Payments Dive

OCTOBER 13, 2023

“The CFPB will not allow companies to use immigration status as an excuse for illegal discrimination,” the bureau’s Director Rohit Chopra said Thursday.

CFPB 167

CFPB Credit Cards 167

Payments Dive

SEPTEMBER 8, 2023

“Regulations imposed by Big Tech firms have a big impact on whether consumers and businesses can make payments using third-party apps,” CFPB Director Rohit Chopra said in a Thursday press release.

CFPB 184

CFPB Regulations Consumer Payments 184

Payments Dive

APRIL 9, 2024

The bureau will refer “potentially criminal conduct,” including “anti-competitive mischief,” to the DOJ for action, CFPB Director Rohit Chopra said Monday.

CFPB 104

CFPB 104

Payments Dive

OCTOBER 26, 2023

"With credit card debt crossing the trillion dollar mark, we will be working to prevent bait-and-switch tactics when it comes to rewards,” CFPB Director Rohit Chopra said in a Wednesday press release.

CFPB 162

CFPB Credit Cards Consumer 162

Finextra

AUGUST 14, 2024

Responding to a call from the US Treasury, the Consumer Financial Protection Bureau (CFPB) and the American Fintech Council (AFC) have both weighed in on the use of AI in financial services.

Consumer Financial Protection Bureau (CFPB) 105

Consumer Financial Protection Bureau (CFPB) CFPB Treasury AI 105

Payments Dive

MAY 21, 2024

“Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.

CFPB 97

CFPB Credit Cards BNPL Consumer Protection 97

Payments Dive

AUGUST 20, 2024

CFPB Director Rohit Chopra said in a blog post that the agency will not fine companies making a good faith effort to follow regulations treating buy now, pay later loans like credit card transactions. His remarks follow significant industry pushback.

CFPB 89

CFPB BNPL Rules Credit Cards 89

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 89

CFPB Authorization 89

Finextra

OCTOBER 18, 2024

The Consumer Financial Protection Bureau (CFPB) has announced its suit against Climb Credit and its largest shareholder 1/0 for misrepresenting the quality of its training programmes at partner schools.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) CFPB Consumer 52

Payments Dive

MARCH 27, 2024

Major credit card providers offset attractive rewards programs with fees and interest, costing consumers carrying balances, CFPB Director Rohit Chopra said.

CFPB 97

CFPB Credit Cards Consumer 97

Fintech Finance

JULY 19, 2024

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. The CFPB also published a report examining employer-sponsored paycheck advance loans.

CFPB 105

CFPB Rules Product Consumer Financial Protection Bureau (CFPB) 105

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

Bank Automation

JUNE 6, 2024

The CFPB on June 5 finalized a rule outlining which entities qualify as acceptable “standard setters” to include nine or fewer financial organizations, consumer advocates, small companies and large […]

CFPB 75

CFPB Rules Consumer Regulations 75

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.

CFPB 104

CFPB Credit Cards Product 104

Fintech Finance

JULY 15, 2024

We are encouraged by the work the CFPB has done to better understand the BNPL industry. In their letter, AFC applauded the CFPB for their 2022 report on BNPL and for their continued engagement with industry leaders. Moloney, SVP, Head of Policy and Regulatory Affairs, wrote in AFC’s recent letter to the CFPB Read the full letter here.

Consumer Financial Protection Bureau (CFPB) 98

Consumer Financial Protection Bureau (CFPB) CFPB Rules BNPL 98

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 89

CFPB Rules 89

Fintech Finance

MAY 24, 2024

The Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. The CFPB began studying the Buy Now, Pay Later industry in 2021. Last year, the CFPB published its findings on the financial profiles of Buy Now, Pay Later borrowers.

Disputes 97

Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 97

Innovative Payments Association

JULY 8, 2024

The Consumer Financial Protection Bureau (CFPB) is the primary enforcement agency for Regulation E, and it has been cracking down on violations in recent years. CFPB Enforcement Actions The CFPB has taken enforcement actions against companies in the payments industry for various violations of Regulation E.

CFPB 52

CFPB Reg E Error Resolution Boot Camp 52

Finextra

JUNE 2, 2024

A legal case involving how Citi responded to customers who had money stolen via wire transfers has caused a spat between the CFPB and industry associations over the scope of the Electronic Fund Transfer Act (EFTA).

Electronic Fund Transfer Act (EFTA) 64

Electronic Fund Transfer Act (EFTA) CFPB Wire Transfer Disputes 64

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 69

CFPB Consumer Financial Protection Bureau (CFPB) FinTech Underserved 69

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

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

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

JUNE 5, 2024

The Consumer Financial Protection Bureau (CFPB) has taken another step designed to promote open banking in the US, finalising a rule for recognising data sharing standards and preventing incumbents from "squelching" startups.

Consumer Financial Protection Bureau (CFPB) 72

Consumer Financial Protection Bureau (CFPB) CFPB Consumer Rules 72

The Paypers

JUNE 10, 2024

The Consumer Financial Protection Bureau ( CFPB ) has finalised a rule detailing the requirements for becoming a recognised industry standard-setting body.

Consumer Financial Protection Bureau (CFPB) 57

Consumer Financial Protection Bureau (CFPB) CFPB Rules Consumer 57

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

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) 59

Consumer Financial Protection Bureau (CFPB) CFPB Consumer 59

Finextra

JUNE 13, 2024

The Consumer Financial Protection Bureau (CFPB) has set out plans to remove medical bills from most credit reports

Consumer Financial Protection Bureau (CFPB) 64

Consumer Financial Protection Bureau (CFPB) CFPB Consumer 64

The Paypers

AUGUST 19, 2024

The Consumer Financial Protection Bureau (CFPB) has released a comment regarding the uses, capabilities, and risks associated with artificial intelligence (AI) in the financial services industry.

Consumer Financial Protection Bureau (CFPB) 48

Consumer Financial Protection Bureau (CFPB) CFPB AI Risk 48

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

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

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

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

The Paypers

JULY 24, 2024

Lease-to-own solutions provider Acima , a subsidiary of Upbound , has announced its decision to file a lawsuit against the US Consumer Financial Protection Bureau (CFPB).

Consumer Financial Protection Bureau (CFPB) 41

Consumer Financial Protection Bureau (CFPB) CFPB Consumer 41

Finextra

MAY 22, 2024

The Consumer Financial Protection Bureau (CFPB) today sued the online lending platform SoLo Funds for deceiving borrowers about the total cost of loans.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) CFPB Consumer 52

Finextra

JULY 15, 2024

The American Fintech Council (AFC), the fastest growing premier industry association representing responsible fintech companies and innovative banks, submitted its response to the Consumer Financial Protection Bureau (CFPB) on the proposed Interpretive Rule and Request for Comment on the Use of Digital User Accounts to Access Buy Now, Pay Later Loans. (..)

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) CFPB Rules Request for Comment 52

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) Government Governance 114