CFPB finalises rule to supervise big tech firms offering digital payment apps
The development cements proposals first put forward by the regulator in November last year.
CFPB
CFPB fines VyStar Credit Union $1.5m over “botched rollout” of online banking system
The CFPB claims VyStar’s “botched system switch left families in a lurch, unable to manage finances and facing fees”.
CFPB orders Apple and Goldman Sachs to pay combined $89m over “Apple Card failures”
Apple first selected Goldman Sachs in 2018 to develop and power its credit card offering.
July 2024: Top five payments stories of the month
FinTech Futures takes a look back at five of the top payments stories in July.
FinTech Futures: Top five stories of the week – 24 November 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
US lender Enova fined $15m by CFPB for “widespread illegal conduct”
Enova says it has reached an agreement with the CFPB, with the majority of items being self-reported by the firm.
Global enforcement fines rise to $5.65bn in Q3 2023
The first two quarters of this year saw global enforcement fines amount to $1.5bn and $2.27bn, respectively.
CFPB issues guidance to stop big banks from charging “illegal junk fees”
The CFPB has made it clear to banks that people are entitled to get basic information without having to pay junk fees.
Bank of America fined by US regulators over fake accounts and junk fees
The CFPB has ordered Bank of America to pay $150m in penalties and more than $100m to affected consumers.
CFPB proposes new rule to curb excessive credit card late fees
According to CFPB estimates, excessive fees cost American families about $12 billion each year.
CFPB orders Servicio UniTeller to refund fees and pay penalty
The CFPB says between 2013 and 2021, the firm “failed to comply” with many electronic money transfer requirements.
CFPB sues digital lender MoneyLion for allegedly overcharging customers
CFPB alleges MoneyLion has imposed “illegal and excessive” charges on service members and their dependents.
US regulators fine Bank of America $225m for “botched disbursement” of unemployment benefits
The CFPB has fined the bank $100 million, while the OCC has separately issued a $125 million fine.
FinTech Futures: Top five stories of the week – 29 April 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
CFPB files account fraud lawsuit against Fifth Third Bank
US regulator claims bank opened credit accounts without customers’ permission.
USAA customers to get $12m back for payment errors
Consumer Financial Protection Bureau also fines bank $3.5 million.
Playing nice: why credit scoring and blockchain could be keys to a working US sandbox
The key is to find areas of common ground and construct the sandbox – and its mission – around those topics.
CFPB launches fintech sandbox in US
Consumer Financial Protection Bureau wants to remove red tape.
CFPB unveils five-year strategic plan
Consumer Financial Protection Bureau vows to operate “more efficiently, effectively and transparently”.
CFPB finalises small-dollar lending rule
After five years and more than a million comments on its proposed rulemaking, the CFPB has finalised its payday lending rules with the ability-to-repay test intact for many loan types.
CFPB Financial Well-Being Report Underscores Industry Opportunity
More than 40 percent of U.S. adults struggle to make ends meet, according to new data from the CFPB. While not great news on its own, the findings could help financial services providers design products directed at improving financial well-being.
Equifax breach fallout far-reaching
The fallout from Equifax’s data breach, which compromised personal data of 143 million US consumers, continues with an investigation by the US Federal Trade Commission (FTC) and Mastercard and Visa warning issuers that more than 200 million cards are at risk.
US Consumers Union calls for more prepaid regs; NAFCU wants them rescinded
Plagued by delays, threatened by US Congressional repeal and finally opened to further comment and changes, the Consumer Financial Protection Bureau’s (CFPB) final rule on prepaid accounts now has some consumer groups calling for the bureau to “strengthen” consumer protections with additional changes, while one credit union association wants the rule rescinded. To refresh your […]
US Senator questions big banks on CFPB arbitration
As expected, US Senator Elizabeth Warren (D-Massachusetts) is not going to let the Consumer Financial Protection Bureau’s (CFPB) final rule on arbitration agreements go down without a fight. The ranking member of the Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protections wants big banks – not just their lobbyists – to address the […]
NBPCA requests more changes and time to comply with CFPB’s prepaid accounts rule
US-based Network Branded Prepaid Card Association (NBPCA) submitted its comment letter to the Consumer Financial Protection Bureau’s (CFPB) on the bureau’s proposed changes to the final prepaid accounts rule. The trade group is calling for additional revisions to the rule as well as an extended implementation period.
Industry views: Trump’s first 100 days
What President Trump’s record on regulatory reform means for payments and financial services so far, and what comes next.
Time running out for CRA rollback of US final prepaid rule
The clock is winding down for US Congressional lawmakers to repeal the Consumer Financial Protection Bureau’s (CFPB) final prepaid accounts rule under the Congressional Review Act (CRA), reports Paybefore (Banking Technology‘s sister publication). Under that law, Congress has until 9 May – 60 legislative days after the law was published in the Federal Register – to repeal […]
US bill targets Consumer Financial Protection Bureau revamp
The US Consumer Financial Protection Bureau (CFPB) is the target of a bill that includes myriad changes to its responsibilities and structure, reports Paybefore (Banking Technology‘s sister publication). US representative Jeb Hensarling (Republican, Texas) has pulled the trigger, reintroducing legislation that has the Dodd-Frank Act squarely in its crosshairs. The act comprises major changes to […]
CFPB to delay final prepaid rule by six months, “revisit” aspects with new proposal
It’s official. The US Consumer Financial Protection Bureau (CFPB) is pushing back the effective date of its final rule on prepaid accounts until 1 April 2018 – six months after the originally scheduled implementation date of 1 October 2017.
Unauthorised transactions vex US prepaid consumers – CFPB’s latest report
Prepaid complaints to the Consumer Financial Protection Bureau (CFPB) in the US hit 2,500 in 2016, accounting for about 0.9% of the 291,400 complaints in agency’s latest Consumer Response Annual Report.
US fintech regulation: a divided picture at the federal level
Addressing the views of the Department of Treasury, the CFPB, and the SEC on the regulation of the fintech industry in the US.
States Square off in Fight over CFPB Leadership Structure
The states weigh in on the CFPB leadership structure with two amicus briefs. A group of 17 states, plus the District of Columbia, has sided with the agency as it fights a court ruling that says the president should have the authority to fire the head of the CFPB. Meanwhile, 15 other states have taken an opposing stance.
Fintech in the US: the state of the union is questionable
An overview of the current fintech regulation in the US by the prudential regulators: the OCC, the FDIC, and the Federal Reserve.
CFPB fines Experian $3m for credit score marketing
CFPB has taken action against Experian over allegations that the company made false claims about the uses of credit scores it sold to consumers.
Will the CFPB’s Proposed Six-Month Effective Date Extension Be Enough?
In a Notice of Proposed Rulemaking, the CFPB proposed pushing back the effective date of the final prepaid accounts rule to April 1, 2018. The six-month delay provides industry participants more time to handle the difficulties of complying with certain provisions of the rule and for the CFPB to assess whether any additional adjustments to the rule are appropriate. Comments are due by April 5, 2017.
Trend Watch 2017: Payments Year in Review
Paybefore’s first-ever payments year-in-review report, sponsored by The Bancorp, is available now. Offering an in-depth look at key trends and the Top 10 payments stories from 2016 that will continue to shape the industry in 2017 and beyond, this must-have resource examines everything influencing the industry from the CFPB and Uber to Brexit and Trump and much more.
