PYMNTS

MARCH 6, 2020

Consumer Financial Protection Bureau (CFPB), has asked Congress for the ability to pay whistleblowers in an attempt to incentivize them to speak out, according to a report by Reuters. We want to incentivize whistleblowers to contact us if they believe their employer is not complying with the law,” the agency said.

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CFPB Consumer Financial Protection Bureau (CFPB) Laws Authorization 62

PYMNTS

JANUARY 7, 2021

In the current system, “consumers are not the customers of the Big Three credit bureaus,” Chi Chi Wu, staff attorney at the National Consumer Law Center, said of the public agency idea.

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Credit Cards Consumer Financial Protection Bureau (CFPB) Federal Reserve CFPB 94

Fintech Finance

JULY 19, 2024

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.

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CFPB Rules Product Consumer Financial Protection Bureau (CFPB) 105

PYMNTS

NOVEMBER 1, 2017

A small business (SMB) in Massachusetts borrowing funds via marketplace lender Kabbage has sued the platform, igniting new debate in the conversation over the definition of a “true lender,” according to reports in the National Law Review on Tuesday (Oct. Usury laws regulate how much interest can be charged on a loan.

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Small Business Consumer Financial Protection Bureau (CFPB) Laws CFPB 51

PYMNTS

FEBRUARY 11, 2019

In reference to non-bank financial activity amid FinTech firms, the report identified crypto-asset-based lending, “where a non-bank provides loans that are collateralized by crypto assets” and tokenized funds, among other vehicles. As reported, the loan regulations were put into place during the tenure of the CFPB’s Richard Cordray.

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Consumer Financial Protection Bureau (CFPB) FinTech CFPB Non-Bank 78

PYMNTS

MARCH 10, 2020

The Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Cincinnati-based Fifth Third Bancorp alleging that employees opened accounts for customers without their consent in an effort to reach sales targets, according to reports on Tuesday (March 10). The CFPB filed a complaint with the U.S.

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PYMNTS

MAY 2, 2019

The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against a credit repair firm, its subsidiaries and associates for asking customers to pay upfront fees, it announced Thursday (May 2). The CFPB filed a complaint against PGX Holdings Inc. The CFPB filed a complaint against PGX Holdings Inc.

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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.

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

PYMNTS

JANUARY 18, 2019

The Consumer Financial Protection Bureau (CFPB) has asked the United States Congress for the authority to supervise compliance of the Military Lending Act (MLA), the organization announced on Thursday (Jan.

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CFPB Consumer Financial Protection Bureau (CFPB) Authorization Compliance 48

PYMNTS

JANUARY 27, 2020

To say that 2020 has already started off as a busy year for the Consumer Financial Protection Bureau (CFPB) might be an understatement. In the most recent news late last week, the CFPB said it would change the way it defines and addresses “ abusive ” practices within the financial services arena.

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CFPB Consumer Financial Protection Bureau (CFPB) UDAAP Laws 71

PYMNTS

APRIL 24, 2019

The Consumer Financial Protection Bureau (CFPB) has announced changes to policies on Civil Investigative Demands (CIDs), which are investigational subpoenas issued by the CFPB. The Consumer Financial Protection Act of 2010 authorizes the CFPB to issue CIDs when looking into potential violations of the law.

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CFPB Consumer Financial Protection Bureau (CFPB) Laws Request for Information 46

PYMNTS

APRIL 30, 2018

Elizabeth Warren, putting more pressure on acting Consumer Financial Protection Bureau (CFPB) director, sent a letter asking Mick Mulvaney if he is helping the industries that he is supposed to be overseeing.

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Consumer Financial Protection Bureau (CFPB) CFPB Federal Reserve Scams 51

PYMNTS

SEPTEMBER 12, 2016

Tolstedt’s unit opened over 2 million customer accounts, most of which were unauthorized, a practice known as “sandbagging,” and she is walking away from her position with no financial consequences. The CFPB called Tolstedt out on her role in the affair. The CFPB called Tolstedt out on her role in the affair.

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Consumer Financial Protection Bureau (CFPB) CFPB Community Banks Settlement 57

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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BNPL Credit Cards Consumer Financial Protection Bureau (CFPB) CFPB 64

PYMNTS

OCTOBER 7, 2019

Reuters reported that Congress is not likely to pass a federal data protection bill in 2019. This means that tech firms will have to comply with and navigate numerous state laws that are in turn stricter than the federal bill would have put in place. CFPB Unconstitutional?

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Privacy Consumer Financial Protection Bureau (CFPB) CFPB Laws 53

PYMNTS

MARCH 3, 2020

president has the authority to fire the leader of the Consumer Financial Protection Bureau (CFPB), which was formed after the financial crisis, according to the Financial Times. Justice Elena Kagan said the CFPB has a structure that was similar to the Social Security office. “So,

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Consumer Financial Protection Bureau (CFPB) CFPB Federal Trade Commission Federal Reserve 52

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.

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Consumer Financial Protection Bureau (CFPB) Rules CFPB Consumer 52

PYMNTS

SEPTEMBER 15, 2017

Senator Elizabeth Warren also announced that she has begun an investigation into the hack, explaining in a letter to the Consumer Financial Protection Bureau (CFPB), the agency she helped create after the 2007-2009 financial crisis, that it may require additional powers to ensure closer federal oversight of credit reporting agencies.

