PYMNTS

SEPTEMBER 18, 2017

Thirty years later, I find their tagline a rather fitting metaphor for the Equifax data breach and the flurry of headlines made by everyone who now wants to take them — and their two credit reporting agency compadres, Experian and TransUnion — out to the regulatory woodshed. Senator Elizabeth Warren (D – Mass.) The Credit Score.

Regulations 81

Regulations CFPB Database Consumer Financial Protection Bureau (CFPB) 81

Payments Source

JULY 19, 2019

The agreement with authorities including the Federal Trade Commission and state attorneys general — and possibly the Consumer Financial Protection Bureau — may be announced as soon as Monday.

Federal Trade Commission 81

Federal Trade Commission Data Breach Settlement Breach 81

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) 63

Consumer Financial Protection Bureau (CFPB) CFPB Breach Law Enforcement 63

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) 30

Consumer Financial Protection Bureau (CFPB) CFPB Data Breach AI 30

Payments Source

FEBRUARY 6, 2018

It is unclear whether the Consumer Financial Protection Bureau is abandoning its supervisory oversight of Equifax or just taking a back seat to the Federal Trade Commission as the latter investigates the credit bureau.

Federal Trade Commission 62

Federal Trade Commission CFPB Consumer Data Breach 62

Payments Source

MARCH 2, 2018

The Consumer Financial Protection Bureau is among several agencies that "continue to investigate events related to" last year's Equifax brief, the credit reporting firm said in a securities filing.

CFPB 63

CFPB Security Continuity Consumer 63

PYMNTS

APRIL 20, 2016

Today’s 5-In-1 has the latest numbers from Google about sites being hacked, some pretty big price tag potential for the future of unattended retail, the latest figures from the CFPB about hidden payday lending fees, what the EU is accusing Google of, and numbers that show the impact of Amazon’s latest fashion tie up.

CFPB 40

CFPB Breach Rules Research 40

PYMNTS

JANUARY 13, 2020

And, as has been reported, breaching these rules means companies may be fined by the EU the equivalent of up to 4 percent of revenues. A California CFPB? In an example of fines tied to data breaches and compromises, the Information Commissioner’s Office (ICO) is fining Dixons Carphone £500,000 (about $650,000).

Bots 52

Bots Consumer Financial Protection Bureau (CFPB) Regulations CFPB 52

PYMNTS

SEPTEMBER 22, 2017

Members of Congress are getting ready to grill Equifax CEO Richard Smith, who is set to testify about his company’s massive data breach that impacted as many as 143 million Americans. Attorney’s office in Atlanta is working with the FBI on a criminal investigation into the breach. He is already slated to appear before the U.S.

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UDAAP Federal Trade Commission CFPB Breach 46

PYMNTS

AUGUST 21, 2017

Wells Fargo, the embattled national bank , disclosed in a Securities and Exchange Commission (SEC) filing that the Consumer Financial Protection Bureau (CFPB), a government regulatory agency, is investigating if it closed accounts of customers that needed them. The CFPB declined to comment to Reuters.

Consumer Financial Protection Bureau (CFPB) 42

Consumer Financial Protection Bureau (CFPB) Accounts Identity Theft CFPB 42

Payments Source

JUNE 28, 2018

Under a consent order with Texas and seven other states, the Atlanta-based credit reporting firm agreed to shore up its information security efforts, but it will not have to pay any financial penalties.

Breach 63

Breach Security Data Breach Risk Management 63

FICO

OCTOBER 7, 2022

As it happens, buy now, pay later (BNPL) breached the $100 billion in mark in 2020 and soared to $157 billion in 2021 , according to FICO partner Worldpay. Consumer Financial Protection Bureau (CFPB) announced that it would investigate the BNPL industry. The CFPB found that 10.5% The CFPB found that 10.5% Consumer Danger.

BNPL 52

BNPL Account Takeovers CFPB Consumer Financial Protection Bureau (CFPB) 52

PYMNTS

SEPTEMBER 13, 2017

In August, the bank revealed in a Securities and Exchange Commission (SEC) filing that the Consumer Financial Protection Bureau (CFPB), a government regulatory agency, is investigating if it closed accounts of customers who needed them. In some of the Wells Fargo scandal cases, the actions occurred after customers’ accounts were breached.

