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.

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CFPB Rules Product Consumer Financial Protection Bureau (CFPB) 105

Finextra

NOVEMBER 13, 2024

US states should assess gaps in their data privacy laws to ensure Americans are protected in an era when financial institutions are increasingly bidding to monetise their customers' data, according to the CFPB.

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CFPB Laws Privacy Assessments 69

Payments Dive

JUNE 20, 2023

Nevada’s new law on earned wage access increases the importance of hearing more from the Consumer Financial Protection Bureau about its view of the growing on-demand pay trend.

Laws 88

Laws CFPB On-Demand Consumer 88

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. The CFPB began studying the Buy Now, Pay Later industry in 2021. Last year, the CFPB published its findings on the financial profiles of Buy Now, Pay Later borrowers.

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Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 97

Payments Dive

APRIL 25, 2022

Banks have long complained that fintechs are able to offer many of the same financial services without abiding by the same laws. In an effort to level the playing field, the Consumer Financial Protection Bureau said Monday it would invoke a largely unused legal provision.

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CFPB FinTech Legal Laws 148

Payments Dive

JULY 18, 2024

The federal agency weighed in Thursday with a proposed rule to oversee the burgeoning earned wage access industry.

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Laws CFPB Rules 88

Payments Dive

MARCH 27, 2025

The bureau’s brief was withdrawn because it “advances an interpretation of the law that has never been embraced by any federal court prior.”

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Funds Transfer CFPB Laws 113

Payments Dive

AUGUST 21, 2024

Earned wage access providers that backed state laws friendly to the industry are preparing for a fight over the Consumer Financial Protection Bureau’s plan to treat such payments like loans.

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CFPB Rules Laws Consumer 113

PYMNTS

OCTOBER 11, 2016

11) said the CFPB violated the Constitution’s separation of powers because the director of the CFPB isn’t “sufficiently answerable to the president.”. We therefore hold that the CFPB is unconstitutionally structured,” the court said. Court of Appeals for the District of Columbia Circuit today (Oct. a mortgage lender.

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CFPB Rules Legal Governance 71

Fintech News

FEBRUARY 2, 2025

On January 30, the US Consumer Financial Protection Bureau (CFPB) imposed a US$2 million civil penalty on Wise, alongside $450,000 in customer compensation, for inaccurately advertising its fees and failing to adequately disclose exchange rates and other charges. Wise has been ordered to pay nearly US$2.5

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Consumer Financial Protection Bureau (CFPB) Regulations CFPB Cross-Border Payments 68

PYMNTS

MARCH 6, 2020

Consumer Financial Protection Bureau (CFPB), has asked Congress for the ability to pay whistleblowers in an attempt to incentivize them to speak out, according to a report by Reuters. We want to incentivize whistleblowers to contact us if they believe their employer is not complying with the law,” the agency said.

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CFPB Consumer Financial Protection Bureau (CFPB) Laws Authorization 62

Payments Dive

MARCH 29, 2024

The agency told international money transfer companies that “deceptive marketing” may run afoul of federal law.

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CFPB Laws 103

PYMNTS

OCTOBER 12, 2016

appeal of the 2014 $109M financial penalty imposed by the CFPB. Currently, the CFPB Director, who reports to the President, can only be removed for cause. Not surprisingly, the verdict has drawn sharp responses across the board from opponents and supporters of the CFPB alike. They upheld the CFPB’s findings and imposed a $6.4

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CFPB Rules FRB NCUA 60

PYMNTS

OCTOBER 18, 2016

That’s according to a new report out from the Consumer Financial Protection Bureau’s (CFPB) Student Loan Ombudsman. The CFPB report looked at 300 companies, including student loan servicers, debt collectors, private student lenders and other organizations between Oct. 1, 2015, and May 31, 2016. Of that 8 million, about 1.2

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CFPB Consumer Protection Consumer Treasury 73

PYMNTS

SEPTEMBER 18, 2019

In a civil investigation that recently came to light, the Consumer Financial Protection Bureau (CFPB) is looking into Bank of America as part of a probe that came out of the phony accounts scandal at Wells Fargo. The investigation surfaced when the CFPB posted documents on the web that covered its wrangling with the firm.

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CFPB Credit Cards Consumer Financial Protection Bureau (CFPB) Regulations 69

PYMNTS

SEPTEMBER 11, 2019

A network to better coordinate financial innovation among federal and state regulators is being launched by the Consumer Financial Protection Bureau (CFPB) in partnership with several states, the agency said in a press release. A July CFPB report indicated that 28 percent of consumers have had at least one debt in collections.

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CFPB Consumer Financial Protection Bureau (CFPB) Regulations Innovation 68

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.

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CFPB Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency Accounts 67

Payments Dive

APRIL 22, 2022

“MoneyGram spent years failing its customers and failing to follow the law,” Consumer Financial Protection Bureau Director Rohit Chopra alleged. MoneyGram called the latest in a series of regulatory actions against the company a "frivolous" lawsuit.

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CFPB Laws Consumer 97

Global Fintech & Digital Assets

DECEMBER 18, 2023

By Jenny Cieplak , Parag Patel , Barrie VanBrackle , and Deric Behar On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule, Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications (the Proposal), to supervise large providers of digital wallets and payment apps.

