Finextra

JUNE 2, 2024

A legal case involving how Citi responded to customers who had money stolen via wire transfers has caused a spat between the CFPB and industry associations over the scope of the Electronic Fund Transfer Act (EFTA).

Electronic Fund Transfer Act (EFTA) 64

Electronic Fund Transfer Act (EFTA) CFPB Wire Transfer Disputes 64

The Paypers

JANUARY 21, 2025

The CFPB has taken measures against Equifax, the national consumer reporting agency, for its insufficient management of consumer dispute investigations.

CFPB 67

CFPB Disputes Consumer 67

Payments Dive

MAY 24, 2023

In 2015, the bank improperly denied customer reports of fraud and unauthorized use and, in some cases, failed to fully reimburse users, the CFPB said.

Disputes 88

Disputes CFPB 88

PYMNTS

MARCH 29, 2017

In a press release highlighting its findings, the CFPB said that as of March 1 of this year, it has handled around 1.12 Credit cards are a vital financial tool used daily by more than half of all adults in this country,” said CFPB Director Richard Cordray in the press release. million consumer complaints across all products.

CFPB 46

CFPB Credit Cards Disputes Identity Theft 46

PYMNTS

JUNE 1, 2017

In a press release, the CFPB said the snapshot provides an overview and analysis of more than 103,100 complaints submitted to the Bureau by consumers voluntarily reporting their age as 62 or older. The CFPB said older consumers are targeted for financial scams and identity theft.

CFPB 66

CFPB Consumer Scams Credit Cards 66

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 Source

NOVEMBER 17, 2016

The Consumer Financial Protection Bureau issued a proposal Thursday that asks the public to weigh in on consumer access to financial information, part of a fight between banks and fintech companies about the sharing and control of consumer records.

Disputes 70

Disputes CFPB FinTech Consumer 70

Payments Dive

OCTOBER 23, 2024

The bank and tech firms failed to address disputed transactions in their joint Apple Card program, and misled cardholders about interest-bearing products, the bureau alleged.

CFPB 78

CFPB Disputes Addressing Transactions 78

PYMNTS

OCTOBER 26, 2016

A new month, a new batch of complaints to the CFPB from consumers. For many unbanked and underbanked consumers, prepaid products are a vital source of financial security,” said CFPB Director Richard Cordray. “We and NetSpend Corporation were the three companies about which the CFPB has received the most prepaid product complaints.

CFPB 57

CFPB Consumer Disputes PayPal 57

Finextra

JANUARY 20, 2025

Today, the Consumer Financial Protection Bureau (CFPB) took action against Equifax, the nationwide consumer reporting agency, for its failure to conduct proper investigations of consumer disputes.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) CFPB Disputes Consumer 52

PYMNTS

JUNE 20, 2017

Prepaid card rules have been under fire ever since the Consumer Financial Protection Bureau (CFPB) put out its new regulations back in October 2016. The new CFPB prepaid card rules wanted to treat prepaid cards the same as credit cards but received pushback since marketing efforts say their essential function is like that of debit cards.

CFPB 50

CFPB Consumer Financial Protection Bureau (CFPB) Rules Debit Card 50

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. ” What’s next?

BNPL 64

BNPL Credit Cards Consumer Financial Protection Bureau (CFPB) CFPB 64

The Paypers

MAY 22, 2024

The Consumer Financial Protection Bureau ( CFPB ) has issued an interpretive rule to ensure federal control over Buy Now, Pay Later (BNPL) returns and disputes in the US.

Consumer Financial Protection Bureau (CFPB) 41

Consumer Financial Protection Bureau (CFPB) Disputes BNPL Returns 41

Finextra

OCTOBER 23, 2024

The Consumer Financial Protection Bureau has slapped an $89 million penalty on Apple and Goldman Sachs for illegally mishandling credit card transaction disputes and misleading iPhone purchasers about interest-free payment options.

