PYMNTS

DECEMBER 30, 2020

Payactiv 's Earned Wage Access (EWA) program is exempt from federal lending law under new rules from the Consumer Finance Protection Bureau (CFPB), according to a press release. The CFPB recently clarified its position on EWA programs and said they weren't considered to be extensions of credit.

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CFPB Payroll Correspondent Rules 106

Axway

JANUARY 3, 2025

In October 2024, the Consumer Financial Protection Bureau (CFPB) issued its final ruling on section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The verdict has been a significant catalyst for open banking, requiring financial institutions …

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

Payments Dive

AUGUST 20, 2024

CFPB Director Rohit Chopra said in a blog post that the agency will not fine companies making a good faith effort to follow regulations treating buy now, pay later loans like credit card transactions. His remarks follow significant industry pushback.

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CFPB BNPL Rules Credit Cards 88

PYMNTS

JANUARY 1, 2021

If 2020 was the year of streaming media, of content done a million different ways, of apps and Apple, and Google’s and Amazon’s algorithms … it was also the year of Big Tech regulation, where 2020 set the stage for a 2021 that could be seismic in changing the way companies — from Facebook to Apple to debt collectors — interact with consumers.

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Regulations FTC Federal Trade Commission Treasury 141

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. .

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CFPB Consumer Financial Protection Bureau (CFPB) Regulations Innovation 68

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

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.

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

Bank Automation

SEPTEMBER 11, 2024

TD Bank was ordered to pay $28 million in fines by the Consumer Financial Protection Bureau, which ruled the bank had shared inaccurate information about its customers to consumer reporting companies. By sharing inaccurate information regarding bankruptcies […] The post CFPB fines TD Bank $28M appeared first on Bank Automation News.

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CFPB Rules Automation Consumer 81

Payments Dive

JULY 18, 2023

Buy now, pay later platforms, artificial intelligence and other developments “if left unchecked, could increase consumers’ exposure to fraud and manipulation,” the regulators said Monday.

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Regulations CFPB Rules Consumer 78

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. The rules excluded a provider that does less than 100 transfers.

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

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. The CFPB began studying the Buy Now, Pay Later industry in 2021. Today’s action will help bring consistency to this market. Importantly, these cover dispute and refund rights.

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Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 97

PYMNTS

NOVEMBER 3, 2020

Late last week, the Consumer Financial Protection Bureau (CFPB) said it will look to issue advance notice of proposed rulemaking on “open banking” by the end of this year. In other words, there may be a range of potential new rules coming into play in the U.S. Beyond the Comment Period. That’s a direct nod to the aggregators.

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CFPB Consumer Financial Protection Bureau (CFPB) Rules Authorization 79

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. As such, the CFPB has put out new regulations and is welcoming comments.

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CFPB Consumer Financial Protection Bureau (CFPB) Rules Debit Card 50

PYMNTS

JUNE 7, 2019

The Bureau of Consumer Financial Protection (CFPB) has delayed the Aug. 19, 2019 compliance date for the mandatory underwriting provisions for its short-term, small-dollar (payday) rule, according to various reports. The CFPB is also correcting several errors in the rule. Compliance is being delayed 15 months, to Nov.

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CFPB Underwriting Rules Credit Union 53

Innovative Payments Association

JANUARY 14, 2025

Proposals to repeal existing regulations through the Congressional Review Act (CRA), calls to eliminate the Consumer Financial Protection Bureau (CFPB), and other deregulatory measures suggest significant changes may be on the horizon. However, industry leaders must temper their expectations.

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

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.

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CFPB PayPal Rules Consumer Financial Protection Bureau (CFPB) 55

Payments Source

APRIL 25, 2016

The prepaid card industry is ramping up its advocacy efforts on Capitol Hill as the Consumer Financial Protection Bureau readies a final rule targeting such products.

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Push-to-Card Rules CFPB Product 89

Bank Automation

OCTOBER 23, 2024

Experts are assessing the effects of the Personal Data Right rule on consumers, competition and innovation following the Consumer Financial Protection Bureau’s announcement of the finalized rule.

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CFPB Rules Innovation Assessments 52

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 rule also had another component, focused on how often a lender can try to debit payments from a customer’s bank account.

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Underwriting 51

Payments Source

OCTOBER 5, 2016

The biggest surprise for many who awaited the Consumer Financial Protection Bureau’s final rule for prepaid cards was discovering that its reach extends to some of the payments industry’s highest-profile tech firms, such as PayPal Inc.’s ’s Venmo, Square Inc.’s ’s Square Cash and Dwolla.

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Rules Venmo CFPB PayPal 86

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.

