PYMNTS

OCTOBER 12, 2016

11) it ordered Navy Federal Credit Union to pay $28.5 million in fines and restitution over civil charges it allegedly made fake threats about debt collection to members of the credit union. The Navy Federal Credit Union serves a lot of active duty and retired military members.

Credit Union 64

Credit Union CFPB Legal Consumer 64

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 Source

SEPTEMBER 30, 2019

House Republicans are pushing the CFPB to continue to allow banks and credit unions to estimate exchange rates and fees for money transfers.

CFPB 68

CFPB Continuity Credit Union Rules 68

PYMNTS

OCTOBER 13, 2016

The Navy Federal Credit Union has been fined $28.5 million following civil charges that it threatened credit union members over debt collection, according to the Consumer Financial Protection Bureau (CFPB). We have cooperated with the CFPB throughout the process.” Here are the data.

Credit Union 51

Credit Union Consumer Financial Protection Bureau (CFPB) CFPB Legal 51

PYMNTS

MARCH 29, 2018

Instead, Moebs Services says the uptick was caused by credit unions increasing their overdraft fees. Over that same timeframe, the average overdraft fee at credit unions has increased from $15 in 2000 to $29 in 2017. All told, the CFPB estimates $15 billion was charged by large banks, small banks and credit unions.

Consumer Financial Protection Bureau (CFPB) 89

Consumer Financial Protection Bureau (CFPB) Credit Union CFPB Consumer 89

PYMNTS

NOVEMBER 17, 2016

The CFPB is taking a closer look at consumers and the relationship to their financial records — specifically the issues they face in accessing, using, and securely sharing their financial records. That data, the CFPB notes, is not only available to consumers — but also to specific firms they give permission to access said files.

CFPB 74

CFPB Consumer Credit Union Issuers 74

PYMNTS

MARCH 7, 2016

In an effort to stem oversight efforts that would curtail overdraft programs from lenders, the National Association of Federal Credit Unions (NAFCU) has urged that the Consumer Financial Protection Bureau stop its intent to roll back those offerings. That’s followed by linked money market accounts and then smaller loans. ”

Credit Union 40

Credit Union CFPB Disputes Product 40

Global Fintech & Digital Assets

DECEMBER 18, 2023

The proposal would subject certain large non-bank companies offering wallet and payment services to federal regulatory oversight on par with banks and credit unions. This Proposal is the sixth CFPB rulemaking (proposed or finalized) to clarify the scope of larger participants of markets for consumer financial products or services.

CFPB 75

CFPB Regulations Consumer Financial Protection Bureau (CFPB) Non-Bank 75

PYMNTS

APRIL 25, 2019

The Consumer Financial Protection Bureau (CFPB) announced Thursday (April 25) that it has issued a request for information on its remittance rule, which had faced calls by the Credit Union National Association for revision. They are not considered to be a provider of remittances as part of the normal course of business.

CFPB 59

CFPB Rules Consumer Financial Protection Bureau (CFPB) Request for Information 59

The Paypers

NOVEMBER 1, 2024

The Consumer Financial Protection Bureau (CFPB) has taken action against VyStar Credit Union and ordered the company to pay USD 1.5 million for impairing consumers via its rollout of a new online banking system.

Consumer Financial Protection Bureau (CFPB) 36

Consumer Financial Protection Bureau (CFPB) Credit Union CFPB Consumer 36

PYMNTS

DECEMBER 3, 2019

3), the Consumer Financial Protection Bureau (CFPB) has proposed to boost the number of smaller banks and credit unions (CUs) that would not be governed by rules tied to international money transfers. The average amount sent by MSBs on behalf of consumers was $381, reported the CFPB.

CFPB 52

CFPB Consumer Financial Protection Bureau (CFPB) Credit Union Cross-Border 52

PYMNTS

JUNE 7, 2019

The Bureau of Consumer Financial Protection (CFPB) has delayed the Aug. The CFPB is also correcting several errors in the rule. The Credit Union National Association (CUNA) also said it supports the delay, however, the organization called for a delay of the entire rule. Compliance is being delayed 15 months, to Nov.

