Payments Dive

JANUARY 31, 2024

The expansion of the enforcement team is meant “to send a clear deterrent message to entities that are within our authority,” CFPB enforcement attorney Molly McOwen said.

CFPB 88

CFPB Authorization 88

Electronic Payments Coalition

MAY 9, 2024

The Electronic Payments Coalition fact-checked a politically motivated report focused on credit card reward programs issued by the Consumer Financial Protection Bureau (CFPB). EPC’s fact-check of the CFPB’s report is copied below.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) CFPB Credit Cards Checks 52

Finextra

MAY 17, 2024

The US Supreme Court has rejected an attempt to undercut the funding of the Consumer Financial Protection Bureau (CFPB).

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) CFPB Consumer 52

Payments Dive

MAY 18, 2022

A former CFPB enforcement director told an audience of payments professionals this week that they'd best be prepared for the agency to expand its oversight by way of its markets authority.

CFPB 178

CFPB Authorization Payments 178

Payments Dive

MARCH 1, 2024

The bureau seeks “to ensure that digital advertisements for financial products are not disguised as unbiased and objective advice,” CFPB Director Rohit Chopra said.

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CFPB Credit Cards Product 103

Payments Dive

DECEMBER 4, 2023

“I urge the CFPB to finalize this as quickly as possible,” Sen. Elizabeth Warren said during a Senate hearing with the agency’s director, Rohit Chopra.

CFPB 88

CFPB Rules 88

The Paypers

MAY 17, 2024

The Supreme Court has upheld the funding structure of CFPB , rejecting a challenge that could have significantly impacted the agency's operations.

CFPB 36

CFPB 36

The Fintech Times

JANUARY 3, 2024

The American Fintech Council (AFC) has submitted its response to the Consumer Financial Protection Bureau (CFPB) on its open banking proposal. The CFPB proposed a change on personal financial data rights implementing Section 1033 of the Dodd-Frank Act. We look forward to our continued partnership on this and many other proposals.” “AFC

CFPB 67

CFPB Consumer Financial Protection Bureau (CFPB) FinTech Underserved 67

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.

CFPB 75

CFPB Regulations Consumer Financial Protection Bureau (CFPB) Non-Bank 75

Finextra

JANUARY 24, 2024

America's Consumer Financial Protection Bureau (CFPB) has proposed a rule that would stop banks charging non-sufficient fund fees for transactions that are declined in real time.

Consumer Financial Protection Bureau (CFPB) 59

Consumer Financial Protection Bureau (CFPB) CFPB Non-Bank Rules 59

PYMNTS

DECEMBER 23, 2020

million to the Consumer Financial Protection Bureau ( CFPB ) for violating the Fair Credit Reporting Act (FCRA), the CFPB said in a press release. Santander is an originator and servicer of non-prime auto loans and leases and provides credit information to CRAs via monthly data files, according to the CFPB release.

CFPB 142

CFPB Consumer Financial Protection Bureau (CFPB) Non-Bank Origination 142

Payments Dive

MAY 5, 2023

Supporters and opponents of the CFPB’s proposal to cap late fees at $8 clashed in comments to the agency in recent weeks.

Caps 97

Caps CFPB 97

Finextra

MARCH 5, 2024

The Consumer Financial Protection Bureau (CFPB) finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers.

Consumer Financial Protection Bureau (CFPB) 45

Consumer Financial Protection Bureau (CFPB) CFPB Credit Cards Caps 45

Payments Dive

JULY 1, 2022

The earned wage access provider told the CFPB last week it wanted to make changes to its fee model without review by the bureau. The bureau, in turn, expressed concern over potentially misleading public statements by Payactiv.

CFPB 78

CFPB 78

Payments Dive

OCTOBER 20, 2022

Because the CFPB receives funds from the Federal Reserve and not Congress, the bureau’s funding apparatus violates the separation of powers principles in the U.S. Constitution, the court ruled.

CFPB 78

CFPB Rules Federal Reserve 78

Finextra

MARCH 12, 2024

The US Chamber of Commerce has filed a lawsuit against the Consumer Financial Protection Bureau (CFPB) to stop it from implementing a rule to limit late credit card fees.

Consumer Financial Protection Bureau (CFPB) 60

Consumer Financial Protection Bureau (CFPB) CFPB Credit Cards Rules 60

Payments Dive

MAY 17, 2024

The Consumer Financial Protection Bureau should revisit its rule affecting digital wallets, peer-to-peer payments and prepaid cards, writes one fintech group leader.

Rules 78

Rules CFPB FinTech Consumer 78

PYMNTS

DECEMBER 30, 2020

Payactiv 's Earned Wage Access (EWA) program is exempt from federal lending law under new rules from the Consumer Finance Protection Bureau (CFPB), according to a press release. The CFPB recently clarified its position on EWA programs and said they weren't considered to be extensions of credit.

CFPB 106

CFPB Payroll Correspondent Rules 106

PYMNTS

DECEMBER 23, 2020

The Consumer Financial Protection Bureau (CFPB) has settled with student loan servicers Discover Bank , The Student Loan Corporation and Discover Products (collectively Discover) in a 2015 case for unlawful practices, and Discover will have to pay $10 million in customer redress, a press release says. The order from CFPB on Tuesday (Dec.

CFPB 114

CFPB Consumer Financial Protection Bureau (CFPB) Governance Government 114

Payments Dive

APRIL 17, 2024

Despite an industry-backed lawsuit seeking to stop the Consumer Financial Protection Bureau’s new $8 late fee rule, bank card issuers are bracing for potential implementation.

