PYMNTS

APRIL 24, 2019

The Consumer Financial Protection Bureau (CFPB) has announced changes to policies on Civil Investigative Demands (CIDs), which are investigational subpoenas issued by the CFPB. The Consumer Financial Protection Act of 2010 authorizes the CFPB to issue CIDs when looking into potential violations of the law.

CFPB

PYMNTS

MARCH 29, 2017

In a press release highlighting its findings, the CFPB said that as of March 1 of this year, it has handled around 1.12 Credit cards are a vital financial tool used daily by more than half of all adults in this country,” said CFPB Director Richard Cordray in the press release. million consumer complaints across all products.

CFPB

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.

CFPB

PYMNTS

APRIL 9, 2019

It’s a situation that has, unsurprisingly, generated a tidal wave of complaints from borrowers — and increasing pressure on the Consumer Finance Protection Bureau (CFPB) to do something about the apparent gap between borrowers and the qualifications for this program. Elizabeth Warren of Massachusetts and Sen. Pressing for Further Action.

CFPB

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.

CFPB

PYMNTS

JANUARY 22, 2019

Could it be that the CFPB, under new Executive Director Kathy Kraninger , will be moving directly to eliminate the more controversial provisions of its payday lending rule? Last October, the CFPB announced it would “revisit” the rules. Sources now report that the CFPB has decided to eliminate the provision entirely.

Rules

PYMNTS

OCTOBER 9, 2020

Consumer Finance Protection Bureau (CFPB)n released regulations in 2017 that are now being readjusted. The crackdown on payday lending has been in the works for years, but nothing concrete has yet disrupted the industry in a way that would benefit consumers.

Direct Deposit

PYMNTS

FEBRUARY 11, 2019

The Consumer Financial Protection Bureau (CFPB) is seeking to overhaul a series of regulations that had been recently put into place — in 2017, to be exact, and set to go into effect in August 2019. As reported, the loan regulations were put into place during the tenure of the CFPB’s Richard Cordray.

Consumer Financial Protection Bureau (CFPB)

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. The next chapter in the ongoing saga that is payday loan regulation officially began yesterday (Feb. The Tumultuous Response. The news generated a lot of reaction.

CFPB

PYMNTS

JUNE 22, 2017

The Consumer Financial Protection Bureau (CFPB) may be in over its head when it comes to key constituents’ feelings regarding its Public Service Loan Forgiveness Program. While the first borrowers will be eligible to participate in October 2017, many have expressed fears that everything may not go as planned.

Consumer Financial Protection Bureau (CFPB)

PYMNTS

SEPTEMBER 18, 2017

has strongly hinted that the agency she birthed in 2008 and opened for business in 2011 — the Consumer Financial Protection Bureau (CFPB) — should be given the authority to do even more. Since 2012, the CFPB’s consumer complaint database has collected 1.1 In February 2017, that number was up 24 percent to 4,620. They are not.

Regulations

PYMNTS

APRIL 18, 2018

In March 2013, the CFPB put limits on loan markups and compensation for dealers on these auto loans, specifically on the basis of race, national origin, or credit score. In October 2017, the Government Accountability Office supported Republican Pat Toomey’s position that Congress has the power to eliminate the CFPB’s auto rules.

CFPB

PYMNTS

MARCH 27, 2018

Debt collectors have been the second-leading major generator of consumer complaints since the Consumer Financial Protection Bureau (CFPB) added them as an area that consumers could log complaints against in June 2013. 2 spot in 2017 when the credit reporting agencies (normally the No. Debt collectors managed to lose their No.

CFPB

PYMNTS

JULY 8, 2020

CFPB Eases Payday Lending Rules. The federal Consumer Financial Protection Bureau (CFPB) has eliminated a rule that placed limits on payday lenders. The service, which will cost $98 a year, will encompass everything from same-day delivery for grocery and general merchandise to discounts and early access to deals.

Consumer Financial Protection Bureau (CFPB)

PYMNTS

JANUARY 17, 2021

One pick might be Renata Hesse , who has served numerous stints at the DOJ since 2002 and was acting attorney general from mid-2016 through January 2017, according to Reuters. Also, another ex-Obama official is Juan Arteaga , who worked for the DOJ from 2013 to 2017. Department of Justice (DOJ), Reuters reported.

Federal Trade Commission

CB Insights

JULY 24, 2019

Equifax settles with CFPB following data breach. Credit bureau Equifax will pay at least $650M for the 2017 data breach that affected over 147M US residents. Though some of the penalty will go to the Consumer Financial Protection Bureau (CFPB), most of the money will be set aside to compensate consumers impacted by the breach.

Consumer Financial Protection Bureau (CFPB)

Innovative Payments Association

FEBRUARY 28, 2024

I am not here to criticize the seemingly more aggressive approach the Consumer Financial Protection Bureau (CFPB) has taken during the last year, nor will I use this opportunity to question the substance of the myriad proposals the CFPB has released during the past six months. CFPB Director Rohit Chopra has been true to his word.

Participant

PYMNTS

FEBRUARY 19, 2018

Consumer Financial Protection Bureau (CFPB), as evidenced by the government watchdog’s website. Complaints totaled 293 between January and August 2017, and that number has skyrocketed to more than 900 thus far in 2018. Bloomberg reported Monday (Feb.

Consumer Financial Protection Bureau (CFPB)

PYMNTS

JULY 17, 2019

The Consumer Financial Protection Bureau (CFPB) is urging financial institutions to report any suspicions they may have about financial exploitation of elderly people, the organization said in a release. . The CFPB also released a report that showed how important it was to tell authorities about EFE.