CFPB 53

CFPB Underwriting Rules Credit Union 53

Payments Source

DECEMBER 7, 2018

Executives urged the consumer bureau at a public meeting to keep a closer eye on artificial intelligence innovations developed by fintech firms that are subject to less regulation.

Credit Union 63

Credit Union CFPB Risk AI 63

PYMNTS

MAY 8, 2019

Credit union (CU) and bank trade groups are locked in another battle, this time arguing about oversight by the Consumer Financial Protection Bureau (CFPB). In addition, the nine CUs currently under CFPB supervision are all in the top 1 percent of depository institutions.

CFPB 43

CFPB NCUA Consumer Financial Protection Bureau (CFPB) Credit Union 43

PYMNTS

SEPTEMBER 25, 2017

In addition, Equifax is being sued by the state of Massachusetts , and is also facing a class-action lawsuit filed on behalf of 28 million small businesses impacted by the breach and another suit just filed by Summit Credit Union. A CFPB spokesperson declined to say whether the agency already has plans to open an investigation.

CFPB 46

CFPB UDAAP Federal Trade Commission Breach 46

PYMNTS

MARCH 17, 2016

Testimony delivered on Wednesday (March 16) by National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger may signal a contentious debate over assertions by the Consumer Financial Protection Bureau (and Director Richard Cordray) that the CFPB does not need to make a greater effort to exempt credit unions from regulations.

CFPB 40

CFPB Credit Union Rules Procedures 40

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.

CFPB 51

CFPB Rules Consumer Financial Protection Bureau (CFPB) Underwriting 51

PYMNTS

MAY 13, 2019

The Consumer Financial Protection Bureau (CFPB) announced that is reviewing the Federal Reserve ‘s overdraft protection rule to find out if it “should be amended or rescinded” to minimize “any significant economic impact” to small businesses (SMBs) and credit unions.

CFPB 48

CFPB Rules Consumer Financial Protection Bureau (CFPB) Federal Reserve 48

PYMNTS

MARCH 16, 2016

House of Representatives has spoken out in a new bipartisan letter urging the CFPB to remove small banks and credit unions from its list when developing new regulatory policies that may be designed for larger organizations. This letter was drafted by Reps.

CFPB 40

CFPB Credit Union Community Banks Rules 40

Payments Source

NOVEMBER 21, 2017

A week before he is due to resign, CFPB Director Richard Cordray sent a letter to 29 CEOs at banks, credit unions and other financial companies, urging them to help consumers exert more control over credit cards, debit cards and other payment methods.

CFPB 65

CFPB Credit Union Consumer Debit Card 65

PYMNTS

AUGUST 22, 2016

The Consumer Financial Protection Bureau (CFPB) announced on Friday (Aug. The Consumer Financial Protection Bureau (CFPB) announced on Friday (Aug. At the behest of the director, the bureau also created a Community Bank Advisory Council, a Credit Union Advisory Council and an Academic Research Council.

CFPB 40

CFPB Consumer Financial Protection Bureau (CFPB) Credit Union Consumer 40

PYMNTS

SEPTEMBER 15, 2016

In an effort to bridge what is increasingly being known as the “inclusion gap” for minorities, Visa is finding promise in supporting products for financial inclusion in the credit union and community bank portfolio. and the ways credit unions are tapping into that potential. That led to the product incubator. “We

Financial Inclusion 76

Financial Inclusion Credit Union Underserved Non-Bank 76

PYMNTS

DECEMBER 4, 2019

In today’s payments news, the Consumer Financial Protection Bureau (CFPB) has proposed to boost the number of smaller banks and credit unions (CUs) that would not be governed by rules tied to international money transfers. CFPB Proposal On Remittances Offers Exemptions For Banks, CUs.

