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.

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Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 97

Payments Source

MARCH 16, 2021

As the Consumer Financial Protection Bureau weighs rules on protecting customer information shared between banks and third parties, it should consider giving consumers full authority over their financial data and committing to direct oversight of everyone involved, including data aggregators and fintechs. ]].

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CFPB Regulations Rules Authorization 153

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.

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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. State regulators in every state were invited to join. .

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CFPB Consumer Financial Protection Bureau (CFPB) Regulations Innovation 68

PYMNTS

DECEMBER 12, 2019

In the lawsuit, filed in in the United States District Court for the District of Columbia, PayPal said the CFPB rule that requires disclosure for digital wallets and prepaid debit cards places “unreasonable restrictions” on consumers’ abilities to link certain credit products to PayPal accounts.

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CFPB PayPal Rules Consumer Financial Protection Bureau (CFPB) 55

The Fintech Times

JANUARY 11, 2024

The Computer & Communications Industry Association (CCIA) has responded to the Consumer Financial Protection Bureu ‘s request for comments on a proposal to define and regulate larger participants in the general-use digital consumer payment marketplace.

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Regulations CFPB Request for Comment Funds Transfer 64

PYMNTS

APRIL 25, 2019

The Consumer Financial Protection Bureau (CFPB) announced Thursday (April 25) that it has issued a request for information on its remittance rule, which had faced calls by the Credit Union National Association for revision. The rules excluded a provider that does less than 100 transfers.

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Request for Information 59

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.

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CFPB Underwriting Rules Credit Union 53

Payments Dive

NOVEMBER 7, 2023

Google, Apple and 15 other big non-bank technology companies that provide digital wallets or payments apps would be subject to increased regulation if a new Consumer Financial Protection Bureau rule is approved.

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CFPB Non-Bank Rules Payments 88

PYMNTS

NOVEMBER 3, 2020

Late last week, the Consumer Financial Protection Bureau (CFPB) said it will look to issue advance notice of proposed rulemaking on “open banking” by the end of this year. In other words, there may be a range of potential new rules coming into play in the U.S. Beyond the Comment Period. That’s a direct nod to the aggregators.

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CFPB Consumer Financial Protection Bureau (CFPB) Rules Authorization 79

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.

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Credit Union 51

PYMNTS

JUNE 20, 2017

Prepaid card rules have been under fire ever since the Consumer Financial Protection Bureau (CFPB) put out its new regulations back in October 2016. As such, the CFPB has put out new regulations and is welcoming comments. As such, the CFPB has put out new regulations and is welcoming comments.

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CFPB Consumer Financial Protection Bureau (CFPB) Rules Debit Card 50

The Fintech Times

JULY 15, 2024

The new proposed interpretive rule would ensure that nonbank financial companies adhere to the same credit card lending rules as large banks, credit unions, and other financial institutions already supervised by the CFPB. “We are encouraged by the work the CFPB has done to better understand the BNPL industry. .

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BNPL Consumer Financial Protection Bureau (CFPB) CFPB Request for Comment 64

PYMNTS

FEBRUARY 7, 2019

The next chapter in the ongoing saga that is payday loan regulation officially began yesterday (Feb. 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.

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Regulations 40

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. Will banks regulate themselves?

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BNPL Credit Cards Consumer Financial Protection Bureau (CFPB) CFPB 64

PYMNTS

MARCH 3, 2020

The first number is regulated at the state level, and generally ranges from two to four years, while the second, credit reporting expiration, is at the seven-year mark. It’s a problem widely reported and most recently acknowledged by the Consumer Financial Protection Bureau ( CFPB ), which estimates that millions of U.S.

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Consumer 56

PYMNTS

OCTOBER 5, 2016

As one might expect of a financial product that has so rapidly become so widely popular, the prepaid card industry managed to catch the attention of the Consumer Finance Protection Bureau, which has been considering new regulations for some time that would create “strong federal consumer protections for prepaid account users.”

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CFPB Rules PayPal Debit Card 75

Finovate

MAY 6, 2024

FDIC and CFPB have issued multiple consent orders to banks, citing their BaaS relationships as the cause. From the perspective of an onlooker, it appeared that regulators were issuing the consent orders to make examples out of certain players in the industry, foregoing formal BaaS regulation. Since late 2023, the U.S.

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Regulations Community Banks FDIC Due Diligence 52

PYMNTS

JANUARY 1, 2021

If 2020 was the year of streaming media, of content done a million different ways, of apps and Apple, and Google’s and Amazon’s algorithms … it was also the year of Big Tech regulation, where 2020 set the stage for a 2021 that could be seismic in changing the way companies — from Facebook to Apple to debt collectors — interact with consumers.

