Global Fintech & Digital Assets

DECEMBER 21, 2023

The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending. BNPL in US, UK, and EU Regulators’ Sights The Consumer Financial Protection Bureau (CFPB) has been actively monitoring BNPL activity in the consumer finance marketplace for some time now.

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OCC BNPL Electronic Fund Transfer Act (EFTA) Federal Trade Commission 59

PYMNTS

NOVEMBER 1, 2017

Usury laws regulate how much interest can be charged on a loan. State and federal regulators, including the Consumer Financial Protection Bureau (CFPB) are working to hold marketplace lending platforms accountable to usury law compliance, the publication noted, under the argument that the platforms are the true lenders.

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Small Business Consumer Financial Protection Bureau (CFPB) Laws CFPB 51

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. CUNA wants the threshold raised to at least 1,000.

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

PYMNTS

JULY 26, 2020

The nation’s consumer protection agency is seeking input on rule changes to third-party access to individual financial records.

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Consumer Financial Protection Bureau (CFPB) CFPB Consumer Privacy 69

PYMNTS

MARCH 6, 2019

“We are proposing to amend our data security rules for financial institutions to better protect consumers and provide more certainty for business[es],” said Andrew Smith, director of the FTC’s Bureau of Consumer Protection, in a press release.

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FTC Privacy Consumer Financial Protection Bureau (CFPB) Security 60

PYMNTS

FEBRUARY 3, 2020

On the basis of this fact-finding, the Commission will consider how best to address more systemic issues, including by ex ante regulation, if appropriate, to ensure that markets stay open and fair,” the paper noted. By way of example, the regulations would require a company such as Google to explain its search result processes.

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Consumer Financial Protection Bureau (CFPB) CFPB Digital Currency Central Bank 52

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. Reuters noted that there is no deadline for when the regulators need to sign off on the plan.

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

PYMNTS

NOVEMBER 27, 2017

The Consumer Financial Protection Bureau (CFPB) is gearing up to sue Spain-based Santander Bank, claiming the bank has overcharged its car loan customers. Citing sources familiar with the CFPB’s plans, Reuters reported that the CFPB suit could happen as soon as Monday (Nov.

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

PYMNTS

MAY 8, 2019

Credit union (CU) and bank trade groups are locked in another battle, this time arguing about oversight by the Consumer Financial Protection Bureau (CFPB).

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CFPB NCUA Consumer Financial Protection Bureau (CFPB) Credit Union 43

PYMNTS

JULY 19, 2018

The Consumer Financial Protection Bureau (CFPB) has announced that Paul Watkins, a lawyer, will lead the agency’s newly created Office of Innovation. “I Before joining CFPB, Watkins was working at the Arizona Office of the Attorney General, where he was in charge of the office’s FinTech initiatives.

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CFPB Consumer Financial Protection Bureau (CFPB) Innovation Regulations 40

PYMNTS

JULY 20, 2018

” The publication likened the disclosure requirements to existing rules that require consumer lenders to disclose APRs under the federal Truth in Lending Act and Regulation Z. “The Responsible Banking Ordinance will help us protect consumers and hold businesses accountable for unscrupulous practices.”

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PYMNTS

MARCH 3, 2020

For those unfamiliar with the term, zombie debt is debt a consumer legitimately owed, but that has passed the statute of limitations for when the debt can be collected in a court and/or has passed the duration of time it can be reported to the credit reporting bureaus. That is a bridge too far for us,” Neeb said.

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Consumer 56

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. The Tumultuous Response.

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Regulations 40

Clearly Payments

FEBRUARY 8, 2024

To ensure the smooth operation of this system and protect the interests of all stakeholders, a robust regulatory framework is in place. 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.

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

Finovate

DECEMBER 13, 2023

Here are some of the areas where regulators could make themselves felt by the fintech industry in 2024. Whether its the boardrooms of Silicon Valley or the halls of Congress, the call for regulating AI technology is only getting louder. As we enter 2024, the focus on AI-based regulations in the U.S. The only question was when.

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Regulations BNPL Consumer Financial Protection Bureau (CFPB) FinTech 64

PYMNTS

MARCH 26, 2020

Five federal financial regulatory agencies are encouraging banks, savings associations and credit unions to offer small loans to consumers and small businesses in response to the coronavirus pandemic.

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Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency Credit Union FDIC 52

PYMNTS

NOVEMBER 9, 2020

there are indications that the opening of data flows between financial services companies has led to strong innovation (and demand for that innovation), and more regulation may loom. regulators have taken a more hands-off approach by issuing non-binding guidelines, thus allowing industry stakeholders to pave the way forward.

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Consumer Financial Protection Bureau (CFPB) Accreditation CFPB TCH 114

PYMNTS

MARCH 9, 2018

The Consumer Financial Protection Bureau (CFPB) introduced a final rule on Thursday (March 8) that it said will help mortgage servicers communicate with borrowers who are facing bankruptcy.

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CFPB Consumer Financial Protection Bureau (CFPB) Rules Legal 40

PYMNTS

JANUARY 20, 2021

Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger handed in her resignation Wednesday (Jan. While at the CFPB, Kraninger rolled back payday lender regulations, finalized debt collection laws and made changes to consumer finance regulations, Bloomberg Law reported.

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Innovative Payments Association

FEBRUARY 28, 2024

Critique and feedback from all stakeholders, including the perspective of regulators, is a necessary part of the process. As President and Chief Executive Officer of the Innovative Payments Association (IPA), I can state explicitly that our members are not opposed to regulation.

