

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

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.,

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Regulations BNPL Consumer Financial Protection Bureau (CFPB) FinTech 64

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.”

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CFPB Void Non-Bank Laws 42

Open Banking Excellence

MARCH 24, 2025

The implementation of Section 1033 of the Dodd-Frank Act , the 2010 post financial crisis legislation ushered-in to bring greater consumer protections in financial services, is set to jump start the U.S. When 1033 becomes law and we have a precise timeline we are going to have a plan around it and make U.S. Mostly because U.S.

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CFPB Rules API Non-Bank 130

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.

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CFPB Rules Push-to-Card Laws 40

Open Banking Excellence

FEBRUARY 13, 2025

However, a new era of Open Banking innovation is emerging, driven by a shift to an API-based system supported by stronger consumer regulations and standardisation, which will enhance competition and boost adoption. did not need to increase privacy laws and 71 per cent say consumers are not aware of consent management for data sharing.

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