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. “We are encouraged by the work the CFPB has done to better understand the BNPL industry. .

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

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

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

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.” Tightening the Rules.

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Consumer 56

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

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. Some parts of the rules, however, did remain intact. The Path To Revision.

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Regulations 40

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

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

PYMNTS

JANUARY 24, 2017

The Consumer Financial Protection Bureau got the nod Friday (Jan. 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.

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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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Consumer Financial Protection Bureau (CFPB) CFPB Consumer Privacy 69

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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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. 2015 against the firm’s CEO, Walter Ledda.

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CFPB Laws Consumer Protection Rules 43

PYMNTS

FEBRUARY 3, 2020

The creation of a “single European data space, a genuine single market for data” would include new rules governing cross-border use and data interoperability, among other tenets. According to the newswire, the new rules would also prevent larger tech firms from “unilaterally imposing conditions for access” and data use. “On

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

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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Due Diligence Privacy Compliance Regulatory Compliance 52

PYMNTS

MARCH 6, 2019

The Federal Trade Commission (FTC) has requested comment on the proposed amendments of two rules that protect the privacy and security of customer data held by financial institutions (FIs). The proposed changes are related to the Safeguards Rule and the Privacy Rule under the Gramm-Leach-Bliley Act.

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FTC Privacy Consumer Financial Protection Bureau (CFPB) Security 60

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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CFPB Financial Inclusion OCC Rules 52

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). While the revised legislation currently offers greater consumer protections, it is also likely to result in new consumer abuses. Attorneys’ fees.

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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. banking industry in the 2020. . email and texts).

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AML Authentication Finance OCC 52

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

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

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

JANUARY 16, 2018

The same rule arguably allows these tribes to offer loans that do not conform to state lending laws for things like interest rate caps or term length restrictions – even if they are making loans to borrowers outside of tribal territory. Sovereign immunity on tribal lands is why Native American tribes so often operate casinos, for example.

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Laws Regulations CFPB On-Demand 47

PYMNTS

JUNE 13, 2018

A Texas court ruled on Tuesday (June 12) against delaying the compliance date for the Consumer Financial Protection Bureau ’s rule on payday loans. A lawsuit had aimed to block the new federal rules that would limit these short-term loans that some critics say can force people into serious debt. But the U.S.

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Rules CFPB Credit Union Procedures 44

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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CFPB Legal Rules Procedures 43

Clearly Payments

FEBRUARY 8, 2024

Through transparent disclosures, dispute resolution mechanisms, and limits on consumer liability, regulations shield consumers from deceptive practices and ensure their financial well-being. 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) 87

Finovate

DECEMBER 13, 2023

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. There has some concern at the state level , with state attorneys general voicing consumer protection warnings. In the U.S.,

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Regulations BNPL Consumer Financial Protection Bureau (CFPB) FinTech 64

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. That signals more rules on the horizon.

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Consumer Financial Protection Bureau (CFPB) Accreditation CFPB TCH 114

PYMNTS

JULY 7, 2020

The federal Consumer Financial Protection Bureau (CFPB) has eliminated a rule that placed limits on payday lenders, handing a victory to the sector. The Trump administration has worked to eliminate the rule, as well as repeal the prohibition of multiple loans by the same customer.

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CFPB Consumer Financial Protection Bureau (CFPB) Rules Underwriting 56

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

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

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. billion in consumer relief.

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

PYMNTS

JUNE 22, 2018

A federal judge in New York has ruled that the structure of the Consumer Financial Protection Bureau (CFPB) is unconstitutional. This recent ruling follows a February decision by the federal appeals court in Washington that upheld the CFPB’s structure. According to Reuters , the decision by U.S.

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CFPB Consumer Financial Protection Bureau (CFPB) Rules Legal 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.

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

PYMNTS

JANUARY 3, 2017

The CFPB is casting a critical eye on overdraft fees charged by banks — despite facing an uncertain future in the Trump administration. Consumer advocates have long noted that overdraft fees have quietly become a surging source of income for banks. We view overdrafts as a consumer choice,” he says.

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CFPB Office of the Comptroller of the Currency Regulations Tax Refunds 41

PYMNTS

OCTOBER 11, 2019

Ayanna Pressley of Massachusetts has introduced new legislation that would require the Consumer Financial Protection Bureau (CFPB) to regulate the debt collection industry. Earlier this year, the CFPB issued a new rule that rolls back protections that prevent debt collectors from harassing Americans via phone and email.

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Consumer Financial Protection Bureau (CFPB) CFPB Rules Consumer 44

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. Supreme Court set to rule in Facebook v. New Debt Collection Rules Are Here to Stay. Now, with the U.S.

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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.

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