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?

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PYMNTS

OCTOBER 5, 2016

.” And as of this morning, those new rules for prepaid products have been finalized. “Our new rule closes loopholes and protects prepaid consumers when they swipe their card, shop online, or scan their smartphone. ” CFPB director Richard Cordray noted in remakes released along with the new rules this morning.

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Innovative Payments Association

NOVEMBER 17, 2023

They cover the CFPB’s proposed open banking rules and look at a proposal to regulate earned wage access in California. In th e latest episode of the IPA Payments Podcast , Brian Tate, the IPA’s CEO, and COO Ben Jackson discuss the latest proposed regulations that care coming out of Washington.

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PYMNTS

DECEMBER 3, 2019

3), the Consumer Financial Protection Bureau (CFPB) has proposed to boost the number of smaller banks and credit unions (CUs) that would not be governed by rules tied to international money transfers. The average amount sent by MSBs on behalf of consumers was $381, reported the CFPB.

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CFPB Consumer Financial Protection Bureau (CFPB) Credit Union Cross-Border 52

PYMNTS

SEPTEMBER 17, 2020

The Consumer Finance Protection Bureau (CFPB) has a new plan for how it looks at data from minority- and women-owned businesses, according to a report from Morning Consult. Earlier this year , the CFPB sought input on how it might change the rules regarding third-party access to consumers' financial data.

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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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Payments Source

OCTOBER 27, 2016

One of the nation's biggest prepaid card companies said that it expects to lose 10% to 12% of its current revenue as a result of new federal rules governing the industry.

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PYMNTS

JUNE 17, 2019

This past week saw the Consumer Financial Protection Bureau (CFPB) offer up highlights of Kathleen Kraninger’s six-month tenure as director. In addition, the CFPB published proposed rules to delay implementation and reconsider Mandatory Underwriting Provisions of the small dollar rule.

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PYMNTS

DECEMBER 4, 2019

In today’s payments news, the Consumer Financial Protection Bureau (CFPB) has proposed to boost the number of smaller banks and credit unions (CUs) that would not be governed by rules tied to international money transfers. CFPB Proposal On Remittances Offers Exemptions For Banks, CUs.

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Consumer Financial Protection Bureau (CFPB) CFPB Regulations Credit Union 52

PYMNTS

JUNE 23, 2016

The CFPB has taken steps to crack down on mortgage servicers that aren’t keeping their technology up to date and, as a result, may be harming consumers. According to the CFPB, these companies that have failed to implement new technology are in direct violation of the bureau’s new servicing rules. 2014 and April 2016.

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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. Before that change, banks and government agencies were unable to get direct deposits into taxpayer accounts.

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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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PYMNTS

JANUARY 13, 2020

It’s a new year, and in Europe, an expansion of scrutiny and laws governing data sharing. The dawn of 2020 brought a spate of new rules governing data collection and use. And, as has been reported, breaching these rules means companies may be fined by the EU the equivalent of up to 4 percent of revenues. In India, Too.

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Bots Consumer Financial Protection Bureau (CFPB) Regulations CFPB 52

Payments Source

NOVEMBER 17, 2016

Banks are butting heads with consumer groups and fintech firms over the need for new rules governing the use of financial data.

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PYMNTS

MARCH 3, 2020

president has the authority to fire the leader of the Consumer Financial Protection Bureau (CFPB), which was formed after the financial crisis, according to the Financial Times. The CFPB was founded in 2010. he said about the potential conflict between the president’s cabinet and the CFPB.

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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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FICO

JANUARY 4, 2021

Within the collection industry in the United States, State and Federal Governments imposed significant constraints because of COVID. In addition, many States and the IRS slowed or stopped the collection of tax debts, and the Federal Government gave significant deferrals for the repayment of student loans, mortgages, and rent.

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Consumer Financial Protection Bureau (CFPB) CFPB Governance Government 59

Finovate

MAY 6, 2024

FDIC and CFPB have issued multiple consent orders to banks, citing their BaaS relationships as the cause. That’s because the new document does not provide formal Baas regulation by laying out rules by which community banks can abide in order to avoid consent orders. Since late 2023, the U.S.

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PYMNTS

OCTOBER 7, 2019

I want lawmakers to have the tools to pressure the government when it is negotiating with other countries for fair taxation at a global level,” Mahjoubi said in an interview, and as quoted by accountingtoday.com. CFPB Unconstitutional? Supreme Court to rule if the agency’s structure is unconstitutional.

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PYMNTS

JANUARY 1, 2021

Treasury Department proposed sweeping new rules that the government says would require banks and some other institutions to obtain and report the identities of parties engaging in certain digital transactions. In the nascent and burgeoning cryptocurrency space, the U.S.

