Open Banking Excellence

OCTOBER 6, 2023

Your guide to the Consumer Financial Protection Bureau's (CFPB) imminent proposals for a new regulatory framework governing “Personal Financial Data Rights” The US will propose a new “Open Banking Rule” this year which will set the foundations for an ecosystem with the potential to become the largest in the world.

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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. wrote Ian P.

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CFPB Consumer Financial Protection Bureau (CFPB) FinTech Underserved 69

PYMNTS

OCTOBER 5, 2016

As one might expect of a financial product that has so rapidly become so widely popular, the prepaid card industry managed to catch the attention of the Consumer Finance Protection Bureau, which has been considering new regulations for some time that would create “strong federal consumer protections for prepaid account users.”

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CFPB Rules PayPal Debit Card 75

PYMNTS

MARCH 3, 2020

It’s a problem widely reported and most recently acknowledged by the Consumer Financial Protection Bureau ( CFPB ), which estimates that millions of U.S. consumers are contacted about time-barred debt each year — and that this behavior “can pose consumer protection concerns.”

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Consumer 56

The Fintech Times

JULY 15, 2024

The new proposed interpretive rule would ensure that nonbank financial companies adhere to the same credit card lending rules as large banks, credit unions, and other financial institutions already supervised by the CFPB. In a letter , it applauded the CFPB for its 2022 report on BNPL and its continued engagement with industry leaders.

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BNPL Consumer Financial Protection Bureau (CFPB) CFPB Request for Comment 64

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.

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PYMNTS

JULY 26, 2016

Lawmakers and businesses, not so much, arguing that the databased can make it difficult and expensive for merchants that might have actually done nothing wrong, since anyone can make a complaint and post it publicly, regardless of whether or not said complaint has merit. The CFPB handled around 271,600 in 2015, up 8 percent from 2014.

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Finovate

JUNE 6, 2024

Late last month, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule stating that Buy Now, Pay Later (BNPL) lenders are credit card providers. For those unfamiliar with the matter, summarize the CFPB’s recent ruling on BNPL. territories.

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Consumer Financial Protection Bureau (CFPB) Rules BNPL CFPB 52

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.”

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Credit Cards BNPL Consumer Financial Protection Bureau (CFPB) Regulations 52

Finovate

JULY 24, 2024

On top of all of this, we’ve seen the CFPB take measures to further consumer protection, such as last week’s proposed interpretive ruling stating that some earned wage access tools should be considered loans. Photo by Tara Winstead The post Temperature Check on 4 Fintech Trends in 2024 appeared first on Finovate.

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Checks FinTech Embedded Finance CFPB 59

FICO

JANUARY 5, 2023

I suspect Yogi would be disappointed to know that after many years of writing a year-end public policy predictions blog post, I am no longer aware of my batting average. The CFPB's New Open Banking Proposal Will Accelerate Exciting Product Innovations. See all Posts. Related posts. chevron_left Blog Home.

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BNPL CFPB Consumer Financial Protection Bureau (CFPB) Cybersecurity 52

Global Fintech & Digital Assets

DECEMBER 21, 2023

Compliance Risk Compliance with various consumer protection-related laws and regulations [1] is critical for banks furnishing BNPL loans to ensure that obligations are understood and met on both sides of the transaction.

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OCC BNPL Electronic Fund Transfer Act (EFTA) Federal Trade Commission 59

PYMNTS

APRIL 19, 2016

It’s been a dramatic 12 months for the CFPB. But that might not have been any big surprise given the title of the hearing: “ The CFPB’s Assault on Access to Credit and Trampling of State and Tribal Sovereignty.”. There were the hearings earlier this year in the House that devolved pretty quickly into dueling insults. No, really.