Disputes 72

Disputes CFPB Credit Cards Transactions 72

PYMNTS

JANUARY 31, 2020

The Consumer Financial Protection Bureau (CFPB) filed a lawsuit on Thursday (Jan. The CFPB said that Citizens Bank neglected to follow the rules for years by failing to properly manage credit card disputes. It also failed to refund finance charges and fees in full after customers brought up legitimate disputes or fraud claims.

CFPB 46

CFPB Consumer Financial Protection Bureau (CFPB) Credit Cards Disputes 46

PYMNTS

MAY 5, 2016

Later this morning the CFPB will begin taking comments on proposed rules that would ban financial firms from placing mandatory arbitration clauses within consumer contracts. Arbitration also prevented groups of allegedly wrong consumers from forming class action suits.

CFPB 40

CFPB Rules Credit Cards Disputes 40

PYMNTS

MAY 25, 2016

“Credit reports are the foundation of consumers’ financial lives,” CFPB Director Richard Cordray said in a press release. We will continue to work to ensure that credit report disputes are investigated, errors are fixed and consumers are treated fairly.”.

CFPB 40

CFPB Consumer Disputes Checks 40

Neopay

MAY 28, 2024

Consumer Financial Protection Bureau (CFPB) issued a new interpretation under the existing Truth in Lending Act. Before announcing this new interpretation — which will go into effect in two months — the CFPB spent more than two years investigating consumer complaints over disputed transactions.

Credit Cards 52

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

PYMNTS

AUGUST 18, 2016

Not steep enough to deter all bad actors, it seems – as the CFPB has recently spent time using some unusual tactics to expose redlining where it still exists. The CFPB interprets that as meaning they can’t seek personal information from government officials by the use of employees working undercover.

CFPB 40

CFPB Law Enforcement Laws Request for Information 40

PYMNTS

JANUARY 27, 2020

To say that 2020 has already started off as a busy year for the Consumer Financial Protection Bureau (CFPB) might be an understatement. In the most recent news late last week, the CFPB said it would change the way it defines and addresses “ abusive ” practices within the financial services arena. In the case, captioned Seila Law LLC v.

CFPB 71

CFPB Consumer Financial Protection Bureau (CFPB) UDAAP Laws 71

PYMNTS

JULY 26, 2016

Moreover, given the fact that the CFPB uses these databases as part of its various enforcement actions, it has essentially created a version of Yelp, where enough bad reviews can net a multi-million dollar fine. A House bill introduced in June would require the CFPB to verify all claims made in complaints.

CFPB 40

CFPB Database Consumer Multi-Currency 40

PYMNTS

MARCH 7, 2016

In a letter to CFPB Director Richard Cordray, NAFCU’s executive vice president and general counsel, Carrie Hunt, wrote that the very future of overdraft protections could be in jeopardy. That’s followed by linked money market accounts and then smaller loans. ”

Credit Union 40

Credit Union CFPB Disputes Product 40

PYMNTS

JULY 11, 2017

The Consumer Financial Protection Bureau (CFPB) has handed down a controversial ruling stating companies cannot opt to use arbitration clauses in their contracts with consumers in a manner that keeps consumers from joining class action lawsuits. . And, as a result, higher fees for consumers levied by cautious lenders, when they lend at all?

CFPB 40

CFPB Rules Consumer Financial Protection Bureau (CFPB) Credit Cards 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. Do you envision the recent ruling impacting international BNPL operations?

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) Rules BNPL CFPB 52

The Paypers

JANUARY 8, 2025

The Consumer Financial Protection Bureau has sued Experian , the nationwide consumer reporting agency, for failing to properly investigate consumer disputes.

CFPB 45

CFPB Disputes Consumer 45

PYMNTS

DECEMBER 8, 2017

The report, citing three sources familiar with the dispute, reported the CFPB has been investigating the mortgage abuse since earlier in the year. While a Wells Fargo spokesman declined to comment on the CFPB report, he did tell Reuters that the bank is committed to refunding the wrongful fees back to customers.