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Regulations FTC Federal Trade Commission Treasury 141

PYMNTS

JANUARY 25, 2018

The Consumer Financial Protection Bureau (CFPB) has extended the effective date on its 2016 prepaid card rule, among other modifications announced today (Jan. The rule change has drawn some early praise from industry sources. By 2020, analysts forecast that $116 billion per year will be loaded onto prepaid cards.

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CFPB Consumer Financial Protection Bureau (CFPB) Rules Error Resolution 52

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. What is Regulation F?

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Regulations Consumer Financial Protection Bureau (CFPB) CFPB Rules 52

Bank Automation

JUNE 4, 2024

The new Consumer Financial Protection Bureau rule putting buy now, pay later providers in the same category as credit card issuers can fuel the industry’s growth, experts say. The rule, published May 22 to take effect 60 days later, “makes the model more sustainable because [BNPL] has been around for a long time, it has […]

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BNPL Rules Card Issuer Credit Cards 79

Finovate

JULY 24, 2024

Regulation As expected, the regulatory landscape has tightened significantly so far this year. Regulators have intensified their scrutiny not only of financial institutions, but also of specific issues. the Basel III framework brought forth new regulations focusing on capital adequacy, liquidity, and operational risk.

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Checks FinTech Embedded Finance CFPB 59

PYMNTS

DECEMBER 4, 2019

In today’s payments news, 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. CFPB Proposal On Remittances Offers Exemptions For Banks, CUs.

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Consumer Financial Protection Bureau (CFPB) CFPB Regulations Credit Union 52

PYMNTS

JULY 11, 2017

The Consumer Financial Protection Bureau (CFPB) has handed down a controversial ruling stating companies cannot opt to use arbitration clauses in their contracts with consumers in a manner that keeps consumers from joining class action lawsuits. The rule begins applying to agreements and contracts 180 days later. .

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Credit Cards 40

Axway

MARCH 13, 2023

The director of the Consumer Financial Protection Bureau (CFPB) announced the coming of a new U.S. open banking rule in late 2022 , accelerating the move toward open banking in North America. The aim is to solidify personal financial …

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CFPB Regulations Rules Finance 52

PYMNTS

SEPTEMBER 17, 2020

The Consumer Finance Protection Bureau (CFPB) has a new plan for how it looks at data from minority- and women-owned businesses, according to a report from Morning Consult. Earlier this year , the CFPB sought input on how it might change the rules regarding third-party access to consumers' financial data.

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CFPB Community Banks Consulting Privacy 53

Payments Source

MAY 8, 2019

As the CFPB moves closer to updating its debt collection regulations, revising restrictions on phone calls and other communications with consumers must be a priority.

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CFPB Rules Regulations Consumer 68

PYMNTS

JANUARY 31, 2020

The Consumer Financial Protection Bureau (CFPB) filed a lawsuit on Thursday (Jan. The CFPB said that Citizens Bank neglected to follow the rules for years by failing to properly manage credit card disputes. 30) against Citizens Bank over alleged violations of the Truth In Lending Act (TILA). It filed the complaint in the U.S.

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CFPB Consumer Financial Protection Bureau (CFPB) Credit Cards Disputes 46

PYMNTS

JUNE 17, 2019

This past week saw the Consumer Financial Protection Bureau (CFPB) offer up highlights of Kathleen Kraninger’s six-month tenure as director. In addition, the CFPB published proposed rules to delay implementation and reconsider Mandatory Underwriting Provisions of the small dollar rule. Regulations Abroad.

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CFPB Consumer Financial Protection Bureau (CFPB) Money Laundering Cryptocurrency 43

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).

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CFPB UDAAP Federal Trade Commission Breach 46

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

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

Payments Source

MAY 17, 2016

With the CFPB flexing its regulatory muscles, it's no surprise that collectors are making compliance a priority.

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CFPB Rules Compliance Payments 60

Payments Source

SEPTEMBER 25, 2017

The Consumer Financial Protection Bureau’s final rule on arbitration clauses may be bad news for alleged corporate wrongdoers like Equifax and Wells Fargo, but surely for the victims of such wrongdoing — and for consumers, generally — it is good news indeed.

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Rules CFPB Consumer Regulations 60

Payments Source

APRIL 25, 2016

The prepaid card industry is ramping up its advocacy efforts on Capitol Hill as the Consumer Financial Protection Bureau readies a final rule targeting such products.

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PYMNTS

OCTOBER 6, 2016

As the specifics of the CFPB’s pre-paid card rule are making their way through the ecosystem, the players are starting to come out with their takes on the newest set of financial regulations. Among the opinionators was Green Dot CEO and founder Steve Streit.

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Rules CFPB Debit Card Consumer Protection 49