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CFPB Regulations Consumer Financial Protection Bureau (CFPB) Non-Bank 75

Payments Dive

FEBRUARY 12, 2025

The development came on a day when the bureau terminated roughly 70 probationary employees, including enforcement division attorneys, according to Bloomberg Law.

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FDIC CFPB Laws 88

PYMNTS

APRIL 26, 2016

The Consumer Financial Protection Bureau said on Monday (April 25) that it ordered the debt collection law firm Pressler & Pressler, two principal partners and another debt buyer — New Century Financial Services — to “stop churning out unfair and deceptive debt collection lawsuits based on flimsy or nonexistent evidence.”.

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CFPB Laws Procedures Volume 40

Bank Automation

AUGUST 23, 2024

Lenders must test and monitor new technology to ensure that the tools provide correct information to consumers and are compliant with fair lending requirements, John Redding, partner at law […]

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AI CFPB Consumer Protection Laws 76

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. We believe it is equally important to rid the market of bad actors that engage in fraudulent transactions or violate federal laws and fashion rules that deter such conduct,” the CBA said. “As

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CFPB Underwriting Rules Credit Union 53

PYMNTS

SEPTEMBER 25, 2017

Because Equifax is not strictly a financial company, there was uncertainty over whether the CFPB has the power to penalize the firm for the breach. The CFPB and legal experts said the regulator could pursue Equifax under an aspect of the Dodd-Frank Act that bans unfair, deceptive and abusive acts and practices (UDAAP). Last week, U.S.

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CFPB UDAAP Federal Trade Commission Breach 46

PYMNTS

SEPTEMBER 13, 2017

In a press release detailing the CFPB’s Supervisory Highlights report , the government watchdog said that supervisory actions included banks that misled consumers about the fees associated with checking accounts and overdraft coverage, as well as credit card companies that deceived consumers about pay-by-phone charges.

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CFPB Consumer Credit Cards Debit Card 57

PYMNTS

APRIL 24, 2019

The Consumer Financial Protection Bureau (CFPB) has announced changes to policies on Civil Investigative Demands (CIDs), which are investigational subpoenas issued by the CFPB. The Consumer Financial Protection Act of 2010 authorizes the CFPB to issue CIDs when looking into potential violations of the law.

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CFPB Consumer Financial Protection Bureau (CFPB) Laws Request for Information 46

Electronic Transactions Association

JANUARY 16, 2025

Modernize the CFPB The payments industry is committed to delivering innovative products and services in a transparent and secure manner. The CFPB plays an important role in the regulatory framework governing this critical industry. Intellectual Property New ideas are the lifeblood of innovation.

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CFPB Privacy BNPL Financial Inclusion 45

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.

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CFPB Consumer Financial Protection Bureau (CFPB) Authorization Consumer Protection 48

PYMNTS

AUGUST 20, 2020

The Consumer Finance Protection Bureau (CFPB) has settled with TD Bank in a case involving illegal overdraft practices, according to a court document. The bank will have to pay $122 million total to settle the case, including $97 million to customers affected and $25 million to the CFPB. The bank charged around 1.42

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CFPB Enrollments Debit Card Checks 105

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.

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CFPB Consumer Financial Protection Bureau (CFPB) UDAAP Laws 71

PYMNTS

JANUARY 18, 2019

The Consumer Financial Protection Bureau (CFPB) has asked the United States Congress for the authority to supervise compliance of the Military Lending Act (MLA), the organization announced on Thursday (Jan. The CFPB gave the proposal to the speaker of the U.S.

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CFPB Consumer Financial Protection Bureau (CFPB) Authorization Compliance 48

Finextra

JANUARY 12, 2025

The Consumer Financial Protection Bureau is looking into how it can apply existing privacy and consumer protections laws to emerging digital payments offered through Big Tech, as well as stablecoins and other cryptocurrencies.

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Consumer Protection Privacy Digital Payments Consumer 75

PYMNTS

MARCH 25, 2019

A federal judge late last week ordered a stay on the August 2019 compliance date tied to the “ payday lending rule ” mandated roughly two years ago by the Consumer Financial Protection Bureau (CFPB). The CFPB had asked the court to wait until a separate case had been decided.

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Underwriting 51

PYMNTS

DECEMBER 3, 2019

As Bloomberg Law reported Tuesday (Dec. 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

MAY 23, 2019

The Consumer Financial Protection Bureau (CFPB) has expanded a financial education tool called Misadventures in Money Management (MiMM), which is aimed at educating service members and helping them manage their money. The CFPB announced the expansion on Thursday (May 23).

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CFPB Consumer Financial Protection Bureau (CFPB) Enrollments Laws 46

PYMNTS

FEBRUARY 17, 2017

That ruling found the CFPB’s single director makeup wasn’t in line with the constitution and ruled against the provision in the Dodd-Frank Act that the director of the CFPB could only be fired if cause was found. The court also wants PHH Corp., The court also wants PHH Corp.,

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CFPB Rules Laws Legal 43

PYMNTS

JUNE 7, 2016

The Consumer Financial Protection Bureau (CFPB) announced on Monday (June 6) that it filed a lawsuit against Intercept Corporation and two of its executives, Bryan Smith and Craig Dresser, for the alleged illegal acts.

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CFPB Processors Consumer Financial Protection Bureau (CFPB) Payments 41