CFPB 43

CFPB Settlement Disputes Regulations 43

PYMNTS

AUGUST 24, 2016

According to a report , by banning the class-action waivers, the CFPB expects a minimum of 1,200 additional class-action suits a year, amounting to more than $100 million in annual legal fees. It wasn’t surprising that the field hearing had a pro-CFPB rule feeling,” King told PYMNTS shortly after the public hearing.

CFPB 40

CFPB Rules Card Issuer Disputes 40

PYMNTS

MAY 25, 2016

“Credit reports are the foundation of consumers’ financial lives,” CFPB Director Richard Cordray said in a press release. We will continue to work to ensure that credit report disputes are investigated, errors are fixed and consumers are treated fairly.”. The CFPB started collecting credit reporting complaints back in Oct.

CFPB 40

CFPB Disputes Blocks Consumer 40

PYMNTS

SEPTEMBER 22, 2017

consumer accounts were accessed by the hackers, as well as certain dispute documents with personal identifying information for approximately 182,000 U.S. Plus, there is the CFPB, which is widely believed to be about to lay a punishment down on Equifax using the same powers it has used against Wall Street’s biggest banks.

UDAAP 46

UDAAP CFPB Federal Trade Commission Breach 46

PYMNTS

MAY 6, 2016

The CFPB is moving toward a rule change that will make it much easier for consumers — or more specifically groups of consumers — to take banks and other financial institutions to court as part of class action lawsuits. It wasn’t surprising that the Field Hearing had a pro-CFPB rule feeling,” King told us shortly after. It’s official.

Rules 41

Rules CFPB Agreements Laws 41

Global Fintech & Digital Assets

DECEMBER 21, 2023

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.

OCC 59

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

PYMNTS

SEPTEMBER 12, 2016

Some of it was unexpected — like Wells Fargo’s nine-figure CFPB fine for a truly shocking collection of violations. Nothing like having the competition’s phone blow up, literally, to drive sales of your own product.

Bitcoin 77

Bitcoin Push-to-Card CFPB Online and Mobile Banking 77

PYMNTS

MARCH 13, 2017

According to the CFPB, the three credit bureaus received around eight million requests disputing information since 2011. The CFPB also released a study indicating that the three agencies need to improve standards for public records data by using better identity-matching criteria and updating records more frequently.

CFPB 44

CFPB Settlement FTC Social Security 44

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). As previously said, the CFPB announced final regulations amending Regulation F to implement the FDCPA in 2020. This federal law, known as Regulation F goes into effect on November 30, 2021.

Regulations 52

Regulations Consumer Financial Protection Bureau (CFPB) CFPB Rules 52

PYMNTS

SEPTEMBER 12, 2016

The bank, for its part, has said that it admits to the sham accounts but disputes banking regulators’ contention that Wells Fargo’s business model is to blame. There were as many as 1.5 million sham accounts set up, with an additional 565,000 credit card accounts created without the directive of Wells Fargo customers.

Disputes 62

Disputes SWIFT Accounts Credit Cards 62

PYMNTS

MARCH 14, 2017

In a statement last month, the CFPB noted that it has identified “significant” issues with the quality of the credit information being provided by furnishers and kept by credit reporting companies. Because of our work, important improvements are being made. Much more work needs to be done.”.

CFPB 40

CFPB Underwriting Social Security Consumer 40

PYMNTS

FEBRUARY 5, 2018

Here in the States, and amid legal battling, the Consumer Financial Protection Bureau (CFPB) got one for the win column this past week. You may recall that there is ongoing dispute over the agency’s structure, how it can be staffed, and just how far-reaching the president’s power might be in terms of both those considerations.

Regulations 41

Regulations Consumer Financial Protection Bureau (CFPB) CFPB Card Issuer 41