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CFPB Consumer Financial Protection Bureau (CFPB) Laws 
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., This development marks the second time the CFPB has issued a contested supervisory designation.
Axway
OCTOBER 23, 2024
Section 1033 of the Dodd-Frank Act gives consumers the right to access and share their financial data. Now, this law is going to have some teeth. On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) published its final rule …
The Fintech Times
JANUARY 21, 2025
The Consumer Financial Protection Bureau (CFPB), the consumer protection agency in the US, has hit Equifax with a $15million fine, after it found that the nationwide consumer reporting agency failed to conduct proper investigations of consumer disputes.
59 
Fintech News
FEBRUARY 2, 2025
On January 30, the US Consumer Financial Protection Bureau (CFPB) imposed a US$2 million civil penalty on Wise, alongside $450,000 in customer compensation, for inaccurately advertising its fees and failing to adequately disclose exchange rates and other charges. Wise has been ordered to pay nearly US$2.5
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.
105 
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. Accordingly, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to conventional credit cards.
97 
PYMNTS
SEPTEMBER 18, 2019
In a civil investigation that recently came to light, the Consumer Financial Protection Bureau (CFPB) is looking into Bank of America as part of a probe that came out of the phony accounts scandal at Wells Fargo. In July, CFPB Director Kathleen Kraninger denied the petition.
69 
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. We want to incentivize whistleblowers to contact us if they believe their employer is not complying with the law,” the agency said.
62 
PYMNTS
SEPTEMBER 11, 2019
A network to better coordinate financial innovation among federal and state regulators is being launched by the Consumer Financial Protection Bureau (CFPB) in partnership with several states, the agency said in a press release. State regulators in every state were invited to join. .
68 
PYMNTS
MARCH 10, 2020
The Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Cincinnati-based Fifth Third Bancorp alleging that employees opened accounts for customers without their consent in an effort to reach sales targets, according to reports on Tuesday (March 10). The CFPB filed a complaint with the U.S.
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.
75 
PYMNTS
NOVEMBER 4, 2020
The Better Business Bureau (BBB) has estimated that it will process over 450 complaints this year about used car scams, with victims losing in excess of $1 million. Prop 22: California Side With Uber And Lyft, Nix AB 5 Gig Worker Law. No Open And Shut Path For Open Banking As CFPB Mulls Rules.
PYMNTS
JANUARY 18, 2019
The Consumer Financial Protection Bureau (CFPB) has asked the United States Congress for the authority to supervise compliance of the Military Lending Act (MLA), the organization announced on Thursday (Jan. The CFPB gave the proposal to the speaker of the U.S.
48 
PYMNTS
APRIL 24, 2019
The Consumer Financial Protection Bureau (CFPB) has announced changes to policies on Civil Investigative Demands (CIDs), which are investigational subpoenas issued by the CFPB. The Consumer Financial Protection Act of 2010 authorizes the CFPB to issue CIDs when looking into potential violations of the law.
46 
PYMNTS
MAY 8, 2017
Things are getting tougher for the Consumer Financial Protection Bureau (CFPB) under the new political administration. More banks are now willing to challenge CFPB enforcement actions, said The Wall Street Journal. This already exceeds the total number of challenges the CFPB saw across 2016.
48 
PYMNTS
FEBRUARY 11, 2019
The Consumer Financial Protection Bureau (CFPB) is seeking to overhaul a series of regulations that had been recently put into place — in 2017, to be exact, and set to go into effect in August 2019. As reported, the loan regulations were put into place during the tenure of the CFPB’s Richard Cordray.
PYMNTS
JANUARY 27, 2020
To say that 2020 has already started off as a busy year for the Consumer Financial Protection Bureau (CFPB) might be an understatement. In the most recent news late last week, the CFPB said it would change the way it defines and addresses “ abusive ” practices within the financial services arena.
71 
PYMNTS
MAY 23, 2019
The Consumer Financial Protection Bureau (CFPB) has expanded a financial education tool called Misadventures in Money Management (MiMM), which is aimed at educating service members and helping them manage their money. The CFPB announced the expansion on Thursday (May 23).
46 
PYMNTS
JUNE 7, 2016
After mounting complaints from both banks and consumers about unauthorized withdrawals and other illicit activities, the accused payment processor is being taken to court. According to a CFPB press release , the lawsuit claims that Intercept ignored signs that its clients were breaking laws and introducing potential fraud. .
41 PYMNTS
MARCH 25, 2019
A federal judge late last week ordered a stay on the August 2019 compliance date tied to the “ payday lending rule ” mandated roughly two years ago by the Consumer Financial Protection Bureau (CFPB). The CFPB had asked the court to wait until a separate case had been decided.
51 
PYMNTS
DECEMBER 3, 2019
In the years ahead, might there be a greater number of smaller financial institutions (FIs) offering remittance services? As Bloomberg Law reported Tuesday (Dec. The reduced burden would impact about 400 banks and 250 CUs, according to the Financial Post. Banks and CUs processed a respective 4.2
52 
PYMNTS
MAY 2, 2019
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against a credit repair firm, its subsidiaries and associates for asking customers to pay upfront fees, it announced Thursday (May 2). The CFPB filed a complaint against PGX Holdings Inc. The CFPB filed a complaint against PGX Holdings Inc.
The Fintech Times
MAY 22, 2024
The Consumer Financial Protection Bureau (CFPB), a US government agency responsible for protecting consumers in the financial sector, has ruled that buy now, pay later (BNPL) lenders must treat consumers as credit card providers do, ensuring they receive the same key protections.
64 
PYMNTS
APRIL 30, 2018
Elizabeth Warren, putting more pressure on acting Consumer Financial Protection Bureau (CFPB) director, sent a letter asking Mick Mulvaney if he is helping the industries that he is supposed to be overseeing. Your recent admission also raises questions about your other official actions at the CFPB.
