PYMNTS

SEPTEMBER 13, 2017

In a press release detailing the CFPB’s Supervisory Highlights report , the government watchdog said that supervisory actions included banks that misled consumers about the fees associated with checking accounts and overdraft coverage, as well as credit card companies that deceived consumers about pay-by-phone charges.

CFPB

PYMNTS

AUGUST 20, 2020

The Consumer Finance Protection Bureau (CFPB) has settled with TD Bank in a case involving illegal overdraft practices, according to a court document. The bank will have to pay $122 million total to settle the case, including $97 million to customers affected and $25 million to the CFPB.

CFPB

PYMNTS

DECEMBER 12, 2019

In the lawsuit, filed in in the United States District Court for the District of Columbia, PayPal said the CFPB rule that requires disclosure for digital wallets and prepaid debit cards places “unreasonable restrictions” on consumers’ abilities to link certain credit products to PayPal accounts.

CFPB

PYMNTS

JUNE 20, 2017

Prepaid card rules have been under fire ever since the Consumer Financial Protection Bureau (CFPB) put out its new regulations back in October 2016. As such, the CFPB has put out new regulations and is welcoming comments.

CFPB

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announced that is reviewing the Federal Reserve ‘s overdraft protection rule to find out if it “should be amended or rescinded” to minimize “any significant economic impact” to small businesses (SMBs) and credit unions.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

Innovative Payments Association

JULY 8, 2024

Regulation E, also known as the Electronic Fund Transfer Act, is a federal regulation that governs electronic transfers of funds, such as ATM transactions, debit card transactions, and direct deposits. In some cases, companies have been ordered to pay restitution to affected consumers and civil penalties to the CFPB.

Reg E

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

Payments Source

FEBRUARY 1, 2017

The Consumer Financial Protection Bureau on Wednesday ordered Mastercard and the prepaid debit card company UniRush to pay $13 million in restitution and fines for a service breakdown in October 2015 that left thousands of customers without access to their accounts.

Visa

PYMNTS

FEBRUARY 2, 2017

The Consumer Financial Protection Bureau (CFPB) announced Wednesday (Feb. The CFPB went on to contend that UniRush then failed to provide customer service to many consumers who reached out for help during the service breakdown. The CFPB also fined Mastercard and UniRush $3 million.

CFPB

PYMNTS

AUGUST 1, 2017

“The Bureau is warning companies about tricking consumers into more expensive fees when they pay bills by phone,” said CFPB Director Richard Cordray in a press release. “We Companies may charge different pay-by-phone fees depending on what method of payment the consumer uses, such as payment by electronic check, debit card or credit card.

CFPB

PYMNTS

SEPTEMBER 13, 2016

This, according to the CFPB, is not necessarily sufficient to guarantee that said banks are doing everything right — but it does highlight a kind of bright line for the fraud Well Fargo clearly got caught up in. . The actions at Wells spurred five lawmakers to write the U.S.

Consumer Financial Protection Bureau (CFPB)

PYMNTS

OCTOBER 6, 2016

As the specifics of the CFPB’s pre-paid card rule are making their way through the ecosystem, the players are starting to come out with their takes on the newest set of financial regulations. ” It is also the largest provider of reloadable prepaid debit cards and cash reloading processing services in the United States.

Rules

Payments Source

OCTOBER 29, 2019

The restriction on how often a borrower’s account is debited was supposed to be relatively straightforward, but one lender is trying to fight that provision.

CFPB

PYMNTS

JULY 15, 2016

“Santander tricked consumers into signing up for an overdraft service they didn’t want and charged them fees,” said CFPB Director Richard Cordray in announcing the fine. That’s in addition to the $10 million penalty imposed by the CFPB. We will put a stop to any such unlawful practices that harm consumers.”.

CFPB

PYMNTS

APRIL 26, 2018

Earlier this year, the Consumer Financial Protection Bureau (CFPB) announced that it was reconsidering a payday loan rule introduced by the agency’s former head, which would require lenders to conduct background checks showing that borrowers can afford the loans and to limit the number of loans made to a single borrower.

Consumer Financial Protection Bureau (CFPB)

PYMNTS

MAY 25, 2018

At the heart of retailers’ concern is that the move could prohibit them from routing their debit card transactions to lower-cost networks. In addition, the National Retail Federation (NRF) is planning to meet soon with federal regulators, including the Fed, the FTC and the Consumer Financial Protection Bureau (CFPB).

Consumer Financial Protection Bureau (CFPB)

PYMNTS

JUNE 19, 2017

Amazon, among many other things, decided to pump up Prime some more, the long-suffering Monitise finally found a buyer, and the CFPB had the rare change of heart on something. Through a newly launched program called Prime Reload – customers can load funds to an Amazon debit card linked directly to their checking account.

Consumer Financial Protection Bureau (CFPB)

PYMNTS

APRIL 21, 2016

These heavy overdrafters were mostly millennials and Gen Xers — two-thirds of whom paid the fee for an overdrawn debit card transaction. On average, users paid around $24 in overdraft fees for debit withdrawals averaging $50, which is $11 less than the $35 median fee charged by the largest banks.

CFPB

FICO

SEPTEMBER 9, 2021

Courtesy overdraft is a service offered with a deposit account to provide liquidity to a bank customer when their balance has insufficient funds to cover incoming payments from a debit card, ATM, check or an ACH (Automated Clearing House) payment. Pommerehn: It’s hard to say.