Consumer Financial Protection Bureau (CFPB) 52

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

PYMNTS

JULY 20, 2016

The vast majority of United States senators have penned a letter urging the CFPB to let community banks and credit unions live free from additional regulations. “We request that the CFPB carefully tailor its regulations to match the unique nature of community banks and credit unions,” the letter stated.

CFPB 40

CFPB Credit Union Community Banks Underwriting 40

FICO

AUGUST 19, 2022

Tackling the Fintech Threat: A Guide for Banks and Credit Unions. billion globally in 2021 – banks and credit unions are losing their status as the primary financial services providers to American consumers. What financial institutions need to compete with fintech threat disrupters. Thu, 12/19/2019 - 16:29.

Credit Union 52

Credit Union FinTech BNPL Online and Mobile Banking 52

PYMNTS

APRIL 28, 2016

The CFPB has its eye on the biggest marketplace lenders in the U.S., The new idea being floated involves classifying marketplace lenders, who operate online and also offer smaller loans with set payments, as installment lenders that are under the CFPB’s jurisdiction and regulations.

CFPB 40

CFPB Consumer Protection Regulatory Compliance FTC 40

Finextra

DECEMBER 4, 2024

The Board of Governors of the Federal Reserve System (FRB), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and state financial regulators issued a joint statement this (..)

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency FRB NCUA 52

PYMNTS

MAY 19, 2016

In the event that a financial institution fails to keep pace with the regulations that are put in place, it can be found liable and subject to action from one of the five agencies, a roster that includes, beyond the CFPB, the Federal Deposit Insurance Corp., million penalty tied to those violations.

CFPB 40

CFPB Office of the Comptroller of the Currency Accounts Federal Reserve 40

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. “We are encouraged by the work the CFPB has done to better understand the BNPL industry. .

BNPL 64

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

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.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) Rules CFPB Consumer 52

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.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency Credit Union FDIC 52

PYMNTS

JUNE 21, 2018

In the new Credit Union Tracker , PYMNTS explores how credit unions tailor offerings to serve this sector’s unique needs and concerns. The Tracker also examines the latest ways credit unions are leveraging technology to win over new members, as well as working to keep federal regulators at bay. .

Credit Union 43

Credit Union Consumer Financial Protection Bureau (CFPB) Law Enforcement Laws 43

PYMNTS

APRIL 21, 2016

The findings come on the heels of mounting pressure from the CFPB’s initiative to keep a check on overdraft fees. In February, the CFPB reported that 628 large banks reportedly pocketed $11.2 The heightened oversight from the CFPB has also led numerous credit unions to panic.

CFPB 40

CFPB Credit Union Deposit Account Debit Card 40

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.

Suspicious Activity Report (SAR) 45

Suspicious Activity Report (SAR) Consumer Financial Protection Bureau (CFPB) SARS Consumer 45

PYMNTS

MARCH 2, 2018

The acting director of the Consumer Financial Protection Bureau (CFPB), Mick Mulvaney , could allow other regulators to be in charge of supervisory matter, in an attempt to prevent duplications within government agencies and to reduce the burden for financial firms when it comes to exams.

Consumer Financial Protection Bureau (CFPB) 40

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

PYMNTS

AUGUST 7, 2017

consumers $15 billion in 2016, according to news from the Consumer Financial Protection Bureau (CFPB), the government watchdog that is out with a new report on the impact of bouncing checks in American finance. All told, the CFPB estimates $15 billion was charged by large banks, small ones and credit unions.

Consumer Financial Protection Bureau (CFPB) 40

Consumer Financial Protection Bureau (CFPB) Consumer CFPB Federal Reserve 40

FICO

JUNE 15, 2021

In 2011, the Consumer Financial Protection Bureau (CFPB) created an Office of Financial Protection for Older Americans. Although the laws requiring reporting of financial abuse vary from state to state, the CFPB issued a report in 2016 identifying best practices to assist banks and credit unions with their efforts to prevent abuse.

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Scams Elder Abuse Consumer Financial Protection Bureau (CFPB) CFPB 98