PYMNTS
JANUARY 7, 2021
In the current system, “consumers are not the customers of the Big Three credit bureaus,” Chi Chi Wu, staff attorney at the National Consumer Law Center, said of the public agency idea.
94 
PYMNTS
MARCH 3, 2020
president has the authority to fire the leader of the Consumer Financial Protection Bureau (CFPB), which was formed after the financial crisis, according to the Financial Times. The CFPB was founded in 2010. he said about the potential conflict between the president’s cabinet and the CFPB.
PYMNTS
APRIL 20, 2018
I am especially pleased that we were able to work closely and effectively with our colleagues at the OCC, and I appreciate the key role they played in the negotiations,” Consumer Financial Protection Bureau Acting Director Mick Mulvaney said in a statement. “As That is what we did here.”.
40 
PYMNTS
SEPTEMBER 12, 2016
Wells Fargo agreed to pay the largest penalty ever imposed by the Consumer Financial Protection Bureau (CFPB) — $185 million — and it will be the bank’s shareholders who ultimately have to pay the piper and the cost of that settlement. The CFPB called Tolstedt out on her role in the affair.
NFCW
NOVEMBER 27, 2023
The US Consumer Financial Protection Bureau (CFPB) is proposing to subject large non-bank companies that offer consumer finance services including digital wallets and payment apps – such as Apple and Google – to the same regulatory scrutiny and oversight as banks, credit unions and other financial institutions.
PYMNTS
SEPTEMBER 15, 2017
Senator Elizabeth Warren also announced that she has begun an investigation into the hack, explaining in a letter to the Consumer Financial Protection Bureau (CFPB), the agency she helped create after the 2007-2009 financial crisis, that it may require additional powers to ensure closer federal oversight of credit reporting agencies. “Is
PYMNTS
NOVEMBER 27, 2017
The Consumer Financial Protection Bureau (CFPB) is gearing up to sue Spain-based Santander Bank, claiming the bank has overcharged its car loan customers. Citing sources familiar with the CFPB’s plans, Reuters reported that the CFPB suit could happen as soon as Monday (Nov.
40 
PYMNTS
NOVEMBER 1, 2017
A small business (SMB) in Massachusetts borrowing funds via marketplace lender Kabbage has sued the platform, igniting new debate in the conversation over the definition of a “true lender,” according to reports in the National Law Review on Tuesday (Oct. Usury laws regulate how much interest can be charged on a loan.
PYMNTS
OCTOBER 7, 2019
Reuters reported that Congress is not likely to pass a federal data protection bill in 2019. This means that tech firms will have to comply with and navigate numerous state laws that are in turn stricter than the federal bill would have put in place. CFPB Unconstitutional?
53 
PYMNTS
MARCH 26, 2020
Five federal financial regulatory agencies are encouraging banks, savings associations and credit unions to offer small loans to consumers and small businesses in response to the coronavirus pandemic.
Finovate
OCTOBER 22, 2024
financial services community has been waiting for for at least a year– the Consumer Financial Protection Bureau (CFPB) issued its final 1033 rule making. The CFPB states that the rule promotes competition and consumer choice, and will ultimately help improve customer service.
52 
PYMNTS
MAY 1, 2017
Ever since the Dodd-Frank Act gave the Consumer Financial Protection Bureau (CFPB) jurisdiction over just about every US business that provides some form of consumer credit, Republicans have been complaining that the agency has too much power. Most bankers support moves to rein the CFPB in a bit.
PYMNTS
JANUARY 13, 2020
It’s a new year, and in Europe, an expansion of scrutiny and laws governing data sharing. And beginning earlier in the month, new laws seek to tackle “rogue traders and online tricksters,” as denounced in a statement by Vera Jourova, the EU’s commissioner for values and transparency. A California CFPB? Penalties in the New Year.
52 
PYMNTS
JULY 17, 2019
The Consumer Financial Protection Bureau (CFPB) is urging financial institutions to report any suspicions they may have about financial exploitation of elderly people, the organization said in a release. . The CFPB also released a report that showed how important it was to tell authorities about EFE.
FICO
JUNE 15, 2021
In 2011, the Consumer Financial Protection Bureau (CFPB) created an Office of Financial Protection for Older Americans. Banks play an important role.
98 
Neopay
MAY 28, 2024
Consumer Financial Protection Bureau (CFPB) issued a new interpretation under the existing Truth in Lending Act. Regardless of 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 already on the books.”
52 
PYMNTS
FEBRUARY 3, 2020
As noted by the news outlet, the government will leverage existing antitrust law, and any fines or regulatory actions tied to the new mandates would be the purview of the Fair Trade Commission (FTC). CFPB Files Suit Against Citizens Bank. Digital Currencies, Too. million credit card customers. million credit card customers.
The Payments Association
MARCH 18, 2025
In the United States, open banking has developed through private-sector initiatives, with banks, fintechs, and data aggregators forming bilateral agreements to enable financial data-sharing. Mexico has adopted a regulated approach under its Fintech Law, introduced in 2018, laying the groundwork for open banking. reached $1.1
88 
PYMNTS
FEBRUARY 27, 2019
Credit scores and credit reports are increasingly relied upon by creditors, employers, insurers and even law enforcement. Yet, it has been more than 15 years since Congress enacted comprehensive reform of the consumer reporting system, and there are numerous shortcomings with the current system that need to be addressed.”.
PYMNTS
APRIL 11, 2018
There seems to be some debate as to what the final laws might be and what the House may seek to do in terms of adding its own stamp to what the Senate has done. In South Korea , executives at the helm of two crypto exchanges were detained by law enforcement amid allegations they embezzled assets from customers. Internationally.
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