Consumer Financial Protection Bureau (CFPB) 46

Consumer Financial Protection Bureau (CFPB) Identity Theft CFPB Breach 46

PYMNTS

SEPTEMBER 20, 2016

The first is that this is, of course, not a show but a very serious meeting with a rather irate body of elected officials looking to get to the bottom what was, at its core, a very, very serious breach of consumer trust. Wells Fargo is far from the first bank to be fined by the CFPB. The same woman who gave us the CFPB.

CFPB 54

CFPB White Collar Crime Accounts Credit Cards 54

Innovative Payments Association

JANUARY 10, 2024

Providers are worried about liability for breaches, and the possibility that some companies could become credit bureaus under provisions of the rule. But the CFPB sees it differently. It also would require that data providers create developer interfaces, which make it easier for third parties to access data.

Junk Fees 52

Junk Fees CFPB Rules Direct Deposit 52

FICO

JANUARY 5, 2023

The CFPB's New Open Banking Proposal Will Accelerate Exciting Product Innovations. The Consumer Financial Protection Bureau (CFPB) has indicated it will publish rules , not guidelines, aimed at strengthening consumers’ control over and providing portability of their financial account data, sometime in 2023.

BNPL 52

BNPL CFPB Consumer Financial Protection Bureau (CFPB) Cybersecurity 52

Fintech Labs Insights

MARCH 29, 2016

It’s hard to imagine that the CFPB–who isn’t actually tasked with enforcing information safeguarding (Congress left that with the FTC)–would impose civil fines on a company for safeguarding representations, when the company in question didn’t have a data breach. Kramer and Justin B. Hosie*. __. What happened. Implications.

CFPB 16

CFPB Data Security Security Data Breach 16

CB Insights

NOVEMBER 2, 2017

Over 143 million Americans will be at risk of financial fraud for years following the Equifax cybersecurity breach, while an estimated 3 million Wells Fargo customers unknowingly had their digital identity stolen to open fraudulent trading accounts. Office of the Comptroller of the Currency, the CFPB, and the city attorney.

Compliance 72

Compliance Regulations Audit Office of the Comptroller of the Currency 72

PYMNTS

JULY 27, 2016

Robert Siciliano, security expert and CEO of IDTheftSecurity.com, said that the huge jump in the instances of credit card fraud complaints last year are due to the increase number of data breaches that have taken place within the last five years. But since then, reported breaches have more than doubled.

Credit Cards 43

Credit Cards Federal Trade Commission Data Breach Identity Theft 43

PYMNTS

APRIL 11, 2016

The head of the CFPB, Richard Cordray, said during testimony on The Hill last week that FinTech companies will likely be a significant presence in making payday loans (or smaller dollar loans) to consumers. But wait a moment. Within the payments space, there was, and remains, some red meat to chew over (or, if you prefer, seitan).

ATM 40

ATM Wire Transfer Scams Compromise 40

PYMNTS

FEBRUARY 23, 2017

. “When it comes to financial institutions and the different dialogues we’ve had, there have been concerns over the bank sharing data with a third party like Xero, and as a result of doing so, any sort of breach or mishap would then come back to the bank,” he explained. “It’s their data.

CFPB 40

CFPB Small Business Payment APIs and Integration Agreements 40

PYMNTS

NOVEMBER 22, 2017

. “This will help them as they worry about data breaches, and could help you minimize the incidents of fraudulent use of credit cards and debit cards and other payment methods.”

Consumer 49

Consumer Debit Card Credit Cards Credit Union 49

PYMNTS

OCTOBER 26, 2017

There are regulatory and compliance hurdles, the Consumer Financial Protection Bureau (CFPB) and a general cultural mood and attitude to overcome — plus a whole lot of negative publicity. The Equifax data breach is going to have consumers looking for new ways to borrow and credit agencies looking for new ways to lend, Schwartz said.

Consumer Financial Protection Bureau (CFPB) 49

Consumer Financial Protection Bureau (CFPB) CFPB Breach Data Breach 49

PYMNTS

JULY 14, 2017

Trial Lawyers: Not the sizzle we want, but they get a boondoggle from arbitration rule “strike down” from the CFPB. Group lawsuits, as noted by the CFPB, have delivered about $220 million annually in verdicts to about 6.8 Yet Avanti, the kiosk POS vendor, said that data had been breached. Oh, and higher fees. million consumers.

FTC 40

FTC Federal Trade Commission CFPB Legal 40

PYMNTS

SEPTEMBER 25, 2017

First there was the massive data breach that sent the personal information of most of the U.S. Then there was the fake phishing site to which the credit rating agency accidentally referred a bunch of recently breached people, as they could not distinguish their own site from a cloned version of it. So, what did we learn this week?

