Remove Consumer Remove Consumer Financial Protection Bureau (CFPB) Remove Junk Fees
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CFPB charges Navy Federal Credit Union $95 million for overdraft and junk fees

Finextra

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

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. Most fee revenue, 92.5%, was for expedited transfers.

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The shifting EWA regulatory framework and its impact on bank partnerships and instant payment adoption

Tearsheet

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.

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CFPB Finalizes Rule Limiting Credit Card Late Fees

Global Fintech & Digital Assets

The rule targets a statutory loophole that the CFPB asserts large credit card issuers exploited to exact excessive late fees from consumers. No inflation adjustment: The automatic annual inflation adjustment permitted under the implementing statute no longer applies to the $8 late fee threshold.

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