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. The CFPB said the Truth in Lending Act requires that mortgage servicers provide borrowers with periodic statements.

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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 ruling, per U.S.

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PYMNTS

JULY 26, 2020

The nation’s consumer protection agency is seeking input on rule changes to third-party access to individual financial records. Before that change, banks and government agencies were unable to get direct deposits into taxpayer accounts.

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Global Fintech & Digital Assets

DECEMBER 18, 2023

By Jenny Cieplak , Parag Patel , Barrie VanBrackle , and Deric Behar On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule, Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications (the Proposal), to supervise large providers of digital wallets and payment apps.

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PYMNTS

MARCH 3, 2020

Once those dates have passed a consumer can pay their old debts — but it is almost impossible to legally compel them to. Unless the consumer unwittingly restarts the clock on the debt — by either paying it in part, entering into a payment plan or acknowledging in writing that they owe the debt. Tightening the Rules.

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PYMNTS

JULY 11, 2017

And, as a result, higher fees for consumers levied by cautious lenders, when they lend at all? 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.

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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). While the revised legislation currently offers greater consumer protections, it is also likely to result in new consumer abuses. Harassment.

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PYMNTS

FEBRUARY 7, 2019

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. The Path To Revision. The Tumultuous Response.

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PYMNTS

MARCH 3, 2020

Several legal experts have said that TurboTax’s deal to buy personal finance site Credit Karma for $7.1 Will New CFPB Rules Finally Be Able To Put Zombie Debt To Rest? The money came from the roughly $250 million that was previously stolen by North Korean fraudsters. Intuit Bid For Credit Karma Triggers Antitrust Worries.

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Consumer Financial Protection Bureau (CFPB) CFPB Blocks Cryptocurrency 52

PYMNTS

JUNE 25, 2018

Zillow , the online real estate company, disclosed Monday (June 25) that the Consumer Financial Protection Bureau (CFPB) dropped a previously disclosed investigation into the company. Zillow said in the SEC filing that it responded in March of 2017 and held discussions with the CFPB following that.

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Tearsheet

MARCH 27, 2024

Regarded as distinct from payday lenders and viewed as a means for 60% of Americans who live paycheck-to-paycheck to break free from debt, financial regulators remain hesitant to fully endorse on-demand pay’s effectiveness.

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Fi911

AUGUST 31, 2023

TILA is enforced by the Consumer Financial Protection Bureau (CFPB). Non-compliance by lenders can result in penalties and legal action. The Truth in Lending Act was intended to address the lack of transparency and standardization in disclosing consumer credit terms and costs.

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FICO

FEBRUARY 23, 2016

Less than two weeks after the compliance deadline for the TILA-RESPA Integrated Disclosure (TRID) rule , the CFPB issued its final rule revising HMDA (Regulation C). The Dodd-Frank Act directed the CFPB to expand the data reported under HMDA and provided it with rulemaking authority.

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PYMNTS

AUGUST 14, 2018

Peterson noted that the revised rules could also allow dealers to roll in all kinds of other add-on products. New Lending Rules . So why would the CFPB pull back under enforcement? According to Mulvaney, the CFPB doesn’t seem to actually have the legal power to hunt out law violations.

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Fintech Labs Insights

MARCH 3, 2016

On February 18 the Consumer Financial Protection Bureau (CFPB) released the final version of its Policy on No-Action Letters. The policy is part of the CFPB’s Project Catalyst Initiative whose stated mission is to “support innovators in creating consumer-friendly financial produ cts and services.”

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Clearly Payments

FEBRUARY 8, 2024

Its primary objectives encompass safeguarding consumers, maintaining financial stability, promoting market integrity, preventing fraud and security breaches, and ensuring legal compliance. It monitors and enforces regulations related to payment products and services to ensure fair treatment and transparency for consumers.

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PYMNTS

MAY 2, 2019

The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against a credit repair firm, its subsidiaries and associates for asking customers to pay upfront fees, it announced Thursday (May 2). The CFPB filed a complaint against PGX Holdings Inc. Northway Financial Corp., and against John C.

