CFPB charges Navy Federal Credit Union $95 million for overdraft and junk fees
Finextra
NOVEMBER 8, 2024
The Consumer Financial Protection Bureau (CFPB) has charged the US’s largest credit union for illegally charging users overdraft fees.
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CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products
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 shifting EWA regulatory framework and its impact on bank partnerships and instant payment adoption
Tearsheet
MARCH 27, 2024
While the Consumer Financial Protection Bureau [CFPB] plans to issue further guidance to provide greater clarity concerning the application of federal law to income-based advance products, several states have taken individual legislative actions targeting EWA in recent months.
CFPB Finalizes Rule Limiting Credit Card Late Fees
Global Fintech & Digital Assets
MARCH 8, 2024
The rule targets a statutory loophole that the CFPB asserts large credit card issuers exploited to exact excessive late fees from consumers. Conclusion The Rule is another win for the consumer financial regulator against what it calls “junk fee harvesting” in the banking and credit sectors.
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