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Participant Innovation CFPB Consumer Financial Protection Bureau (CFPB) 52

PYMNTS

JULY 7, 2020

The federal Consumer Financial Protection Bureau (CFPB) has eliminated a rule that placed limits on payday lenders, handing a victory to the sector. Consumer protection advocates insist such lenders are predatory and take advantage of vulnerable, low-wage earning Americans.

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CFPB Consumer Financial Protection Bureau (CFPB) Rules Underwriting 56

PYMNTS

JANUARY 15, 2020

The New York Department of Financial Services (DFS) has announced that Leandra English, the former deputy director of the Consumer Financial Protection Bureau (CFPB), has been named special policy advisor to DFS Superintendent Linda Lacewell, according to a release.

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

PYMNTS

DECEMBER 12, 2018

Kathy Kraninger, the new head of the Consumer Financial Protection Bureau (CFPB), has said that she’ll prioritize the protection of consumers over regulatory issues, according to a report by the Chicago Tribune. She has no experience in financial services and has never run a federal agency before.

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CFPB Consumer Financial Protection Bureau (CFPB) Privacy Data Security 49

PYMNTS

OCTOBER 11, 2019

Ayanna Pressley of Massachusetts has introduced new legislation that would require the Consumer Financial Protection Bureau (CFPB) to regulate the debt collection industry. Nearly one in three Americans say they were contacted by at least one creditor or collector during the last year.

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Consumer Financial Protection Bureau (CFPB) CFPB Rules Consumer 44

PYMNTS

JUNE 18, 2018

In an effort to roll back more oversight powers of the Consumer Financial Protection Bureau (CFPB), the White House is nominating a budget official to serve as the watchdog agency’s next director. The move is seen in a further step to dismantle the regulations put in place by the Obama administration.

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PYMNTS

JUNE 22, 2018

A federal judge in New York has ruled that the structure of the Consumer Financial Protection Bureau (CFPB) is unconstitutional. Earlier this week, it was reported that President Donald Trump nominated Kathy Kraninger to be the head of the CFPB, replacing Acting Director Mick Mulvaney.

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CFPB Consumer Financial Protection Bureau (CFPB) Rules Legal 40

PYMNTS

JANUARY 18, 2018

Mick Mulvaney, President Donald Trump’s appointed acting director of the Consumer Financial Protection Bureau (CFPB), did not request any funding for the watchdog agency in the second quarter budget.

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CFPB Consumer Financial Protection Bureau (CFPB) Request for Information Federal Reserve 40

PYMNTS

NOVEMBER 15, 2016

The nation’s top consumer advocacy watchdog, the Consumer Financial Protection Bureau (CFPB), is intensifying its investigation into high-interest seller-financed home sales. The CFPB announced Monday (Nov.

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Consumer Financial Protection Bureau (CFPB) CFPB Consumer Advisors 47

PYMNTS

APRIL 11, 2018

In his first semiannual report to Congress, Mick Mulvaney said he is taking a narrow approach to running the Consumer Financial Protection Bureau (CFPB). In addition, Mulvaney said he’s changed the focus of the agency from aggressive regulator to one that takes actions with “humility and moderation.”.

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FICO

JANUARY 5, 2023

Policy Predictions for Financial Services Companies. Open banking, BNPL, cybersecurity and AI will all be under the microscope for regulators and policymakers, but not all areas will see major action in 2023. The CFPB's New Open Banking Proposal Will Accelerate Exciting Product Innovations. Four 2023 U.S. FICO Admin.

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BNPL CFPB Consumer Financial Protection Bureau (CFPB) Privacy 52

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. According to American Banker , the two met to discuss how to reduce regulatory burden, as well as to coordinate supervision of financial firms.

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Rules Consumer Financial Protection Bureau (CFPB) OCC CFPB 43

PYMNTS

JANUARY 17, 2019

The relationship between the House Financial Services Committee and the Consumer Financial Protection Bureau (CFPB) is about to change. Her talk to the group hit on a variety of topics, including the government shutdown and its effects on government workers and departments.

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CFPB Consumer Financial Protection Bureau (CFPB) Shutdown Governance 53

PYMNTS

SEPTEMBER 15, 2017

Senator Elizabeth Warren also announced that she has begun an investigation into the hack, explaining in a letter to the Consumer Financial Protection Bureau (CFPB), the agency she helped create after the 2007-2009 financial crisis, that it may require additional powers to ensure closer federal oversight of credit reporting agencies.

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Consumer Financial Protection Bureau (CFPB) CFPB Data Breach Breach 54

PYMNTS

JULY 20, 2018

President Donald Trump’s pick to lead the Consumer Financial Protection Bureau (CFPB) held her own during intense questioning by Democratic Senators on Thursday (July 19). According to Reuters , Kathy Kraninger seems to be on track to secure a confirmation vote that could come this month.

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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). Is there any hope for financial regulatory reform?

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

PYMNTS

JULY 31, 2018

The Consumer Financial Protection Bureau (CFPB) may be hated by Republicans and the Trump White House, but it turns out to have strong support among consumers. They think financial regulation is important to them, and it needs to be tougher, not weaker.

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CFPB Consumer Financial Protection Bureau (CFPB) Database Rules 41

PYMNTS

JUNE 19, 2018

House Minority Leader Nancy Pelosi has criticized President Trump’s reported pick to head the Consumer Financial Protection Bureau (CFPB), saying that Republicans are more concerned about the interests of banks and financial firms than consumers.

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