Finextra

NOVEMBER 8, 2024

The Consumer Financial Protection Bureau (CFPB) has charged the US’s largest credit union for illegally charging users overdraft fees.

Consumer Financial Protection Bureau (CFPB) 103

Consumer Financial Protection Bureau (CFPB) Credit Union Junk Fees CFPB 103

Payments Dive

SEPTEMBER 8, 2023

“Regulations imposed by Big Tech firms have a big impact on whether consumers and businesses can make payments using third-party apps,” CFPB Director Rohit Chopra said in a Thursday press release.

CFPB 182

CFPB Regulations Consumer Payments 182

Fintech Finance

JULY 15, 2024

Regulatory clarity and consistent standards are critical for providers offering safe, transparent and responsible financial services and even more important for consumers who expect protections when utilizing financial services including Buy Now Pay Later,” said Phil Goldfeder, Chief Executive Officer of AFC.

Consumer Financial Protection Bureau (CFPB) 82

Consumer Financial Protection Bureau (CFPB) CFPB Rules BNPL 82

Fintech Finance

MAY 24, 2024

The Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. Accordingly, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to conventional credit cards.

Disputes 78

Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 78

Finextra

JUNE 5, 2024

The Consumer Financial Protection Bureau (CFPB) has taken another step designed to promote open banking in the US, finalising a rule for recognising data sharing standards and preventing incumbents from "squelching" startups.

Consumer Financial Protection Bureau (CFPB) 72

Consumer Financial Protection Bureau (CFPB) CFPB Consumer Rules 72

Bank Automation

OCTOBER 28, 2024

LAS VEGAS — The Consumer Financial Protection Bureau Director Rohit Chopra hopes the financial services industry moves away from screen scraping although the CFPB’s Oct. 22 Section 1033 Open Banking Rule did not ban the practice outright. “I

CFPB 69

CFPB Automation Rules Posting 69

Finextra

AUGUST 14, 2024

Responding to a call from the US Treasury, the Consumer Financial Protection Bureau (CFPB) and the American Fintech Council (AFC) have both weighed in on the use of AI in financial services.

Consumer Financial Protection Bureau (CFPB) 105

Consumer Financial Protection Bureau (CFPB) CFPB Treasury AI 105

Payments Dive

MAY 21, 2024

“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,” CFPB Director Rohit Chopra said.

CFPB 95

CFPB Credit Cards BNPL Consumer Protection 95

Finextra

OCTOBER 21, 2024

The Financial Technology Association (FTA) has filed a lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) new buy now, pay later rules.

CFPB 64

CFPB Rules BNPL FinTech 64

Bank Automation

NOVEMBER 21, 2024

The top US consumer watchdog will supervise Apple Inc. The US Consumer Financial Protection Bureau will now treat those companies more like banks as long as they handle more than 50 million transactions a […] The post Apple Pay, other tech firms come under CFPB regulatory oversight appeared first on Bank Automation News.

CFPB 52

CFPB Automation Transactions Consumer 52

Payments Dive

MARCH 27, 2024

Major credit card providers offset attractive rewards programs with fees and interest, costing consumers carrying balances, CFPB Director Rohit Chopra said.

CFPB 95

CFPB Credit Cards Consumer 95

Fintech Finance

JULY 19, 2024

The Consumer Financial Protection Bureau (CFPB) has proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. The CFPB also published a report examining employer-sponsored paycheck advance loans.

CFPB 90

CFPB Rules Product Consumer Financial Protection Bureau (CFPB) 90

The Fintech Times

NOVEMBER 4, 2024

US government agency, the Consumer Financial Protection Bureau (CFPB) has fined Florida-headquartered VyStar Credit Union $1.5million for failing to protect consumers during its ‘botched’ rollout of a new online banking system. million civil penalty to the CFPB’s victims relief fund. .

Credit Union 58

Credit Union CFPB Consumer Financial Protection Bureau (CFPB) NCUA 58

Bank Automation

OCTOBER 23, 2024

Experts are assessing the effects of the Personal Data Right rule on consumers, competition and innovation following the Consumer Financial Protection Bureau’s announcement of the finalized rule.

CFPB 52

CFPB Rules Innovation Assessments 52

Bank Automation

JUNE 6, 2024

The Consumer Financial Protection Bureau is soliciting financial services stakeholders to help form a framework for sharing data ahead of open banking in the United States.

CFPB 75

CFPB Rules Consumer Regulations 75

Bank Automation

OCTOBER 23, 2024

will pay more than $89 million to resolve a long-running investigation into their credit-card joint venture after the top US consumer watchdog said the pair misled customers and mishandled disputes. Goldman Sachs Group Inc. and Apple Inc.

CFPB 52

CFPB Disputes Credit Cards Automation 52

Payments Dive

NOVEMBER 21, 2024

In finalizing the new rule to oversee digital wallet providers Thursday, the Consumer Financial Protection Bureau said it made important changes to its initial proposal.

Rules 102

Rules CFPB Payments Consumer 102

PYMNTS

DECEMBER 23, 2020

Santander Consumer USA was ordered to pay $4.7 million to the Consumer Financial Protection Bureau ( CFPB ) for violating the Fair Credit Reporting Act (FCRA), the CFPB said in a press release. The CFPB also alleged in the order that the “internally inconsistent” errors should have been “readily apparent” to Santander.

CFPB 142

CFPB Consumer Financial Protection Bureau (CFPB) Non-Bank Origination 142

Finextra

OCTOBER 18, 2024

The Consumer Financial Protection Bureau (CFPB) has announced its suit against Climb Credit and its largest shareholder 1/0 for misrepresenting the quality of its training programmes at partner schools.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) CFPB Consumer 52

Global Fintech & Digital Assets

DECEMBER 18, 2023

By Jenny Cieplak , Parag Patel , Barrie VanBrackle , and Deric Behar On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule, Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications (the Proposal), to supervise large providers of digital wallets and payment apps.

