PYMNTS

MARCH 9, 2020

Waters said the two also did not follow legal orders with the Consumer Financial Protection Bureau (CFPB), Federal Reserve Board and Office of the Comptroller of the Currency (OCC). Between 2016 and 2018, the Fed, CFPB and OCC petitioned Wells Fargo to institute internal changes to head off future problems.

Consumer Financial Protection Bureau (CFPB) 57

Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency OCC CFPB 57

PYMNTS

SEPTEMBER 12, 2018

regulators turn down its plan to pay back customers who purchased auto insurance they didn’t need. In June, Wells Fargo submitted the plan to regulators as part of a $1 billion settlement it reached with the CFPB and the OCC. Wells Fargo has seen U.S. The report comes amid another probe of the national bank.

Consumer Financial Protection Bureau (CFPB) 40

Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency OCC CFPB 40

FICO

DECEMBER 20, 2021

with New Rules Promulgated by the CFPB. After more than a decade of waiting, the Consumer Financial Protection Bureau will issue long-awaited regulations, in accordance with section 1033 of the Dodd-Frank Act , that provide consumers with a right of access to their financial information. Open Banking Begins to Take Off in the U.S.

CFPB 52

CFPB Financial Inclusion OCC Rules 52

PYMNTS

APRIL 13, 2018

As regulators seek to impose a $1 billion penalty on Wells Fargo over mortgage fees and car insurance, the bank said on Friday (April 13) that its first-quarter earnings are subject to change, The Financial Times reported.

Office of the Comptroller of the Currency 46

Office of the Comptroller of the Currency OCC CFPB Account Analysis 46

PYMNTS

NOVEMBER 23, 2018

In June, Wells Fargo submitted a plan to regulators as part of a $1 billion settlement it reached with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC). Regulators deemed that the plan needed to include more assurances that the bank will find them all and pay them back.

Consumer Financial Protection Bureau (CFPB) 49

Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency OCC CFPB 49

Payments Source

JUNE 7, 2019

While there’s been dramatic innovation in the banking sector in recent years, regulators and startups can better collaborate around these developments.

Regulations 68

Regulations FinTech Innovation OCC 68

Payments Source

MARCH 20, 2020

The Comptroller's Office has provided banks with guidance on how to structure relationships with data aggregators. Now the bureau needs to focus on the bank-consumer connection.

OCC 81

OCC Security Consumer Laws 81

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. In addition, the Federal Reserve did not join the FDIC and OCC on the proposal.

AML 52

AML Authentication Finance OCC 52

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). It is critical that we respond to the needs and concerns of Main Street America,” said Snowe in a statement.

Small Business 40

Small Business Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency CFPB 40

Payments Source

AUGUST 10, 2018

A week after the Treasury Department laid out a plan for federal fintech regulation, it is already unclear which agency is leading the charge.

Regulations 68

Regulations FinTech Treasury OCC 68

PYMNTS

APRIL 23, 2018

At worst, it will get you into some serious trouble with a regulator. A one billion dollar fine has arrived on Wells Fargo’s doorstep as part of a “coordinated action” between the Consumer Finance Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC). Just ask the team at Wells Fargo….

OCC 40

OCC Credit Cards CFPB Office of the Comptroller of the Currency 40

Clearly Payments

FEBRUARY 8, 2024

This article aims to provide an in-depth overview of the key regulatory organizations, payment regulations, and prevailing trends that shape payment regulation in the USA. Why Payment Regulation Exists Payment regulation exists for ensuring the integrity, stability, and equity within the payment ecosystem.

Regulations 87

Regulations Electronic Fund Transfer Act (EFTA) Federal Reserve Electronic Funds Transfer (EFT) 87

Payments Source

JULY 3, 2019

Utah this week became the third state to let companies test cutting-edge financial products without fear of violating licensing and other regulations.

Regulations 89

Regulations Product OCC CFPB 89

Payments Source

AUGUST 7, 2018

The bureau wants to encourage more innovation without the threat of enforcement, but observers say regulators also need a testing ground to prove they can regulate fintech.

FinTech 62

FinTech Regulations Innovation OCC 62

Payments Source

AUGUST 24, 2020

A borrower advocacy group is asking federal banking regulators to investigate PayPal and Synchrony Financial, which partner on a product that is used to offer high-cost education financing.

PayPal 70

PayPal Regulations Finance Product 70

Payments Source

OCTOBER 23, 2017

British regulators are touting the success of their so-called regulatory sandbox. Their American counterparts have been unable to agree on a comprehensive scheme to foster innovation.

FinTech 67

FinTech Regulations Innovation OCC 67

The Fintech Times

JULY 20, 2024

Some highlights include establishing a common lexicon that may be used by financial institutions and regulators in discussions regarding cloud. The report seeks to provide firms of all sizes with different and effective practices for secure cloud adoption and operations.

Treasury 59

Treasury FS-ISAC Consumer Financial Protection Bureau (CFPB) Due Diligence 59

PYMNTS

JUNE 9, 2018

Banks : And you thought it was just Wells Fargo: The Office of the Comptroller of the Currency looked at 40 banks, of the large and mid-sized variety, and found systemic problems (some of which the FIs scrambled to address and the OCC said those actions were sufficient redress) – such as opening accounts without consumer permission.