Consumer Financial Protection Bureau (CFPB)

Payments Source

APRIL 19, 2017

Prepaid card users have waited a long time for the basic protections that debit card customers take for granted. Congress should not throw them under the bus.

Debit Card

PYMNTS

SEPTEMBER 9, 2016

The Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency have levied the highest penalties ever on the leading U.S. Here are the numbers: $100 million | The amount that Wells Fargo has been fined by the CFPB. $85 bank, but this is not the first time that Wells Fargo has been taken to task.

Consumer Financial Protection Bureau (CFPB)

PYMNTS

DECEMBER 16, 2019

Visa, and more specifically Visa Direct, made two great pushes for outward expansion, while Apple is working to push both its new card and its new line of phones, possibly in reaction to its China slowdown. Then there was the pushback of the week, care of PayPal, which is looking for better defined mobile wallet rules from the CFPB.

PayPal

PYMNTS

NOVEMBER 22, 2017

According to American Banker , Cordray sent a letter to 29 chief executives at banks, credit unions and other financial companies, urging them to help consumers have more control over credit cards, debit cards and other payment methods. He also noted that digital servicing platforms help to discourage fraud. ”

Consumer

PYMNTS

JULY 15, 2016

It’s as quiet as a hot summer night, as the prepaid industry awaits the final ruling from the CFPB. And when it comes to the new rules, the CFPB mostly acknowledges that “blurriness” by treating the modern prepaid product and standard DDA account as essentially similar products. Who Uses Prepaid Anyway? So far, so good.

CFPB

PYMNTS

DECEMBER 13, 2019

PayPal Sues CFPB Over ‘Misleading’ Digital Wallet Disclosure Rules. The jury is still out as to whether Apple is indeed a monopoly, and/or whether it has a detrimental effect on its competitors across a slew of verticals at all.

P2P

PYMNTS

JUNE 29, 2016

This is a result of the prepaid debit card glitch that occurred last month when Walmart shoppers tried to access their Green Dot card accounts. Reportedly the glitch lasted for several days and left users unable to view their account balances or activate new cards. ”

Accounts

PYMNTS

JANUARY 26, 2017

Mercator identified prepaid and debit cards as two areas particularly vulnerable to shifting regulation at the CFPB and with regards to the Durbin Amendment. A new presidential administration in the U.S. means change is coming, but it’s difficult to predict exactly what that change will be.

B2B

PYMNTS

APRIL 25, 2016

Visa is determined to make EMV faster, Starbucks wants to make getting that cuppa joe faster, too, and is crushing it with mobile order ahead and the CFPB might be moving closer to having a fast exodus of the payday lending business once its rules drop. But between the flashier bookends of the week, there was data up for grabs.

EMV

PYMNTS

AUGUST 22, 2016

It’s hard to find POS terminals that will take a government-subsidized debit card in local villages in India, where more than 60 percent of the country’s citizens live. Reality Check: The “P” In CFPB May Not Always Stand For Protect. But that 16 percent shows that you can still fool some of the people all of the time.

Checks

Tearsheet

MARCH 27, 2024

Workers have the option to receive EWA funds at no cost within 1-3 days via ACH, or they can opt to have their direct deposit sent to a reloadable Visa debit card, named Friday by DailyPay. Alternatively, DailyPay charges a fee if employees choose to instantly send EWA wages to a card or account.

Instant Payments

PYMNTS

MAY 2, 2016

The CFPB announced that it was officially investigating the possibility of placing the biggest marketplace lenders in the U.S. Though marketplace lenders are bound by CFPB (and FTC and SEC) rules, they do not have a dedicated federal regulator. Walmart gift cards also work in-app.

Legal

Fintech Labs Insights

SEPTEMBER 8, 2015

It doesn’t have to be a large amount, or free of fees, or at an APR that would make the CFPB happy (it’s commercial credit we are talking about). Here’s a more normal example, a fictional starter business bank account priced at $50 to $60/month ($10/mo less if paperless): Checking account/debit card.

Small Business

FICO

NOVEMBER 7, 2022

It was even more surprising to me that the CEOs didn’t have the data right in front of them, given the signals coming from regulatory bodies like the Consumer Financial Protection Bureau (CFPB) about the need for more oversight for real-time P2P payments networks. million from debit card payments, and $82.2

Scams

Fintech Labs Insights

AUGUST 19, 2015

interchange on debit cards. And even if you don’t buy that, the CFPB will make you a believer sooner or later, especially if the issue rears its head in the 2016 election cycle. But we all know that’s not sustainable. The $35 dollar overdraft will soon go the way of 1.5%

Consumer

PYMNTS

MARCH 31, 2017

FICO estimates that that type of malfeasance has helped compromised debit cards rise 70 percent in 2016. Learning experiences have included $185 million in fines and penalties from regulators (including the CFPB) and a few rounds of public excoriation for its executives on Capitol Hill.

Settlement

Fintech Labs Insights

OCTOBER 4, 2016

They are relatively rare in financial services these days because banks and card issuers are wary of being tarred and feathered in social media (or the CFPB) if something goes wrong or the particular marketing permissions were later shown to be lacking. Uber offer from Capital One via email 3 Oct 2016.

Card Issuer

Fintech Labs Insights

MARCH 4, 2019

youth to obtain a credit card. So most rely on debit cards for spending. However, debit cards don’t help in establishing credit for the estimated 45 million American adults without a credit score ( see note 1 ). Since the financial crisis in 2008, it’s been much harder for U.S.

Origination