CFPB 75

CFPB Regulations Consumer Financial Protection Bureau (CFPB) Non-Bank 75

Innovative Payments Association

JULY 8, 2024

The Consumer Financial Protection Bureau (CFPB) is the primary enforcement agency for Regulation E, and it has been cracking down on violations in recent years. CFPB Enforcement Actions The CFPB has taken enforcement actions against companies in the payments industry for various violations of Regulation E.

Reg E 52

Reg E CFPB Error Resolution Boot Camp 52

The Fintech Times

JANUARY 3, 2024

The American Fintech Council (AFC) has submitted its response to the Consumer Financial Protection Bureau (CFPB) on its open banking proposal. The CFPB proposed a change on personal financial data rights implementing Section 1033 of the Dodd-Frank Act. wrote Ian P. “AFC wrote Ian P.

CFPB 68

CFPB Consumer Financial Protection Bureau (CFPB) FinTech Underserved 68

Payments Dive

APRIL 19, 2023

A Consumer Financial Protection Bureau official pointed to how buy now, pay later providers handle consumer disputes as a major area of concern for the agency.

Disputes 87

Disputes CFPB Consumer BNPL 87

The Nilson Report

OCTOBER 28, 2024

The post CFPB Finalizes Personal Financial Data Rights Rule appeared first on Nilson Report.

CFPB 52

CFPB Rules Posting Privacy 52

PYMNTS

JULY 20, 2020

The Consumer Financial Protection Bureau (CFPB) has recorded record-high numbers of complaints every month since the pandemic hit in mid-March, according to a press release from the U.S. The CFPB was off to a good start after the last economic crisis,” said Mike Litt , U.S. PIRG Education Fund.

CFPB 64

CFPB Consumer Financial Protection Bureau (CFPB) Consumer Identity Theft 64

Finextra

APRIL 14, 2024

US and European officials have begun an "informal dialogue" on consumer financial protection issues, focusing on the rise of Big Tech in payments; the use of AI in lending; and the emergence of buy now, pay later.

AI 115

AI Consumer CFPB BNPL 115

Electronic Payments Coalition

MAY 9, 2024

The Electronic Payments Coalition fact-checked a politically motivated report focused on credit card reward programs issued by the Consumer Financial Protection Bureau (CFPB). EPC’s fact-check of the CFPB’s report is copied below.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) CFPB Credit Cards Checks 52

The Paypers

JUNE 10, 2024

The Consumer Financial Protection Bureau ( CFPB ) has finalised a rule detailing the requirements for becoming a recognised industry standard-setting body.

Consumer Financial Protection Bureau (CFPB) 57

Consumer Financial Protection Bureau (CFPB) CFPB Rules Consumer 57

Finextra

MAY 17, 2024

The US Supreme Court has rejected an attempt to undercut the funding of the Consumer Financial Protection Bureau (CFPB).

Consumer Financial Protection Bureau (CFPB) 59

Consumer Financial Protection Bureau (CFPB) CFPB Consumer 59

Finextra

JUNE 13, 2024

The Consumer Financial Protection Bureau (CFPB) has set out plans to remove medical bills from most credit reports

Consumer Financial Protection Bureau (CFPB) 64

Consumer Financial Protection Bureau (CFPB) CFPB Consumer 64

Finextra

JANUARY 24, 2024

America's Consumer Financial Protection Bureau (CFPB) has proposed a rule that would stop banks charging non-sufficient fund fees for transactions that are declined in real time.

Consumer Financial Protection Bureau (CFPB) 59

Consumer Financial Protection Bureau (CFPB) CFPB Non-Bank Rules 59

The Paypers

NOVEMBER 1, 2024

The Consumer Financial Protection Bureau (CFPB) has taken action against VyStar Credit Union and ordered the company to pay USD 1.5 million for impairing consumers via its rollout of a new online banking system.

Consumer Financial Protection Bureau (CFPB) 36

Consumer Financial Protection Bureau (CFPB) Credit Union CFPB Consumer 36

Payments Dive

AUGUST 27, 2024

The federal agency surveyed major retailers and was concerned to find three retailers impose $90 million in fees annually when consumers ask for cash back with a debit or prepaid card purchase.

CFPB 157

CFPB Consumer 157

The Paypers

AUGUST 19, 2024

The Consumer Financial Protection Bureau (CFPB) has released a comment regarding the uses, capabilities, and risks associated with artificial intelligence (AI) in the financial services industry.

Consumer Financial Protection Bureau (CFPB) 48

Consumer Financial Protection Bureau (CFPB) CFPB AI Risk 48

Finextra

MAY 22, 2024

The Consumer Financial Protection Bureau (CFPB) today sued the online lending platform SoLo Funds for deceiving borrowers about the total cost of loans.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) CFPB Consumer 52

PYMNTS

DECEMBER 30, 2020

Payactiv 's Earned Wage Access (EWA) program is exempt from federal lending law under new rules from the Consumer Finance Protection Bureau (CFPB), according to a press release. The CFPB recently clarified its position on EWA programs and said they weren't considered to be extensions of credit.

CFPB 106

CFPB Payroll Correspondent Rules 106

Payments Dive

NOVEMBER 3, 2023

The digital payments company said it’s cooperating with a Securities and Exchange Commission probe of its stablecoin, and a Consumer Financial Protection Bureau inquiry related to bank transfers.

CFPB 172

CFPB PayPal Stablecoins Digital Payments 172