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Virtual marketplaces risk real losses: CFPB

Payments Dive

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.

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CFPB fines Chime $3.25M

Bank Automation

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.

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CFPB, DOJ boost teamwork on cases

Payments Dive

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

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Immigrants denied credit cards, other loans: CFPB, DOJ

Payments Dive

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

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CFPB to treat BNPL loans like credit cards

Payments Dive

“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.

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CFPB takes aim at Apple, Google tap-to-pay tech

Payments Dive

“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.

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CFPB: Consumers paid record credit card fees in 2022

Payments Dive

"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 161