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CFPB Laws Rules 
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.
105 
PYMNTS
DECEMBER 30, 2020
Payactiv 's Earned Wage Access (EWA) program is exempt from federal lending law under new rules from the Consumer Finance Protection Bureau (CFPB), according to a press release. The CFPB recently clarified its position on EWA programs and said they weren't considered to be extensions of credit.
106 
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.
113 
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. Today’s action will help bring consistency to this market. Importantly, these cover dispute and refund rights.
97 
Payments Dive
JULY 18, 2024
The federal agency weighed in Thursday with a proposed rule to oversee the burgeoning earned wage access industry.
88 
PYMNTS
JUNE 7, 2019
The Bureau of Consumer Financial Protection (CFPB) has delayed the Aug. 19, 2019 compliance date for the mandatory underwriting provisions for its short-term, small-dollar (payday) rule, according to various reports. The CFPB is also correcting several errors in the rule. Compliance is being delayed 15 months, to Nov.
53 
PYMNTS
OCTOBER 11, 2016
The Consumer Financial Protection Bureau was handed a blow when a federal appeals court panel ruled the structure of the government agency created in the wake of the financial crisis, is unconstitutional. . We therefore hold that the CFPB is unconstitutionally structured,” the court said. “In a mortgage lender.
71 
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 rule also had another component, focused on how often a lender can try to debit payments from a customer’s bank account.
51 
PYMNTS
OCTOBER 12, 2016
The Consumer Finance Protection Bureau suffered a major blow in Federal Appeals Court yesterday when a three judge panel ruled that parts of its leadership structure are unconstitutional. appeal of the 2014 $109M financial penalty imposed by the CFPB. The ruling “will likely be appealed and overturned,” Warren noted.
60 
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.
75 
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.
68 
Finovate
OCTOBER 22, 2024
financial services community has been waiting for for at least a year– the Consumer Financial Protection Bureau (CFPB) issued its final 1033 rule making. The new rule, issued in the form of a 594-page document, aims to enhance consumers’ rights, privacy, and security over their own personal financial data.
52 
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. The CFPB’s proposal is designed to protect consumers’ rights to pursue justice and relief, and deter companies from violating the law. .
40 
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
105 
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.
46 
NFCW
NOVEMBER 27, 2023
The US Consumer Financial Protection Bureau (CFPB) is proposing to subject large non-bank companies that offer consumer finance services including digital wallets and payment apps – such as Apple and Google – to the same regulatory scrutiny and oversight as banks, credit unions and other financial institutions.
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.
71 
PYMNTS
FEBRUARY 7, 2019
6), with the announcement that the Consumer Financial Protection Bureau (CFPB) will overhaul a series of 2017 payday loan regulations, set to go into effect in August 2019. Some parts of the rules, however, did remain intact. There is also a 90-day period during which public comments on the proposed rule revisions are invited.
40 
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.
52 
PYMNTS
FEBRUARY 17, 2017
16) agreed to throw out a ruling that found the government watchdog is unconstitutional. 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.
43 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.
48 
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?
64 
PYMNTS
JUNE 6, 2018
s appeal of a $109 million penalty caused a legal battle over the constitutionality of the Consumer Financial Protection Bureau’s (CFPB) structure, agency officials are recommending that Director Mick Mulvaney dismiss the company’s case, American Banker reported. After PHH Corp. ’s The company was ordered to pay more than $6 million.
43 
PYMNTS
MARCH 21, 2016
The Consumer Financial Protection Bureau said on Friday (March 18) that, at the agency’s request, a federal district court has entered a final judgment against Morgan Drexen, a debt relief company, with the resolution of a suit brought by the CFPB three years ago. Ledda was found by the court to have violated federal law.
43 
PYMNTS
MAY 2, 2019
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against a credit repair firm, its subsidiaries and associates for asking customers to pay upfront fees, it announced Thursday (May 2). The CFPB filed a complaint against PGX Holdings Inc. The CFPB filed a complaint against PGX Holdings Inc. and against John C.
PYMNTS
NOVEMBER 4, 2020
Prop 22: California Side With Uber And Lyft, Nix AB 5 Gig Worker Law. California voters passed Proposition 22, which exempts tech platforms like Uber, Lyft and DoorDash from state law AB5, which forced them to reclassify gig workers as employees. No Open And Shut Path For Open Banking As CFPB Mulls Rules.
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. The new rules got its first official public hearing yesterday. It’s official.
41 
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.
40 
PYMNTS
FEBRUARY 11, 2019
The Consumer Financial Protection Bureau (CFPB) is seeking to overhaul a series of regulations that had been recently put into place — in 2017, to be exact, and set to go into effect in August 2019. As reported, the loan regulations were put into place during the tenure of the CFPB’s Richard Cordray.
Segpay
MARCH 24, 2025
This article will help you gain a better understanding of gaming and gambling laws in Down Under. KYC & Customer Due Diligence (CDD) Australia: Risk-based approach, with minimum KYC checks under the AML/CTF Rules. Casinos and online gambling firms follow Bank Secrecy Act (BSA) rules and file Suspicious Activity Reports (SARs).
71 
Payments Source
DECEMBER 3, 2019
The CFPB has promised an equal-access rule for small-business lending for nearly a decade. But Apple’s recent discrimination inquiry into its credit card could force the agency’s hand.
PYMNTS
OCTOBER 7, 2019
This means that tech firms will have to comply with and navigate numerous state laws that are in turn stricter than the federal bill would have put in place. CFPB Unconstitutional? Supreme Court to rule if the agency’s structure is unconstitutional.
53 
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. A California CFPB?
52 
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.
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
PYMNTS
APRIL 22, 2016
A federal judge has ruled that the CFPB has overstepped its authority in its attempts to investigate an organization that accredits for-profit colleges. The CFPB has faced (and is facing) a variety of court challenges, but this marks the first time a judge has officially ruled the agency guilty of overstepping.
The Payments Association
MARCH 18, 2025
Unlike Europe, there is no centralised regulatory framework governing open banking, though the Consumer Financial Protection Bureau (CFPB) has proposed a new rule that could establish a more standardised approach. Mexico has adopted a regulated approach under its Fintech Law, introduced in 2018, laying the groundwork for open banking.
88 
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). This federal law, known as Regulation F goes into effect on November 30, 2021. In that case, you must comply with this comprehensive new rule. Attorneys’ fees.
52 PYMNTS
NOVEMBER 29, 2016
That is because after almost two years of speculation on the subject, as of early January it was clear that Consumer Financial Protection Bureau (CFPB) was finally going to release proposed new regulations for the entire short-term lending industry. The CFPB And Congress Clash Over Payday Lending). Ugly On Capitol Hill.
58 
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.
43 
Innovative Payments Association
FEBRUARY 24, 2025
Jonathan McKernan, the CFPB nominee, was nominated to head the CFPB on Feb. The by-laws of the Board say that not more than three of the five-member board can be from one political party. Until his confirmation, the CFPB will be run by Office of Management and Budget Director Russell Vought.
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).
52 
PYMNTS
AUGUST 14, 2018
Separately, according to NPR, the administration is working broadly to roll back enforcement of the law and its provisions. Peterson noted that the revised rules could also allow dealers to roll in all kinds of other add-on products. New Lending Rules . So why would the CFPB pull back under enforcement? Retired Army Col.
40 
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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