Payments Dive

APRIL 5, 2024

Virtual worlds “can become a haven for scams, fraud, financial losses, and unanticipated purchases that can deplete a family’s real-world financial assets,” CFPB Director Rohit Chopra said.

CFPB 144

CFPB Risk Scams 144

Payments Dive

MARCH 7, 2025

Payment players and large banks might enjoy lighter regulation if the agency disappears, but should be careful what they wish for, a former CFPB executive says.

CFPB 136

CFPB Regulations Payments 136

Bank Automation

MARCH 5, 2025

It looks really scary from the news, like theyre going to […] The post CFPB co-founder: Agency will rise from the ashes appeared first on Bank Automation News.

CFPB 59

CFPB Automation Posting Consumer 59

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

Bank Automation

MAY 7, 2024

The CFPB found that Chime has not adhered to this policy, a move that has […] Chime Financial was fined $3.25 million by the Consumer Financial Protection Bureau today as the digital bank has failed to give timely consumer refunds. According to Chime’s refund policy, the company is required to issue consumer refunds within 14 days.

CFPB 122

CFPB Consumer Payments 122

Bank Automation

JANUARY 10, 2025

The CFPB seeks comment regarding how to address intrusive data collection from digital payments platforms, including how consumer data is being collected, used and shared, according to todays release. When people pay […] The post CFPB requests public comment on consumer privacy protections appeared first on Bank Automation News.

CFPB 52

CFPB Privacy Consumer Request for Information 52

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

Bank Automation

JANUARY 30, 2025

The CFPB found that Wise sent false advertisements regarding ATM fees and free withdrawals, according to todays release from the bureau. By deceiving customers, Wise […] The post CFPB fines fintech Wise $2.5M clients about fees. appeared first on Bank Automation News.

CFPB 52

CFPB FinTech ATM Automation 52

Bank Automation

JULY 18, 2024

The Consumer Financial Protection Bureau proposed an interpretive rule affecting earned wage products, or paycheck advance products, ensuring that employees are aware of costs and fees for these services, according to today’s CFPB release. Paycheck advance products allow employees real-time access to earned wages.

CFPB 127

CFPB Rules Product Consumer 127

Payments Dive

MARCH 6, 2025

The Senate backed a resolution to overturn a Consumer Financial Protection Bureau rule that gave the agency oversight of big tech companies offering payment tools.

Rules 216

Rules CFPB Payments Tools Consumer 216

Bank Automation

DECEMBER 20, 2024

Customers of the financial institutions named in todays lawsuit have accumulated more than $870 million in losses due to the alleged failure […] The post CFPB lawsuit against bank giants is regulatory overreach, Zelle says appeared first on Bank Automation News.

Zelle 52

Zelle CFPB Payment Networks Automation 52

Bank Automation

OCTOBER 28, 2024

LAS VEGAS — The Consumer Financial Protection Bureau Director Rohit Chopra hopes the financial services industry moves away from screen scraping although the CFPB’s Oct. 22 Section 1033 Open Banking Rule did not ban the practice outright. “I

CFPB 69

CFPB Automation Rules Posting 69

Bank Automation

NOVEMBER 21, 2024

The US Consumer Financial Protection Bureau will now treat those companies more like banks as long as they handle more than 50 million transactions a […] The post Apple Pay, other tech firms come under CFPB regulatory oversight appeared first on Bank Automation News.

CFPB 52

CFPB Automation Transactions Consumer 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

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

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 Fintech Times

DECEMBER 9, 2024

Google has filed a legal challenge against the US Consumer Financial Protection Bureau (CFPB), the agency responsible for overseeing consumer finance, after it placed Google Payment Corp., The tech giant argues that the move, which the CFPB says is aimed at addressing potential consumer risks, constitutes regulatory overreach.

Consumer Financial Protection Bureau (CFPB) 75

Consumer Financial Protection Bureau (CFPB) CFPB Regulations Legal 75

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

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

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

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

FEBRUARY 21, 2025

The CFPB’s attorneys argue it’s in the public interest to act “consistent[ly] with the philosophy of a new administration brought about by a national election." Efforts to shutter the agency are against public interest, the AGs said.

CFPB 89

CFPB 89

Payments Dive

DECEMBER 20, 2024

The federal agency sued the operator of the pay-by-bank service as well as three bank owners, alleging they let fraud "fester" on the digital system.

Zelle 180

Zelle CFPB 180

Bank Automation

AUGUST 23, 2024

The Supreme Court upheld the CFPB’s funding mechanism in May. In several recent lawsuits, companies sued by the CFPB for violations argue that the bureau is using funds it should not have. The Dodd-Frank Act requires that the CFPB is funded from “the combined earnings […]

CFPB 80

CFPB Legal Consumer Regulations 80

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

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) 103

Consumer Financial Protection Bureau (CFPB) Credit Union Junk Fees CFPB 103

Payments Dive

SEPTEMBER 19, 2024

The card services company argued Wednesday that it has always been upfront with customers about fees, and was blindsided by the CFPB's legal action.

CFPB 89

CFPB Legal Card Services 89

Payments Dive

FEBRUARY 24, 2025

The bureau’s lawsuit against the online lending platform – filed during Rohit Chopra’s tenure – “was wrong” and “the weaponization of ‘consumer protection’ must end,” the CFPB’s Acting Director Russ Vought said.

CFPB 78

CFPB Consumer Protection Consumer 78

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.

CFPB 167

CFPB Consumer 167

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

Bank Automation

DECEMBER 23, 2024

The agency sued the two […] The post CFPB sues Walmart, fintech partner for illegal account openings appeared first on Bank Automation News. The Consumer Financial Protection Bureau claimed that Walmart and Branch Messenger Inc. required the delivery drivers to be paid through costly accounts.

CFPB 52

CFPB Accounts FinTech Consumer Protection 52

Payments Dive

DECEMBER 18, 2024

The federal agency warned companies issuing credit cards about illegal tactics, specifically calling out promotions that turn into “bait-and-switch” offers.

Credit Cards 159

Credit Cards CFPB 159

Payments Dive

MARCH 14, 2022

In a rare TV appearance, the director of the Consumer Financial Protection Bureau said that the payments industry isn't competitive enough and that fee hikes by the big card companies would add "insult to injury" at a time of inflation. He noted new fintech tools could ultimately be a benefit if they add competition.

CFPB 174

CFPB FinTech Consumer Payments 174

Bank Automation

SEPTEMBER 11, 2024

By sharing inaccurate information regarding bankruptcies […] The post CFPB fines TD Bank $28M appeared first on Bank Automation News. Consumer reports are used by financial institutions and other lenders to determine access to credit, housing or employment.

CFPB 81

CFPB Rules Automation Consumer 81

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 174

Credit Cards CFPB Consumer 174

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 165

CFPB 165

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