This site uses cookies to improve your experience. By viewing our content, you are accepting the use of cookies. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country we will assume you are from the United States. View our privacy policy and terms of use.
CFPB Consumer Consumer Protection 
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.
97 
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.
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.
81 
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.
69 
Bank Automation
AUGUST 23, 2024
The Consumer Financial Protection Bureau has once again made it clear that new AI- and machine learning-based technologies are held to the same consumer protection regulations as established technologies.
75 
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.
64 
Payments Dive
OCTOBER 31, 2022
Elizabeth Warren told the Consumer Financial Protection Bureau that it should amend Regulation E of the Electronic Fund Transfer Act “to increase consumer protection.”
131 
Open Banking Excellence
OCTOBER 6, 2023
Your guide to the Consumer Financial Protection Bureau's (CFPB) imminent proposals for a new regulatory framework governing “Personal Financial Data Rights” The US will propose a new “Open Banking Rule” this year which will set the foundations for an ecosystem with the potential to become the largest in the world.
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.
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.
67 
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.
64 
PYMNTS
JULY 26, 2020
The nation’s consumer protection agency is seeking input on rule changes to third-party access to individual financial records. Its purpose was to review the agency’s handling of authorized third-party access to consumer’s financial data. Congress created the legislation in 2010 that created the CFPB.
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. The Consumer Bankers Association (CBA) commended the delay. Compliance is being delayed 15 months, to Nov.
53 
Neopay
MAY 28, 2024
Consumer Financial Protection Bureau (CFPB) issued a new interpretation under the existing Truth in Lending Act. The BNPL market boomed as e-commerce orders exploded during the pandemic; fashion is one of the top categories for which consumers use these services.
52 
PYMNTS
AUGUST 22, 2016
The Consumer Financial Protection Bureau (CFPB) announced on Friday (Aug. The Consumer Financial Protection Bureau (CFPB) announced on Friday (Aug. The new additions being announced today bring experience and knowledge that will help inform the CFPB’s work going forward.”.
40 
Finovate
JUNE 6, 2024
Late last month, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule stating that Buy Now, Pay Later (BNPL) lenders are credit card providers. For those unfamiliar with the matter, summarize the CFPB’s recent ruling on BNPL. What impact will the new ruling have on end consumers?
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.
59 
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
73 
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). However, a joint letter from the American Bankers Association (ABA) and Consumer Bankers Association (CBA) is fighting back against Nussle’s request.
43 
PYMNTS
MARCH 3, 2020
economy — nor are consumer complaints about collection agencies that use aggressive tactics in the service of collecting such debt. Once those dates have passed a consumer can pay their old debts — but it is almost impossible to legally compel them to. The phenomenon of zombie debt is not new to the U.S.
56 
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.
48 
PYMNTS
JUNE 8, 2017
The Consumer Financial Protection Bureau (CFPB) released a study Wednesday (June 7) that shows the way consumers establish their credit history can differ based on their economic background. The CFPB noted that in 2015 11 percent of U.S. The CFPB noted that in 2015 11 percent of U.S.
40 
PYMNTS
JULY 26, 2016
As is often the case with things associated with the Consumer Financial Protection Bureau , the database it uses to log consumer complaints is an oddly controversial and touchy topic. Consumers are big, big fans and have come to treat it as a go-to when frustration with less-than-wholly-cooperative FIs reaches a boiling point.
40 
PYMNTS
JUNE 7, 2016
After mounting complaints from both banks and consumers about unauthorized withdrawals and other illicit activities, the accused payment processor is being taken to court. According to a CFPB press release , the lawsuit claims that Intercept ignored signs that its clients were breaking laws and introducing potential fraud.
41 
PYMNTS
JANUARY 19, 2017
The Consumer Financial Protection Bureau (CFPB) announced yesterday (Jan. The CFPB suit alleges that Navient, formerly part of Sallie Mae, has been in violation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Fair Credit Reporting Act and the Fair Debt Collections Practices Act.
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.
59 
PYMNTS
MARCH 7, 2017
On Monday (March 6), CFPB Director Richard Cordray presented at the LendIt USA Conference, providing attendees with an overview of where the bureau stands on FinTech innovation. In his keynote speech, Cordray shared how the CFPB is working to help facilitate FinTech innovation in a way that is beneficial for both providers and consumers.
49 
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.
43 
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.
40 
PYMNTS
OCTOBER 5, 2016
The use of prepaid cards has exploded over the last decade or so — in 2003 consumers put less than $1 billion on prepaid cards annually, but by 2012 that figure had grown to $65 billion and by 2018 that figure is projected to reach as much as $121 billion. The user base of prepaid cards has grown significantly as well.
75 
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.
40 
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.
40 
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.
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.
43 
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. Some parts of the rules, however, did remain intact.
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.
41 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.
40 
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.
40 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 The Office of Innovation was recently created by Mulvaney to focus on a new priority for the agency: encouraging consumer-friendly innovation.
40 
PYMNTS
JANUARY 21, 2021
Plus, the chief of the CFPB stepped down at Biden’s request. Biden Asks Consumer Protection Chief Kraninger To Step Down. Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger handed in her resignation Wednesday (Jan. Biden Expected To Name Professor Michael Barr To Head OCC. president.
72 
The Paypers
OCTOBER 10, 2016
(The Paypers) The Consumer Financial Protection Bureau (CFPB) has released new consumer protections that apply to digital wallets and debit and credit cards.
Global Fintech & Digital Assets
DECEMBER 21, 2023
These consumer lending arrangements (also known as “point-of-sale installment loans” or “pay-in-4”) involve short-term installment loans repayable in four or fewer payments and carry no finance or interest charges. BNPL Loans As described in the Guidance, a BNPL arrangement generally involves a bank, a merchant, and a consumer.
59 
Finovate
APRIL 10, 2024
Since late 2023, the FDIC and CFPB have issued seven consent orders because of BaaS-related issues. BaaS was once considered the key to having it all; banks could maintain their legacy core technology while quickly adapting to consumer trends by bolting on the newest fintech innovations. Can’t sleep?
PYMNTS
NOVEMBER 9, 2020
The consumer with a range of bank and other financial accounts spanning several firms can have all that data collected at a single point of access. That unified view, conceivably, can leverage FinTech services that help end consumers (for example) see how they are managing their budgets, their investments and reach various financial goals.
Expert insights. Personalized for you.
We have resent the email to
Are you sure you want to cancel your subscriptions?
Let's personalize your content