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Consumer Financial Protection Bureau (CFPB) CFPB Data Breach Breach 54

PYMNTS

JANUARY 13, 2020

It’s a new year, and in Europe, an expansion of scrutiny and laws governing data sharing. And beginning earlier in the month, new laws seek to tackle “rogue traders and online tricksters,” as denounced in a statement by Vera Jourova, the EU’s commissioner for values and transparency. A California CFPB? Penalties in the New Year.

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Bots Consumer Financial Protection Bureau (CFPB) Regulations CFPB 52

The Payments Association

MARCH 18, 2025

In the United States, open banking has developed through private-sector initiatives, with banks, fintechs, and data aggregators forming bilateral agreements to enable financial data-sharing. Mexico has adopted a regulated approach under its Fintech Law, introduced in 2018, laying the groundwork for open banking. reached $1.1

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PYMNTS

MAY 1, 2017

Ever since the Dodd-Frank Act gave the Consumer Financial Protection Bureau (CFPB) jurisdiction over just about every US business that provides some form of consumer credit, Republicans have been complaining that the agency has too much power. Most bankers support moves to rein the CFPB in a bit.

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Consumer Financial Protection Bureau (CFPB) CFPB Federal Trade Commission Law Enforcement 43

PYMNTS

MAY 8, 2017

Things are getting tougher for the Consumer Financial Protection Bureau (CFPB) under the new political administration. More banks are now willing to challenge CFPB enforcement actions, said The Wall Street Journal.

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CFPB Consumer Financial Protection Bureau (CFPB) Authorization Consumer Protection 48

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. .

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

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. Today is a day the U.S.

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Rules Consumer Financial Protection Bureau (CFPB) CFPB GLBA 52

FICO

JUNE 15, 2021

In 2011, the Consumer Financial Protection Bureau (CFPB) created an Office of Financial Protection for Older Americans. Banks play an important role.

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

PYMNTS

MAY 23, 2019

The Consumer Financial Protection Bureau (CFPB) has expanded a financial education tool called Misadventures in Money Management (MiMM), which is aimed at educating service members and helping them manage their money. The CFPB announced the expansion on Thursday (May 23).

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PYMNTS

JUNE 7, 2016

After mounting complaints from both banks and consumers about unauthorized withdrawals and other illicit activities, the accused payment processor is being taken to court. According to a CFPB press release , the lawsuit claims that Intercept ignored signs that its clients were breaking laws and introducing potential fraud. .

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PYMNTS

JUNE 21, 2018

From planning for a worst-case scenario in the line of duty to buying new uniforms, law enforcement officers face financial stresses that aren’t always well-served by the typical civilian-focused bank. Serving a Law Enforcement Membership’s Financial Needs. And with approximately 900,000 sworn officers active in the U.S.

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

PYMNTS

APRIL 11, 2018

There seems to be some debate as to what the final laws might be and what the House may seek to do in terms of adding its own stamp to what the Senate has done. In South Korea , executives at the helm of two crypto exchanges were detained by law enforcement amid allegations they embezzled assets from customers. Internationally.

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Consumer Financial Protection Bureau (CFPB) CFPB Law Enforcement Regulations 43

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

PYMNTS

FEBRUARY 3, 2020

As noted by the news outlet, the government will leverage existing antitrust law, and any fines or regulatory actions tied to the new mandates would be the purview of the Fair Trade Commission (FTC). CFPB Files Suit Against Citizens Bank. Digital Currencies, Too.

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Consumer Financial Protection Bureau (CFPB) CFPB Digital Currency Central Bank 52

PYMNTS

NOVEMBER 27, 2017

The Consumer Financial Protection Bureau (CFPB) is gearing up to sue Spain-based Santander Bank, claiming the bank has overcharged its car loan customers. Citing sources familiar with the CFPB’s plans, Reuters reported that the CFPB suit could happen as soon as Monday (Nov.

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

PYMNTS

FEBRUARY 27, 2019

Credit scores and credit reports are increasingly relied upon by creditors, employers, insurers and even law enforcement. Yet, it has been more than 15 years since Congress enacted comprehensive reform of the consumer reporting system, and there are numerous shortcomings with the current system that need to be addressed.”.

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Consumer Financial Protection Bureau (CFPB) CFPB Breach Law Enforcement 63

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).

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Underwriting 51

PYMNTS

JULY 20, 2018

California lawmakers are considering legislation that would extend disclosure requirements currently required by consumer lenders to lenders of small business loan products, according to Manatt, Phelps & Phillips, LLP. The amendment includes commercial and investment banks in those requirements. ”

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Consumer Financial Protection Bureau (CFPB) Small Business CFPB Rules 40

PYMNTS

APRIL 20, 2018

I am especially pleased that we were able to work closely and effectively with our colleagues at the OCC, and I appreciate the key role they played in the negotiations,” Consumer Financial Protection Bureau Acting Director Mick Mulvaney said in a statement. “As That is what we did here.”.

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

PYMNTS

DECEMBER 3, 2019

In the years ahead, might there be a greater number of smaller financial institutions (FIs) offering remittance services? As Bloomberg Law reported Tuesday (Dec.

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