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

PYMNTS

DECEMBER 23, 2020

million to the Consumer Financial Protection Bureau ( CFPB ) for violating the Fair Credit Reporting Act (FCRA), the CFPB said in a press release. Santander is an originator and servicer of non-prime auto loans and leases and provides credit information to CRAs via monthly data files, according to the CFPB release.

CFPB 142

CFPB Consumer Financial Protection Bureau (CFPB) Non-Bank Origination 142

Bank Automation

OCTOBER 28, 2024

LAS VEGAS — The Consumer Financial Protection Bureau Director Rohit Chopra hopes the financial services industry moves away from screen scraping although the CFPB’s Oct. 22 Section 1033 Open Banking Rule did not ban the practice outright. “I

CFPB 69

CFPB Automation Rules Posting 69

Fintech Finance

JULY 15, 2024

We are encouraged by the work the CFPB has done to better understand the BNPL industry. In their letter, AFC applauded the CFPB for their 2022 report on BNPL and for their continued engagement with industry leaders. Moloney, SVP, Head of Policy and Regulatory Affairs, wrote in AFC’s recent letter to the CFPB Read the full letter here.

Consumer Financial Protection Bureau (CFPB) 98

Consumer Financial Protection Bureau (CFPB) CFPB Rules BNPL 98

Open Banking Excellence

OCTOBER 6, 2023

Your guide to the Consumer Financial Protection Bureau's (CFPB) imminent proposals for a new regulatory framework governing “Personal Financial Data Rights” The US will propose a new “Open Banking Rule” this year which will set the foundations for an ecosystem with the potential to become the largest in the world.

Consumer Financial Protection Bureau (CFPB) 130

Consumer Financial Protection Bureau (CFPB) Rules CFPB Finance 130

Payments Dive

DECEMBER 3, 2024

With the proposal, the federal agency aims to crack down on fraudsters and others seeking to use sensitive personal information for illicit activities.

CFPB 173

CFPB Rules Consumer 173

Payments Source

SEPTEMBER 16, 2019

The CFPB’s enforcement action against Maxi suggests that the CFPB may more aggressively enforce certain rules going forward, writes Jeffrey Alberts and Dustin Norfizer of Pryor Cashman.

CFPB 120

CFPB Rules Cross-Border Payments Cross-Border 120

Payments Dive

NOVEMBER 21, 2024

In finalizing the new rule to oversee digital wallet providers Thursday, the Consumer Financial Protection Bureau said it made important changes to its initial proposal.

Rules 103

Rules CFPB Payments Consumer 103

Finextra

MAY 22, 2024

The US Consumer Financial Protection Bureau has ruled that buy now, pay later lenders should be treated in the same way as credit cards.

Credit Cards 122

Credit Cards Rules CFPB BNPL 122

Payments Source

DECEMBER 12, 2019

PayPal — which is rarely thought of as a prepaid card company — has filed a lawsuit against the CFPB over its rules on prepaid accounts, underscoring the rapid changes in digital financial services and PayPal’s own expanding financial services ambitions in recent years.

CFPB 90

CFPB PayPal Rules Accounts 90

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.

CFPB 106

CFPB Payroll Correspondent Rules 106

PYMNTS

APRIL 13, 2020

The Consumer Financial Protection Bureau (CFPB) has made it easier for people to access stimulus CARES Act funds by removing some of the legal barriers barring banks from issuing the payments through prepaid accounts, according to a press release. CFPB Director Kathleen L. Many have been laid off as a result of that turmoil.

Electronic Fund Transfer Act (EFTA) 111

Electronic Fund Transfer Act (EFTA) CFPB Consumer Financial Protection Bureau (CFPB) Direct Deposit 111

Payments Dive

JULY 25, 2024

Nico Simko supports the Consumer Financial Protection Bureau’s recent rule proposal, and it may be a competitive advantage for him.

Rules 103

Rules CFPB Consumer 103

Payments Dive

FEBRUARY 1, 2023

The Consumer Financial Protection Bureau proposed a new rule that would effectively cap credit card late fees and potentially save Americans $9 billion.

Credit Cards 167

Credit Cards CFPB Caps Rules 167

Payments Dive

OCTOBER 20, 2022

Because the CFPB receives funds from the Federal Reserve and not Congress, the bureau’s funding apparatus violates the separation of powers principles in the U.S. Constitution, the court ruled.

CFPB 78

CFPB Rules Federal Reserve 78

Payments Dive

MAY 17, 2024

The Consumer Financial Protection Bureau should revisit its rule affecting digital wallets, peer-to-peer payments and prepaid cards, writes one fintech group leader.

Rules 88

Rules CFPB FinTech Consumer 88

Payments Dive

OCTOBER 20, 2023

The rule makes it easier for consumers to share deposit account and credit card data with fintechs, the Consumer Financial Protection Bureau said.

