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Walmart forced delivery workers to pay ‘junk fees,’ CFPB alleges

Payments Dive

A Consumer Financial Protection Bureau lawsuit alleges the retailer and fintech Branch Messenger illegally opened accounts for drivers, and deposited their pay into accounts without their consent.

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CFPB charges Navy Federal Credit Union $95 million for overdraft and junk fees

Finextra

The Consumer Financial Protection Bureau (CFPB) has charged the US’s largest credit union for illegally charging users overdraft fees.

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CFPB seeks to thwart cross-border junk fees. Now what?

Payments Dive

“Putting these regulations into practice is challenging, and the success of such regulatory measures largely hinges on enforcement,” writes a Wise executive.

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CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products

Fintech Finance

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. The CFPB also published a report examining employer-sponsored paycheck advance loans.

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CFPB strikes at debt collector fees

Payments Dive

In the federal agency's crusade against “junk fees," debt collectors’ fees for certain payments are now in its sights.

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Thoughts on 1033 and Open Banking

Innovative Payments Association

But the CFPB sees it differently. The press release goes on to say that the proposed rule will protect consumers from “junk fees” by making” personal financial data available, at no charge to consumers or their agents, through dedicated digital interfaces that are safe, secure, and reliable.”

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The shifting EWA regulatory framework and its impact on bank partnerships and instant payment adoption

Tearsheet

While the Consumer Financial Protection Bureau [CFPB] plans to issue further guidance to provide greater clarity concerning the application of federal law to income-based advance products, several states have taken individual legislative actions targeting EWA in recent months.