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PYMNTS

OCTOBER 11, 2017

Last week, after five years of debates, discussions, arguments and waiting, the Consumer Financial Protection Bureau’s (CFPB) final rules for payday lending dropped. Most concerning, this rule completely disregards the concerns and needs of actual borrowers, who value this credit option and told the CFPB as much in the record 1.4

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Rules CFPB NCUA Credit Union 43

FICO

APRIL 10, 2017

CFPB Debt Collection Rulemaking Will Likely Move Forward. The panel discussed the CFPB’s continued focus on developing new debt collection regulations. In a previous post , I discussed the sudden emergence of the Congressional Review Act (CRA) and its impact on future regulations. States Are Likely to Pick-Up the Slack.

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Payment Savvy

NOVEMBER 30, 2021

In 2020, the Consumer Financial Protection Bureau (CFPB) published two rules which implement the Fair Debt Collection Practices Act (FDCPA). While the revised legislation currently offers greater consumer protections, it is also likely to result in new consumer abuses. The post What is Regulation F?

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Regulations Consumer Financial Protection Bureau (CFPB) CFPB Rules 52

Finovate

APRIL 10, 2024

Since late 2023, the FDIC and CFPB have issued seven consent orders because of BaaS-related issues. Consumer protection Banks must not only safeguard their consumers’ data privacy, but they must also protect consumers from misinformation. Can’t sleep?

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Due Diligence Privacy FDIC Regulatory Compliance 52

Segpay

MARCH 24, 2025

Fraud & Consumer Protection Strong player protection, self-exclusion, and responsible gambling measures. A Deeper Dive into Australia's Regulations Online Gaming (Esports & Video Games) Generally, falls under consumer protection and classification laws rather than gambling regulations.

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Compliance Suspicious Activity Report (SAR) Fincen AML 71

PYMNTS

JUNE 29, 2016

Green Dot went on to state: “Reloads are all posting properly. Two members of the Senate Banking Committee sent letters to the CEOs of Green Dot, Walmart and MasterCard to learn more information about the issue and how many consumers were impacted. The senators also asked if this issue had been reported to the CFPB.

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PYMNTS

JANUARY 16, 2018

Tribal lenders have even fought the CFPB’s demand for records at various times, on the argument that sovereign immunity also frees them from supervision by the Bureau. Genuine tribal businesses are entitled to ‘tribal immunity,’ meaning they can’t be sued. The Complicated Path Forward.

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PYMNTS

JANUARY 17, 2019

The relationship between the House Financial Services Committee and the Consumer Financial Protection Bureau (CFPB) is about to change. But of central interest for Waters was the CFPB – particularly how it had run while under Interim Director Mick Mulvaney.

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CFPB Consumer Financial Protection Bureau (CFPB) Shutdown Government 53

Clearly Payments

FEBRUARY 8, 2024

Consumer Financial Protection Bureau (CFPB): Established in response to the 2008 financial crisis, the CFPB is tasked with protecting consumers in the financial marketplace. The post An Overview of Payment Regulation In The USA appeared first on Credit Card Processing and Merchant Account.

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Regulations Electronic Fund Transfer Act (EFTA) Federal Reserve Electronic Funds Transfer (EFT) 105

Finovate

DECEMBER 13, 2023

the Consumer Financial Protection Bureau (CFPB) has been studying the BNPL industry since at least late 2021. At this point, much of the CFPB’s impact on BNPL has been minimal. There has some concern at the state level , with state attorneys general voicing consumer protection warnings. In the U.S.,

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Regulations Consumer Financial Protection Bureau (CFPB) BNPL FinTech 64

PYMNTS

JANUARY 20, 2021

Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger handed in her resignation Wednesday (Jan. Kraninger, who was appointed in December 2018, said she would leave her post effective immediately. Kraninger, who was appointed in December 2018, said she would leave her post effective immediately. “I

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PYMNTS

DECEMBER 27, 2016

We can’t say we know what’s next for P2P lending, the CFPB or subprime borrowers — nor do we think anyone else can either — but we can tell you that how those stories unfold will make a very big difference to the shape of financial services yet to come and who will (and won’t) be included as part of the mainstream financial system.