Caps 161

Caps Card Issuer CFPB Issuers 161

Payments Dive

NOVEMBER 3, 2023

The digital payments company said it’s cooperating with a Securities and Exchange Commission probe of its stablecoin, and a Consumer Financial Protection Bureau inquiry related to bank transfers.

CFPB 174

CFPB PayPal Stablecoins Digital Payments 174

Payments Dive

OCTOBER 24, 2022

Companies must have policies and procedures to detect and remove inconsistencies and “obvious impossibilities” in credit data, the CFPB said.

CFPB 78

CFPB Procedures 78

Payments Dive

MAY 13, 2024

The 5th Circuit Court of Appeals blocked the Consumer Financial Protection Bureau’s $8 late fee cap on Friday, but the federal agency said it will continue to “defend” the rule.

Caps 97

Caps CFPB Blocks Rules 97

PYMNTS

APRIL 13, 2020

The Consumer Financial Protection Bureau (CFPB) has made it easier for people to access stimulus CARES Act funds by removing some of the legal barriers barring banks from issuing the payments through prepaid accounts, according to a press release. CFPB Director Kathleen L. Many have been laid off as a result of that turmoil.

Electronic Fund Transfer Act (EFTA) 111

Electronic Fund Transfer Act (EFTA) CFPB Consumer Financial Protection Bureau (CFPB) Direct Deposit 111

Payments Dive

NOVEMBER 9, 2023

Consumer Financial Protection Bureau supervision “levels the playing field” in buy now, pay later, Affirm’s CEO Max Levchin said Wednesday.

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CFPB Consumer 166

Payments Dive

MAY 10, 2024

The two agencies raised concerns that airlines and card companies could arbitrarily devalue points accrued in their joint rewards programs, amounting to a bait-and-switch for customers.

CFPB 97

CFPB 97

Payments Dive

APRIL 3, 2024

The Consumer Financial Protection Bureau received 70,000 card-related complaints from consumers last year, according to a report last week.

Credit Cards 173

Credit Cards CFPB Consumer 173

The Nilson Report

JANUARY 10, 2024

The post Big Tech Rebuffs CFPB Plans to Supervise Digital Wallets appeared first on Nilson Report.

CFPB 52

CFPB Posting Consumer 52

Payments Source

SEPTEMBER 16, 2019

The CFPB’s enforcement action against Maxi suggests that the CFPB may more aggressively enforce certain rules going forward, writes Jeffrey Alberts and Dustin Norfizer of Pryor Cashman.

CFPB 120

CFPB Rules Cross-Border Payments Cross-Border 120

Payments Dive

OCTOBER 20, 2023

The rule makes it easier for consumers to share deposit account and credit card data with fintechs, the Consumer Financial Protection Bureau said.

CFPB 157

CFPB Deposit Account Credit Cards Rules 157

Payments Dive

MARCH 15, 2024

“We know dangers exist when more powerful players weaponize industry standards,” Consumer Financial Protection Bureau Director Rohit Chopra said in advance of finalizing an open banking rule later this year.

CFPB 161

CFPB Rules Consumer 161

The Paypers

OCTOBER 20, 2023

The Consumer Financial Protection Bureau (CFPB) has proposed a Personal Financial Data Rights rule set to expedite the shift to Open Banking in the US and jumpstart competition.

Consumer Financial Protection Bureau (CFPB) 45

Consumer Financial Protection Bureau (CFPB) CFPB Rules Consumer 45

Bank Automation

MARCH 14, 2024

Consumer Financial Protection Bureau Director Rohit Chopra released an update today on the bureau’s Personal Financial Data Rights rule-sharing based on his remarks given March 13 at the Financial Data Exchange Global Summit in Washington, D.C. Chopra discussed at the FDX event how the bureau is identifying standard-setting organizations.

CFPB 74

CFPB Rules Consumer 74

The Paypers

JANUARY 18, 2024

The Consumer Financial Protection Bureau (CFPB) has proposed a rule to curb excessive overdraft fees charged by large financial institutions.

Consumer Financial Protection Bureau (CFPB) 45

Consumer Financial Protection Bureau (CFPB) CFPB Rules Consumer 45

PYMNTS

MARCH 6, 2020

Consumer Financial Protection Bureau (CFPB), has asked Congress for the ability to pay whistleblowers in an attempt to incentivize them to speak out, according to a report by Reuters. Lately, the CFPB has gotten backlash for bringing in fewer enforcement cases, but there is a very low expectation for legislation during the election year.

CFPB 62

CFPB Consumer Financial Protection Bureau (CFPB) Laws Authorization 62

PYMNTS

JULY 20, 2020

The Consumer Financial Protection Bureau (CFPB) has recorded record-high numbers of complaints every month since the pandemic hit in mid-March, according to a press release from the U.S. The CFPB was off to a good start after the last economic crisis,” said Mike Litt , U.S. PIRG Education Fund.

CFPB 64

CFPB Consumer Financial Protection Bureau (CFPB) Consumer Identity Theft 64

Payments Source

DECEMBER 12, 2019

PayPal — which is rarely thought of as a prepaid card company — has filed a lawsuit against the CFPB over its rules on prepaid accounts, underscoring the rapid changes in digital financial services and PayPal’s own expanding financial services ambitions in recent years.

CFPB 90

CFPB PayPal Rules Accounts 90