CFPB charges Navy Federal Credit Union $95 million for overdraft and junk fees
Finextra
NOVEMBER 8, 2024
The Consumer Financial Protection Bureau (CFPB) has charged the US’s largest credit union for illegally charging users overdraft fees.
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CFPB seeks to thwart cross-border junk fees. Now what?
Payments Dive
MAY 30, 2024
“Putting these regulations into practice is challenging, and the success of such regulatory measures largely hinges on enforcement,” writes a Wise executive.
CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products
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 strikes at debt collector fees
Payments Dive
JUNE 30, 2022
In the federal agency's crusade against “junk fees," debt collectors’ fees for certain payments are now in its sights.
Thoughts on 1033 and Open Banking
Innovative Payments Association
JANUARY 10, 2024
But the CFPB sees it differently. The press release goes on to say that the proposed rule will protect consumers from “junk fees” by making” personal financial data available, at no charge to consumers or their agents, through dedicated digital interfaces that are safe, secure, and reliable.”
The shifting EWA regulatory framework and its impact on bank partnerships and instant payment adoption
Tearsheet
MARCH 27, 2024
While the Consumer Financial Protection Bureau [CFPB] plans to issue further guidance to provide greater clarity concerning the application of federal law to income-based advance products, several states have taken individual legislative actions targeting EWA in recent months.
CFPB Finalizes Rule Limiting Credit Card Late Fees
Global Fintech & Digital Assets
MARCH 8, 2024
The rule targets a statutory loophole that the CFPB asserts large credit card issuers exploited to exact excessive late fees from consumers. The Rule establishes two main changes to credit card late fee practice: Safe harbor lowered: The late fee safe harbor threshold is lowered to $8.
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