Suspicious Activity Report (SAR)

PYMNTS

DECEMBER 8, 2017

The report, citing three sources familiar with the dispute, reported the CFPB has been investigating the mortgage abuse since earlier in the year. While a Wells Fargo spokesman declined to comment on the CFPB report, he did tell Reuters that the bank is committed to refunding the wrongful fees back to customers.

CFPB

PYMNTS

FEBRUARY 27, 2019

That statement seemingly set the stage for a discussion on reform — and, not surprisingly, the Committee mentioned the infamous Equifax breach disclosed in 2017, which exposed data tied to at least half of all Americans. billion in efforts tied to technology.

Consumer Financial Protection Bureau (CFPB)

PYMNTS

JUNE 26, 2018

CFPB Supports Reconsideration Of Payday Rule. Last October, former CFPB Head Richard Cordray finalized the rule that would require lenders to conduct background checks, showing that borrowers can afford the loans, and to limit the number of loans made to a single borrower. Shopify Eyes Buying Experience With Return Magic Acquisition.

CFPB

PYMNTS

APRIL 16, 2018

The Data: $1 billion: The fine Wells Fargo is potentially facing from the CFPB and OCC over mortgages and car insurance. Million: JPMC’s reported number of mobile customers in Q1, up from 30 million in Q4 2017. 200 billion: The estimated value of India’s eCommerce market. 9: The record-breaking number of retail defaults in Q1 2018.

OCC

PYMNTS

APRIL 17, 2018

In March 2013, the CFPB put limits on loan markups and compensation for dealers on these auto loans, specifically on the basis of race, national origin, or credit score. But in October 2017, the Government Accountability Office supported Republican Pat Toomey’s position that Congress has the power to eliminate the CFPB’s auto rules.

Consumer

FICO

APRIL 10, 2017

CFPB Debt Collection Rulemaking Will Likely Move Forward. The panel discussed the CFPB’s continued focus on developing new debt collection regulations. In short, the CFPB can continue with its work, short of issuing a final rule, without triggering any threat from the CRA. States Are Likely to Pick-Up the Slack.

CFPB

PYMNTS

MAY 24, 2018

The rules were rescinded in 2017, leading to this guidance. Further uncertainty was added to the mix by the Consumer Financial Protection Bureau (CFPB), noted the CBA. ” The acting director of the CFPB, Mick Mulvaney, also issued a statement of this support. “I

OCC

PYMNTS

MARCH 21, 2017

That’s the question on most segment watcher’s lips as 2017 gets up and running — and as millions nationwide await the final ruling from the CFPB. That’s because as the panel of experts assembled at Innovation Project 2017 last week at Harvard pointed out, the consumer who makes use of short-term lending: Likes them, Needs them and.

CFPB

PYMNTS

JANUARY 26, 2017

The firm released its 2017 Payments Outlook report last week and made some conclusions that B2B FinTech players may find disappointing. Late last year, Mercator released another iteration of its 2017 Outlook report. B2B Payments Outlook. A new presidential administration in the U.S.

B2B

PYMNTS

AUGUST 14, 2018

Though the CFPB dropped their final payday lending regulations last October, their ultimate fate and shape have been something of an open question since the agency formally went under new management in late November 2017. The CFPB also reiterated the request for a formal stay on the implementation of the rules as written.

CFPB

PYMNTS

DECEMBER 18, 2017

The filing follows a two-year investigation by France’s local answer to the CFPB: the DGCCRF. Amazon has faced other issues in the EU in 2017. According to new reports, France’s government has filed a formal complaint against Amazon alleging the eCommerce giant has abused its position in the market. million) fine.

CFPB

PYMNTS

AUGUST 14, 2018

million to the Consumer Financial Protection Bureau (CFPB) to settle claims that its student loan business misled borrowers, illegally charged certain fees and processed payments in a way that was designed to maximize late fees. In 2016, Wells Fargo agreed to pay $3.6

Consumer Financial Protection Bureau (CFPB)

PYMNTS

MAY 15, 2017

The Consumer Financial Protection Bureau (CFPB) has kicked off an inquiry into the U.S.’ Yet little is known about how well the lending market serves their financing needs,” said CFPB Director Richard Cordray in a statement. “Small businesses fuel America’s economic engine, create jobs and nurture communities.

Finance

PYMNTS

MARCH 21, 2017

mathematician Cathy O’Neil told a rapt audience at IP 2017 last week, can lead to a very dangerous situation when algorithms go wrong, and often do. They were just mathematical lies,” she told the crowd at IP 2017 at Harvard. And that, author and Harvard Ph.D. And, O’Neil noted, much of that difference comes via a data deficit.

Crime

PYMNTS

JANUARY 16, 2018

The Kansas businessman – facing a 2017 conviction for violating federal truth in lending and racketeering laws in connection with his online lending business – attempted to apologize for the $3.5 Regulators spent most of 2017 cracking down on the practice. billion he reportedly made while running that business.

Laws

FICO

JUNE 10, 2019

One study says the number of robocalls to US phone numbers soared from 18 billion in 2017 to more than 26 billion in 2018. Widely available, low-cost automated technologies have unleashed a flood of these calls.

Rules

PYMNTS

DECEMBER 26, 2016

Karen Webster said it best when she wrote: “Every complaint to the CFPB now, regardless of how unfounded or ridiculous-sounding, will be investigated. So, if banks thought that the CFPB was breathing down their necks before last week, they better buckle up. Speaking of 2017, here’s hoping that yours is the best yet!

Online and Mobile Banking

FICO

AUGUST 19, 2022

Regulators like the CFPB (which is currently reviewing rulemaking on open banking through Section 1033 of the Dodd-Frank Act) also see open banking as a critical tool for leveling the competitive landscape. According to research commissioned by Plaid , 80% of U.S. If you don’t, the market will pass you by. Darryl Knopp.

Credit Union