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PYMNTS

JANUARY 24, 2017

House Republicans are also staunchly opposed to most of what the Bureau does in the name of consumer protection — but in fairness, that is not exactly news. House Republicans have spent most of their waking hours not dedicated to hating the ACA on hating the CFPB for the last several years. Citi’s Latest Fines.

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PYMNTS

JUNE 18, 2018

In an effort to roll back more oversight powers of the Consumer Financial Protection Bureau (CFPB), the White House is nominating a budget official to serve as the watchdog agency’s next director. We look forward to hearing her views on consumer protection during confirmation hearings.

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CFPB Consumer Financial Protection Bureau (CFPB) Government Governance 49

PYMNTS

OCTOBER 31, 2016

We have a newly emboldened and still unfettered CFPB director in the wake of the Wells Fargo debacle. Under the rubric of consumer protection, Director Cordray will press hard for change until he’s no longer “concerned.” Clinton has come out strongly in favor of the CFPB and the job that Director Cordray is doing.

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FICO

JANUARY 4, 2018

I admit that I made the same prediction in 2017 and we are still waiting for the United States Court of Appeals for the District of Columbia to issue its decision in the industry’s appeal of the 2015 FCC Telephone Consumer Protection Act (TCPA) Declaratory Ruling and Order. The post Banking Regulation Predictions 2018: U.S.

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Regulations CFPB Rules Treasury 53

FICO

JANUARY 9, 2017

fraud alerts) in accordance with the 1991 Telephone Consumer Protection Act (TCPA). Under Chairman Tom Wheeler’s leadership, FCC actions have been widely criticized as further chilling the use of text and automated messaging preferred by many consumers. Federal focus on disparate impact will diminish.

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Cybersecurity CFPB Regulatory Compliance Legal 78

Tearsheet

FEBRUARY 6, 2025

The landscape and ongoing tug: As new payment models like Buy Now, Pay Later (BNPL) and EWA took off in recent years, the Consumer Financial Protection Bureau (CFPB) has been watching how they affect consumers. 7428 in 2024, which classifies EWA as a non-credit product with consumer protections.

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Consumer Financial Protection Bureau (CFPB) CFPB Consumer Protection Regulations 52

Bank Automation

FEBRUARY 3, 2025

Rohit Chopra, the director of the Consumer Financial Protection Bureau under President Joe Biden, was fired by the Trump administration, a person with knowledge of the matter said. This letter confirms that my term as CFPB director has concluded, he wrote Saturday in a letter to President Donald Trump posted on X.

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FICO

JULY 17, 2017

These include eliminating the proprietary trading restrictions of the ‘Volcker’ Rule, major changes to the Financial Stability Oversight Council and the diminished authority and independence of the Consumer Financial Protection Bureau (CFPB). The post Is US Financial Regulatory Reform Dead or Ready for Take Off?

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Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency CFPB Financial Crimes 40

PYMNTS

JANUARY 3, 2017

Separately, the Consumer Protection Bureau (itself a creation of Dodd-Frank) is quite likely in the crosshairs of the incoming White House and the Republican Congress in early 2017. But the key debate and dispute as relates to the CFPB ties into the actual structure of the leadership at the helm of the bureau.

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Bank Automation

DECEMBER 23, 2024

and one of its financial technology partners allegedly opened expensive bank accounts for delivery drivers of the worlds largest retailer without their consent, a US consumer protection agency said on Monday. The Consumer Financial Protection Bureau sued Walmart and Branch Messenger Inc., Walmart Inc.

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Open Banking Excellence

MARCH 24, 2025

The implementation of Section 1033 of the Dodd-Frank Act , the 2010 post financial crisis legislation ushered-in to bring greater consumer protections in financial services, is set to jump start the U.S. What are the implications of the Consumer Financial Protection Bureaus (CFPB) 1033 rules?

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Open Banking Excellence

FEBRUARY 13, 2025

However, a new era of Open Banking innovation is emerging, driven by a shift to an API-based system supported by stronger consumer regulations and standardisation, which will enhance competition and boost adoption. 71% thought there were sufficient consumer protections. 85% of consumers in the U.S. 90% felt the U.S.

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