FDIC 43

FDIC Federal Reserve Breach Data Breach 43

PYMNTS

DECEMBER 26, 2016

We do not like data breaches, so we want to really take away the ability for fraudsters to monetize that information,” he said. “Our goal is to see the line of data breaches, which continues to climb, begin to flatten in the coming years because hackers will have a tougher time making money from the data they steal.”

Online and Mobile Banking 44

Online and Mobile Banking Economy Data Breach CFPB 44

Payments Source

DECEMBER 5, 2017

An ex-regulator’s stern warning about the risks of sharing consumer information with fintechs has prompted debate over common security standards for banks and nonbanks, better data tracking and new liability insurance products.

Addressing 61

Addressing Risk Security FinTech 61

PYMNTS

SEPTEMBER 12, 2017

One week ago, the CFPB’s arbitration rule seemed more or less doomed to the scrap heap of financial regulatory history. The Comptroller of the Currency formally requested that the CFPB halt implementation of the rule while the OCC reviewed its effect on the banking industry. And, in fact, that is exactly what Equifax did.

CFPB 47

CFPB Rules Breach Disputes 47

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. Regulations mandate robust data security practices and require prompt notification of data breaches to affected parties.

Regulations 105

Regulations Electronic Fund Transfer Act (EFTA) Federal Reserve Electronic Funds Transfer (EFT) 105

PYMNTS

AUGUST 19, 2019

CFPB and Payday Lending. The repayment provisions of the Consumer Financial Protection Bureau’s (CFPB) payday lending rule will not be in place as of today, which had been the date mandated in regulations announced two years ago. August 19 is here, and a deadline comes and goes.

CFPB 51

CFPB Federal Trade Commission FTC Regulations 51

PYMNTS

JUNE 5, 2017

As of yet, no customers have reported being affected by the breach — and Chipotle does not know how many customers or cards were hit. As for known information about the breach so far, according to reports, it occurred between March 24 and April 18, 2017, and may have also affected some locations in Canada.

Blockchain 43

Blockchain CFPB Breach Accounts 43

PYMNTS

OCTOBER 6, 2017

But today, the journey came to an end as the CFPB has offered its final ruling on the future of the payday and title lending industry in this country. That destruction is necessary, according to CFPB director Richard Cordray. And it looks like the industry’s future is one that will be smaller – a lot smaller.

CFPB 51

CFPB Regs Rules Credit Union 51

PYMNTS

OCTOBER 6, 2017

But today, the journey came to an end as the CFPB has offered its final ruling on the future of the payday and title lending industry in this country. That destruction is necessary, according to CFPB director Richard Cordray. And it looks like the industry’s future is one that will be smaller – a lot smaller.

Rules 40

Rules CFPB Credit Union Regulations 40

PYMNTS

AUGUST 28, 2017

The team at American Express is unexpectedly in the Consumer Financial Protection Bureau’s (CFPB) sights and is paying a hefty fine; cybercriminals have found a fun new way to use something as innocuous as your phone number to take all your accounts away from you and Starbucks is saying a surprise sayonara to their own eCommerce portal. .

CFPB 46

CFPB Online and Mobile Banking Push-to-Card Cryptocurrency 46

PYMNTS

SEPTEMBER 2, 2016

SWIFT released news that more of its member banks (who shall remain unnamed) suffered breaches. What hasn’t helped is its recent run-in with the CFPB. And who needs any more reason to invite the CFPB into your house when your intention was only to extend a perk to Prime members? SWIFT Member Banks. million fine. The charge?

CFPB 40

CFPB SWIFT Push-to-Card Security 40

PYMNTS

OCTOBER 6, 2017

Cyberattack insurance : The more headlines gather on data breaches, new ( Equifax ) and old ( Yahoo ), and the bad news keeps getting worse (both attacks have been more widespread than had been thought), the more firms are looking to boost their defenses. The CFPB looks set to pursue Equifax via investigation and a levying of fines.

Social Security 40

Social Security Security CFPB Compromise 40

PYMNTS

SEPTEMBER 30, 2017

The Senate seems to be gearing up to overturn the recent CFPB rule on arbitration clauses — mandates that historically have been in place for whenever customers want to open up new accounts. If the Senate passes the ban on the ban, and President Trump signs it, the CFPB may be barred from ever restoring such resolutions.

ATM 40

ATM Federal Reserve CFPB On-Demand 40