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PYMNTS

JANUARY 31, 2018

The Consumer Financial Protection Bureau (CFPB) scored a victory Wednesday (Jan. appeals court ruled the President can only remove the head of the watchdog agency with a specific cause, such as a dereliction of duty or engaging in wrongdoing. Circuit Judge Nina Pillard wrote in the seven to three ruling.

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PYMNTS

FEBRUARY 5, 2018

Here in the States, and amid legal battling, the Consumer Financial Protection Bureau (CFPB) got one for the win column this past week. Last week, an appeals court ruled the president can only remove the head of the watchdog agency with a specific cause. News came Friday that large U.S.

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PYMNTS

SEPTEMBER 4, 2020

The legal recommendation comes after the Consumer Financial Protection Bureau (CFPB) filed a complaint against Integrity Advance. The agency’s case against the company may be affected if the CFPB director is replaced, which the U.S. Supreme Court has ruled could happen.

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PYMNTS

FEBRUARY 6, 2019

The rule, which was supposed to go into effect in August, was meant to federally regulate short-term loans geared toward low-income customers. The Consumer Financial Protection Bureau (CFPB) said it will now postpone the rule until Nov.

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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. We will continue to vigorously pursue our case against RD Legal for as many victims as possible,” said Amy Spitalnick, a spokeswoman for the Attorney General’s office. “We

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PYMNTS

JUNE 29, 2020

Supreme Court has struck down a key feature of the Consumer Financial Protection Bureau (CFPB) that limited presidential authority to fire the agency’s chief. The bureau was one of the major regulatory reforms that followed the epic economic collapse of the Great Recession.

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PYMNTS

FEBRUARY 18, 2019

The Consumer Financial Protection Bureau ( CFPB ) said earlier in the month that it will look to overhaul a number of payday loan regulations that were put in place in 2017 and were slated to go into effect in August of this year. This may be an election issue, given that the proposal pushes the date off to Nov.

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PYMNTS

SEPTEMBER 13, 2018

In direct impact to banking, Dodd-Frank also limited “prop” (or proprietary) trading at banks, which was meant to limit risky trading (this is tied to the Volcker Rule). And for the smaller banks, the Volcker Rule is one from which they are exempt.

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PYMNTS

SEPTEMBER 13, 2018

In direct impact to banking, Dodd-Frank also limited “prop” (or proprietary) trading at banks, which was meant to limit risky trading (this is tied to the Volcker Rule). And for the smaller banks, the Volcker Rule is one from which they are exempt.

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Consumer Financial Protection Bureau (CFPB) CFPB Regulations Returns 40

PYMNTS

MARCH 7, 2017

In the latest salvo in the legal wrangling between the Trump administration and the Consumer Financial Protection Bureau (CFPB), the Justice Department has signaled that it will embrace the argument laid out by PHH Corp. that the CFPB is unconstitutional.

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PYMNTS

JULY 17, 2017

No surprise, perhaps, but the biggest news to emanate out of the payments realm in terms of regulations and legal impact, came from the Consumer Financial Protection Bureau (CFPB). The rule is aimed at banks and credit card companies, as their agreements typically mandate arbitration in lieu of such suits.

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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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PYMNTS

NOVEMBER 23, 2017

The Consumer Financial Protection Bureau (CFPB)’s much debated, loved and hated arbitration rule has been officially killed through the rule’s being struck from the Federal Register. Through that conduit, regulators are prevented from enacting similar rules down the line. Null and void.

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PYMNTS

JANUARY 14, 2019

A challenge to the structure of the Consumer Financial Protection Bureau (CFPB) was dismissed by the U.S. The CFPB, which has long been hated by many Republicans, has already seen its power diminished by President Donald Trump. Supreme Court on Monday (Jan. 14) when it declined to take up a Texas case.

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Consumer Financial Protection Bureau (CFPB) CFPB Legal Rules 49

PYMNTS

NOVEMBER 2, 2017

According to news from Reuters , the resolution kills a Consumer Financial Protection Bureau (CFPB) rule that was set to go into effect next spring, giving bank customers the option to file class-action lawsuits to lower their legal costs.

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