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FICO

FEBRUARY 23, 2016

Less than two weeks after the compliance deadline for the TILA-RESPA Integrated Disclosure (TRID) rule , the CFPB issued its final rule revising HMDA (Regulation C). The Dodd-Frank Act directed the CFPB to expand the data reported under HMDA and provided it with rulemaking authority.

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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). In that case, you must comply with this comprehensive new rule. As previously said, the CFPB announced final regulations amending Regulation F to implement the FDCPA in 2020.

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PYMNTS

MAY 7, 2018

Amid the headlines swirling around the Consumer Finance Protection Bureau (CFPB), PHH Corp. decided to step away from appealing a case that continued to question the very constitutionality of the CFPB – a decision that marks the denouement of a case stretching back four years. Dodd-Frank. Dodd-Frank lives. of Massachusetts.

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FICO

DECEMBER 20, 2021

with New Rules Promulgated by the CFPB. You would think the new CFPB debt collection rules , which took effect last month on November 30, would be the primary focus of the collections and recovery industry. Despite a Wave of New Product Innovations, New Overdraft Rules Are on the Way.

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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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PYMNTS

APRIL 20, 2016

As the nation waits and drama builds over expected new guidelines from the Consumer Financial Protection Bureau on short-term lending, the government watchdog has issued a new report that indicates that the high cost of payday loans is even higher than most people think. That rule is likely to be packaged into forthcoming guidelines.

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PYMNTS

MAY 14, 2018

May 11 marked a watershed moment of sorts when, this past Friday, the final customer due diligence rule via the Financial Crimes Enforcement Network (FinCEN) took effect. The rule, of course, amended Bank Secrecy Act regulations in ways that seek to enhance transparency in reporting of ownership of legal entities.

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PYMNTS

JANUARY 22, 2018

In addition, the regulator charged, the three operators broke laws governing commodity trading. They seem unperturbed by the thought, and seem determined to skirt whatever the government throws at them – looking, then, to foreign countries in which to trade cryptos. Also here in the U.S.,

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PYMNTS

AUGUST 1, 2018

The proposed changes include moving the collection and storage of small business lending data, required under the Dodd-Frank Act , from the Consumer Financial Protection Bureau (CFPB) to the Office of Financial Research (OFR). The center’s Task Force on Main Street Finance — co-chaired by former Senator Olympia Snowe, former U.S.

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PYMNTS

JULY 15, 2016

It’s as quiet as a hot summer night, as the prepaid industry awaits the final ruling from the CFPB. Rules that were promised last year, then March of this year and then, mid-summer – well, it’s mid-summer and it’s crickets. When the rule turns to overdraft protection – Fauss says – things stop making sense.

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PYMNTS

AUGUST 22, 2016

His plan is to get governments all over the world to, first, stop printing all large-denomination bills, such as $100 bills and £500 notes, immediately. The government will give you one, subsidized by the government, which Rogoff says would have the double advantage of solving the financial inclusion problem all over the world.

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PYMNTS

NOVEMBER 14, 2016

Earlier this fall, the Consumer Financial Protection Bureau fined Wells Fargo $185 million, the largest fine levied from the government agency. Former employees were quoted in media reports saying the reason they continued to break the rules was because Wells Fargo continued to push the sales goals.

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PYMNTS

OCTOBER 13, 2017

As an example, Hennessy noted the recent debut of NACHA’s third-party sender rule, which took effect at the end of September. The rule mandates that financial firms originating ACH transfers must identify and register their third-party sending customers with NACHA.

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PYMNTS

OCTOBER 14, 2019

Federal standards exist for data security, AML and other anti-fraud measures, but state-level governments and legislation can also affect what is or is not allowed. banks have to analyze AML regulations before even beginning to innovate, and the rules in question change often.

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AML Money Laundering Consumer Financial Protection Bureau (CFPB) Innovation 43

PYMNTS

JANUARY 22, 2019

Could it be that the CFPB, under new Executive Director Kathy Kraninger , will be moving directly to eliminate the more controversial provisions of its payday lending rule? Last October, the CFPB announced it would “revisit” the rules. Sources now report that the CFPB has decided to eliminate the provision entirely.

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PYMNTS

JANUARY 15, 2018

Regulation News Closer to Home: The CFPB. Domestically, in the continuing battle over who runs what at the Consumer Financial Protection Bureau (CFPB), a federal judge dismissed a request for a preliminary injunction against acting director Mick Mulvaney. Separately, it wasn’t all PSD2 in the regulatory arena. Bitcoin Ban or No?

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Consumer Financial Protection Bureau (CFPB) CFPB Bitcoin API 44

PYMNTS

NOVEMBER 20, 2017

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. New Treasury rules governing beneficial ownership come into play in May of 2018, requiring the identification and verification of individuals who own at least 25 percent of a company.

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