Junk Fees - Payments Space

Widespread Consequences of Junk Fees Uncovered, With Financial Transactions Showing Most Impact on Americans

Fintech Finance

JANUARY 23, 2024

As political efforts intensify to combat junk fees across various sectors, a groundbreaking study conducted by Wise , the global technology company building the best way to move and manage money internationally, unveils a hidden landscape of fees plaguing the everyday lives of Americans.

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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.

Consumer Financial Protection Bureau (CFPB)

Consumer Financial Protection Bureau (CFPB) Credit Union Junk Fees CFPB

CFPB seeks to thwart cross-border junk fees. Now what?

Payments Dive

MAY 30, 2024

“Putting these regulations into practice is challenging, and the success of such regulatory measures largely hinges on enforcement,” writes a Wise executive.

Junk Fees

Junk Fees Cross-Border CFPB Regulations

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FTC sues Doxo over deceptive ads, junk fees

Payments Dive

APRIL 30, 2024

After the federal agency’s lawsuit landed Thursday, the Seattle bill-pay provider countered the allegations on Friday.

Junk Fees

Junk Fees FTC

Bank of America fined $250M over fake accounts, junk fees

Payments Dive

JULY 11, 2023

Regulators say Bank of America opened credit card accounts without customers’ consent and misled consumers with respect to rewards for card applications.

Junk Fees

Junk Fees Accounts Credit Cards Regulations

CFPB strikes at debt collector fees

Payments Dive

JUNE 30, 2022

In the federal agency's crusade against “junk fees," debt collectors’ fees for certain payments are now in its sights.

Junk Fees

Junk Fees CFPB Payments

Thoughts on 1033 and Open Banking

Innovative Payments Association

JANUARY 10, 2024

The press release goes on to say that the proposed rule will protect consumers from “junk fees” by making” personal financial data available, at no charge to consumers or their agents, through dedicated digital interfaces that are safe, secure, and reliable.”

Junk Fees

Junk Fees CFPB Rules Direct Deposit

CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products

Fintech Finance

JULY 19, 2024

In recent years, workers have seen big increases in wages, but junk fees and high rates on financial products not only chip away at these gains – they take advantage of workers,” said Acting Secretary of Labor Julie Su. “As

CFPB

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

Tearsheet

MARCH 27, 2024

Moreover, there are fears that individuals living paycheck-to-paycheck may now be pushed into incurring bank overdraft fees when confronted with unforeseen expenses. The best case scenario for the consumer is to have banks remove more and more of the junk fees charged by banks,” said Nico Simko, founder and CEO of EWA provider Clair.

Instant Payments

Instant Payments RTP Consumer Financial Protection Bureau (CFPB) FedNow

Finding Hidden Gems in Your Merchant Processing Program

Evolve Payment

NOVEMBER 21, 2022

Many processors have purposely made it this way so they can hide fees (which we call ‘junk fees’) while reducing the number of questions coming in from their merchants. Choosing the Right Merchant Processing Partner For most merchants, merchant processing is a confusing industry.

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White House, CFPB are coming for ‘junk fees’

Payments Dive

OCTOBER 11, 2023

The Biden administration and the CFPB want banks and other institutions to stop hitting consumers with extra fees. Come February, offenders face monetary penalties.

Junk Fees

Junk Fees CFPB Consumer

CFPB Finalizes Rule Limiting Credit Card Late Fees

Global Fintech & Digital Assets

MARCH 8, 2024

Representative Maxine Waters, ranking member of the House Financial Services Committee, applauded the Rule and CFPB leadership for “finalizing this critical rule to slash credit card late fees.”

CFPB

CFPB Credit Cards Rules Card Issuer

Donald Trump, Kamala Harris, and the Future of Fintech

Finovate

OCTOBER 28, 2024

From big banks to junk fees A story in today’s Washington Post highlights Vice President Kamala Harris’s tenure as California attorney general and her role in strengthening a “multibillion dollar mortgage settlement” with major banks in the wake of the Great Financial Crisis.

FinTech

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Widespread Consequences of Junk Fees Uncovered, With Financial Transactions Showing Most Impact on Americans

CFPB charges Navy Federal Credit Union $95 million for overdraft and junk fees

CFPB seeks to thwart cross-border junk fees. Now what?

Webinars

FTC sues Doxo over deceptive ads, junk fees

Bank of America fined $250M over fake accounts, junk fees

CFPB strikes at debt collector fees

Thoughts on 1033 and Open Banking

CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products

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

Finding Hidden Gems in Your Merchant Processing Program

White House, CFPB are coming for ‘junk fees’

CFPB Finalizes Rule Limiting Credit Card Late Fees

Donald Trump, Kamala Harris, and the Future of Fintech

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