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CFPB Continuity Credit Union Rules 68

PYMNTS

JANUARY 22, 2019

Could it be that the CFPB, under new Executive Director Kathy Kraninger , will be moving directly to eliminate the more controversial provisions of its payday lending rule? Last October, the CFPB announced it would “revisit” the rules. Sources now report that the CFPB has decided to eliminate the provision entirely.

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Rules CFPB Underwriting Research 61

Bank Automation

JUNE 6, 2024

The CFPB on June 5 finalized a rule outlining which entities qualify as acceptable “standard setters” to include nine or fewer financial organizations, consumer advocates, small companies and large […]

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CFPB Rules Consumer Regulations 75

Payments Source

OCTOBER 5, 2016

The Consumer Financial Protection Bureau's final rule on prepaid cards will improve fraud protection and provide greater transparency of costs for such products, but is already drawing fire from both consumer advocates and bankers over how it treats overdraft fees.

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Rules CFPB Consumer Product 82

PYMNTS

OCTOBER 12, 2016

The Consumer Finance Protection Bureau suffered a major blow in Federal Appeals Court yesterday when a three judge panel ruled that parts of its leadership structure are unconstitutional. appeal of the 2014 $109M financial penalty imposed by the CFPB. The ruling “will likely be appealed and overturned,” Warren noted.

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CFPB Rules FRB NCUA 60

PYMNTS

JANUARY 25, 2018

The Consumer Financial Protection Bureau (CFPB) has extended the effective date on its 2016 prepaid card rule, among other modifications announced today (Jan. The rule change has drawn some early praise from industry sources. By 2020, analysts forecast that $116 billion per year will be loaded onto prepaid cards.

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CFPB Consumer Financial Protection Bureau (CFPB) Rules Error Resolution 52

Payments Source

MAY 17, 2016

With the CFPB flexing its regulatory muscles, it's no surprise that collectors are making compliance a priority.

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CFPB Rules Compliance Payments 60

Payments Dive

NOVEMBER 7, 2023

Google, Apple and 15 other big non-bank technology companies that provide digital wallets or payments apps would be subject to increased regulation if a new Consumer Financial Protection Bureau rule is approved.

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CFPB Non-Bank Rules Payments 88

PYMNTS

MARCH 3, 2020

The first number is regulated at the state level, and generally ranges from two to four years, while the second, credit reporting expiration, is at the seven-year mark. It’s a problem widely reported and most recently acknowledged by the Consumer Financial Protection Bureau ( CFPB ), which estimates that millions of U.S.

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Consumer 56

Payments Source

MAY 8, 2019

As the CFPB moves closer to updating its debt collection regulations, revising restrictions on phone calls and other communications with consumers must be a priority.

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CFPB Rules Regulations Consumer 68

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.

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CFPB Consumer Credit Union Issuers 74

PYMNTS

SEPTEMBER 18, 2017

has strongly hinted that the agency she birthed in 2008 and opened for business in 2011 — the Consumer Financial Protection Bureau (CFPB) — should be given the authority to do even more. The CFPB reported that the average number of monthly complaints received about credit reporting issues was 3,523. The Credit Score.

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Regulations CFPB Database Consumer Financial Protection Bureau (CFPB) 81

PYMNTS

FEBRUARY 7, 2019

The next chapter in the ongoing saga that is payday loan regulation officially began yesterday (Feb. 6), with the announcement that the Consumer Financial Protection Bureau (CFPB) will overhaul a series of 2017 payday loan regulations, set to go into effect in August 2019. Some parts of the rules, however, did remain intact.

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Regulations 40

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 new rule, issued in the form of a 594-page document, aims to enhance consumers’ rights, privacy, and security over their own personal financial data.

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Rules Consumer Financial Protection Bureau (CFPB) CFPB GLBA 52

The Fintech Times

JANUARY 11, 2024

The Computer & Communications Industry Association (CCIA) has responded to the Consumer Financial Protection Bureu ‘s request for comments on a proposal to define and regulate larger participants in the general-use digital consumer payment marketplace.

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Regulations CFPB Request for Comment Funds Transfer 64

PYMNTS

JULY 11, 2017

The Consumer Financial Protection Bureau (CFPB) has handed down a controversial ruling stating companies cannot opt to use arbitration clauses in their contracts with consumers in a manner that keeps consumers from joining class action lawsuits. The rule begins applying to agreements and contracts 180 days later. .

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Credit Cards 40

PYMNTS

SEPTEMBER 16, 2016

With ambition aplenty, the CFPB has been setting sights on examining the efficacy of regulations (and proposing new ones) on any number of industries and lending, from autos to payday loans to mortgages. But in Congress, there exists what the newswire has termed a “philosophical debate abut the value and limits of regulation.”

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CFPB Federal Reserve Ubiquitous Regulations 51