CFPB 157

CFPB Deposit Account Credit Cards Rules 157

Payments Dive

MAY 2, 2022

"We urge Director Rohit Chopra to update the CFPB’s outdated remittance rule and take on the high cost of international payments," the Financial Technology Association says in this op-ed piece.

CFPB 181

CFPB International Payments Rules Technology 181

Payments Dive

JUNE 14, 2023

with plans for a rule proposal and oversight of standard-setting in the evolving arena. The agency is eager to encourage open banking in the U.S.,

CFPB 166

CFPB Rules 166

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. ]].

CFPB 153

CFPB Regulations Rules Authorization 153

Payments Dive

AUGUST 20, 2024

CFPB Director Rohit Chopra said in a blog post that the agency will not fine companies making a good faith effort to follow regulations treating buy now, pay later loans like credit card transactions. His remarks follow significant industry pushback.

CFPB 88

CFPB BNPL Rules Credit Cards 88

Finextra

OCTOBER 21, 2024

The Financial Technology Association (FTA) has filed a lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) new buy now, pay later rules.

CFPB 64

CFPB Rules BNPL FinTech 64

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.

CFPB 113

CFPB Rules Laws Consumer 113

Payments Dive

OCTOBER 22, 2024

In a change from last year’s proposal, payment apps are included under the rule. Financial institutions with less than $850 million in assets are exempt.

Rules 88

Rules CFPB Payments 88

Payments Dive

APRIL 17, 2024

Despite an industry-backed lawsuit seeking to stop the Consumer Financial Protection Bureau’s new $8 late fee rule, bank card issuers are bracing for potential implementation.

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Caps Card Issuer CFPB Issuers 161

Payments Dive

FEBRUARY 1, 2024

Democratic Senators said the proposed rule would curb “rampant” fraud, while Republican congress members said it would introduce “regulatory uncertainty.”

Rules 97

Rules CFPB Digital Payments Payments 97

PYMNTS

OCTOBER 5, 2016

.” And as of this morning, those new rules for prepaid products have been finalized. “Our new rule closes loopholes and protects prepaid consumers when they swipe their card, shop online, or scan their smartphone. ” CFPB director Richard Cordray noted in remakes released along with the new rules this morning.

CFPB 75

CFPB Rules PayPal Debit Card 75

Payments Dive

MARCH 15, 2024

“We know dangers exist when more powerful players weaponize industry standards,” Consumer Financial Protection Bureau Director Rohit Chopra said in advance of finalizing an open banking rule later this year.

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CFPB Rules Consumer 161

Payments Dive

FEBRUARY 4, 2025

Video game players and their parents submitted comments to the Consumer Financial Protection Bureau saying they overspent, or lost their accounts to hackers.

CFPB 109

CFPB Rules Payments Accounts 109

Payments Dive

DECEMBER 4, 2023

“I urge the CFPB to finalize this as quickly as possible,” Sen. Elizabeth Warren said during a Senate hearing with the agency’s director, Rohit Chopra.

CFPB 88

CFPB Rules 88

Bank Automation

SEPTEMBER 11, 2024

TD Bank was ordered to pay $28 million in fines by the Consumer Financial Protection Bureau, which ruled the bank had shared inaccurate information about its customers to consumer reporting companies. By sharing inaccurate information regarding bankruptcies […] The post CFPB fines TD Bank $28M appeared first on Bank Automation News.

CFPB 82

CFPB Rules Automation Consumer 82

Payments Dive

SEPTEMBER 5, 2024

“The CFPB’s plan to reclassify EWA as a loan could accidentally backfire on the agency by driving people right back to the payday lending industry,” writes one tech trade group professional.

Rules 109

Rules CFPB 109

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.

Disputes 97

Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 97

Finextra

MARCH 27, 2025

The Consumer Financial Protection Bureau is set to perform another U-turn, dropping an interpretive rule declaring that pay-in-four BNPL lenders should be treated in the same way as credit cards.

BNPL 69

BNPL Rules CFPB Credit Cards 69

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.

CFPB 79

CFPB Consumer Financial Protection Bureau (CFPB) Rules Authorization 79

Finextra

NOVEMBER 21, 2024

The Consumer Financial Protection Bureau (CFPB) has finalised a rule that will see it supervise tech giants such as Apple and Google that offer digital payment apps and wallets.

Consumer Financial Protection Bureau (CFPB) 81

Consumer Financial Protection Bureau (CFPB) CFPB Rules Payments 81

The Paypers

JUNE 10, 2024

The Consumer Financial Protection Bureau ( CFPB ) has finalised a rule detailing the requirements for becoming a recognised industry standard-setting body.

Consumer Financial Protection Bureau (CFPB) 57

Consumer Financial Protection Bureau (CFPB) CFPB Rules Consumer 57