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 105

CFPB Rules Product Consumer Financial Protection Bureau (CFPB) 105

Innovative Payments Association

JANUARY 10, 2024

On October 31 , the Consumer Financial Protection Bureau published its proposed rule on open banking. The proposed rule would require banks, credit unions, and other financial services companies to share account and transaction data with consumers and authorized third parties. But the CFPB sees it differently.

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Junk Fees CFPB Rules Direct Deposit 52

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 was initially proposed in February 2023 and was intended to go into effect in October 2023 (for more information on the proposal, see this Latham blog post ).

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CFPB Credit Cards Rules Card Issuer 59

Tearsheet

MARCH 27, 2024

The ongoing tug-of-war in regulations has left some states at odds regarding the rules governing this still relatively new service in the US. Moreover, there are fears that individuals living paycheck-to-paycheck may now be pushed into incurring bank overdraft fees when confronted with unforeseen expenses.

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Instant Payments RTP Consumer Financial Protection Bureau (CFPB) FedNow 64