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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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

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. Regulation F affects everything from debtor communication to multi-state compliance.

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Regulations Consumer Financial Protection Bureau (CFPB) CFPB Rules 52

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

Finovate

JULY 24, 2024

Regulation As expected, the regulatory landscape has tightened significantly so far this year. Regulators have intensified their scrutiny not only of financial institutions, but also of specific issues. the Basel III framework brought forth new regulations focusing on capital adequacy, liquidity, and operational risk.

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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

MARCH 3, 2020

For those unfamiliar with the term, zombie debt is debt a consumer legitimately owed, but that has passed the statute of limitations for when the debt can be collected in a court and/or has passed the duration of time it can be reported to the credit reporting bureaus.

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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

FEBRUARY 7, 2019

The next chapter in the ongoing saga that is payday loan regulation officially began yesterday (Feb. 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 Tumultuous Response.

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Regulations 40

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

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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Global Fintech & Digital Assets

DECEMBER 21, 2023

The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending. BNPL in US, UK, and EU Regulators’ Sights The Consumer Financial Protection Bureau (CFPB) has been actively monitoring BNPL activity in the consumer finance marketplace for some time now.

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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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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

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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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

Finovate

APRIL 10, 2024

Since late 2023, the FDIC and CFPB have issued seven consent orders because of BaaS-related issues. Part of the problem stems from the fact that regulators have been eschewing formal rule-making, and have instead been making examples of particular firms by enforcing consequences in the form of consent orders. Can’t sleep?

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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

FEBRUARY 3, 2020

On the basis of this fact-finding, the Commission will consider how best to address more systemic issues, including by ex ante regulation, if appropriate, to ensure that markets stay open and fair,” the paper noted. By way of example, the regulations would require a company such as Google to explain its search result processes.

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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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FICO

DECEMBER 20, 2021

with New Rules Promulgated by the CFPB. After more than a decade of waiting, the Consumer Financial Protection Bureau will issue long-awaited regulations, in accordance with section 1033 of the Dodd-Frank Act , that provide consumers with a right of access to their financial information.

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PYMNTS

SEPTEMBER 12, 2018

regulators turn down its plan to pay back customers who purchased auto insurance they didn’t need. In June, Wells Fargo submitted the plan to regulators as part of a $1 billion settlement it reached with the CFPB and the OCC. Reuters noted that there is no deadline for when the regulators need to sign off on the plan.

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

NOVEMBER 1, 2017

Usury laws regulate how much interest can be charged on a loan. State and federal regulators, including the Consumer Financial Protection Bureau (CFPB) are working to hold marketplace lending platforms accountable to usury law compliance, the publication noted, under the argument that the platforms are the true lenders.

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

PYMNTS

MARCH 6, 2019

“We are proposing to amend our data security rules for financial institutions to better protect consumers and provide more certainty for business[es],” said Andrew Smith, director of the FTC’s Bureau of Consumer Protection, in a press release.

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FTC Privacy Consumer Financial Protection Bureau (CFPB) Security 60

PYMNTS

JULY 20, 2018

” The publication likened the disclosure requirements to existing rules that require consumer lenders to disclose APRs under the federal Truth in Lending Act and Regulation Z. “The Responsible Banking Ordinance will help us protect consumers and hold businesses accountable for unscrupulous practices.”

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Clearly Payments

FEBRUARY 8, 2024

To ensure the smooth operation of this system and protect the interests of all stakeholders, a robust regulatory framework is in place. This article aims to provide an in-depth overview of the key regulatory organizations, payment regulations, and prevailing trends that shape payment regulation in the USA.

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Regulations Electronic Fund Transfer Act (EFTA) Federal Reserve Electronic Funds Transfer (EFT) 87

PYMNTS

JANUARY 16, 2018

Regulators spent most of 2017 cracking down on the practice. They also argue that the federal and state governments have no right of regulation here, because tribal sovereignty is protected by treaty. Some short-term lenders – particularly those feeling the squeeze from state regulations around such loans (i.e.

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Finovate

DECEMBER 13, 2023

Here are some of the areas where regulators could make themselves felt by the fintech industry in 2024. Whether its the boardrooms of Silicon Valley or the halls of Congress, the call for regulating AI technology is only getting louder. As we enter 2024, the focus on AI-based regulations in the U.S. The only question was when.

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Regulations BNPL Consumer Financial Protection Bureau (CFPB) FinTech 64

PYMNTS

NOVEMBER 20, 2017

Hennessy noted that regulators at both the federal and state levels are refocusing on consumer protection. Simply counting the number of complaints that rack up on sites such as the Better Business Bureau, the CFPB or the Ripoff Report is not enough. In other words, verification is simply not enough.

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PYMNTS

NOVEMBER 9, 2020

there are indications that the opening of data flows between financial services companies has led to strong innovation (and demand for that innovation), and more regulation may loom. regulators have taken a more hands-off approach by issuing non-binding guidelines, thus allowing industry stakeholders to pave the way forward.

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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 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

MARCH 26, 2020

In a joint statement issued on Thursday (March 26), the Federal Reserve’s Board of Governors, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corp.

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

PYMNTS

JUNE 13, 2018

The restrictions are scheduled to take effect next year, but lenders — along with the CFPB — sued to have that deadline delayed while the agency takes a closer look at the regulations. In fact, earlier this year CFPB’s acting director Mick Mulvaney revealed that the agency was going to “reconsider” rules regarding payday loans.

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Rules CFPB Credit Union Procedures 44

PYMNTS

JANUARY 20, 2021

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

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PYMNTS

APRIL 20, 2018

Aiming to fill the void resulting from the Consumer Financial Protection Bureau’s retreat from regulation, states are stepping up and going after big financial companies. We haven’t got involved in any new investigations by the CFPB but on the state side we’ve seen an enormous increase,” he said.

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