Office of the Comptroller of the Currency 51

Office of the Comptroller of the Currency OCC Blockchain Faster Payments 51

PYMNTS

MAY 24, 2016

So, PYMNTS reached out to Pew and the director of its small-dollar loans project, Nick Bourke, to get their perspective on the payday loan problem, as the ecosystem eagerly awaits the coming round of CFPB draft rules on the subject. And that the CFPB can fix — narrowly. “They keep asking: Are payday loans good or bad?

CFPB 41

CFPB Rules FDIC Credit Union 41

Payments Source

AUGUST 14, 2019

Regulatory sandboxes can create a lot of opportunity for the winners but inadvertently put losers at a competitive disadvantage.

OCC 79

OCC CFPB Consumer FinTech 79

PYMNTS

OCTOBER 9, 2018

About a year ago, the CFPB, which now goes by the BCFP, dropped the final version of its payday lending regulations. Lenders actually prefer customers who will re-borrow repeatedly,” then-CFPB Executive Director Richard Cordray said after releasing the new regulations last year. billion in 2012 to $5.3 The New Terrain.

CFPB 56

CFPB OCC Office of the Comptroller of the Currency Rules 56

PYMNTS

FEBRUARY 7, 2018

6), Comptroller of the Currency Joseph Otting had nothing but praise for acting Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney. ” Otting was also complimentary regarding some of Mulvaney’s decisions while at CFPB, including the reversal of the bureau’s payday rule. After a 45-minute meeting on Tuesday (Feb.

Rules 43

Rules Consumer Financial Protection Bureau (CFPB) OCC CFPB 43

PYMNTS

FEBRUARY 21, 2017

The CFPB was a few weeks away from releasing new draft regulations, and the money was on regs that would by and large neuter the industry. As a result, the CFPB is looking a good deal more vulnerable than it did even six months ago. . — better known colloquially as payday loans — was rather grim. The Uncertainty Challenge.

CFPB 40

CFPB Regs Rules FTC 40

PYMNTS

OCTOBER 6, 2017

Headline writers found no shortage of dramatic ways to characterize the final version of the CFPB’s short-term lending rule that dropped yesterday (Oct. But today, the journey came to an end as the CFPB has offered its final ruling on the future of the payday and title lending industry in this country. So Now What?

CFPB 51

CFPB Regs Rules Credit Union 51

PYMNTS

SEPTEMBER 12, 2017

Although it was approved in final form by the CFPB in July – after a lengthy and contentious rulemaking process – Republican lawmakers vowed to strike down the law within 24 hours of its passage via the Congressional Review Act. But this has been a banner year for the law, as it has been used 14 times to undo Obama-era rules.

CFPB 47

CFPB Rules Breach Disputes 47

PYMNTS

MARCH 10, 2020

Chairwoman Waters highlighted the fact that the OCC has pointed to tens of thousands of cases requiring remediation for consumer abuse.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) Accounts Office of the Comptroller of the Currency OCC 52

PYMNTS

OCTOBER 6, 2017

Headline writers found no shortage of dramatic ways to characterize the final version of the CFPB’s short-term lending rule that dropped yesterday (Oct. But today, the journey came to an end as the CFPB has offered its final ruling on the future of the payday and title lending industry in this country. So Now What?

Rules 40

Rules CFPB Credit Union Regulations 40

PYMNTS

OCTOBER 11, 2017

Last week, after five years of debates, discussions, arguments and waiting, the Consumer Financial Protection Bureau’s (CFPB) final rules for payday lending dropped. No one will argue the point that regulation is not necessary or that abuses don’t happen. All the Reactions Expected (from the People You Expected to Have Them).

Rules 43

Rules CFPB NCUA Credit Union 43

FICO

FEBRUARY 23, 2017

In the first two weeks of the new administration, President Trump took several steps aimed at slowing down as well as scaling back current and future regulations. Out of the gate, the Trump administration made good on its promise to curtail the pace of federal regulations. Regulatory Reform through Memorandum and Executive Orders.

Federal Reserve 40

Federal Reserve OCC CFPB FDIC 40

FICO

JULY 17, 2017

These include eliminating the proprietary trading restrictions of the ‘Volcker’ Rule, major changes to the Financial Stability Oversight Council and the diminished authority and independence of the Consumer Financial Protection Bureau (CFPB).

Consumer Financial Protection Bureau (CFPB) 40

Consumer Financial Protection Bureau (CFPB) CFPB Office of the Comptroller of the Currency Financial Crimes 40

FICO

JANUARY 9, 2017

This meant a continued focus on implementation of recently adopted rules, while bracing for a wave of new regulations from the federal banking agencies. The Trump administration, bolstered by the reelection of a Republican majority in both houses of Congress, has fostered a new environment that is expected to promote de-regulation.

Cybersecurity 78

Cybersecurity CFPB Regulatory Compliance Legal 78