CFPB outlines public registry proposal for nonbank terms and conditions
Firms would need to submit information on terms and conditions that “waive or limit” consumer rights.
Consumer Financial Protection Bureau
2022: Top five regulations and fines
FinTech Futures takes a look back at some of the year’s top regulatory stories of 2022.
Wells Fargo fined $3.7bn for loan, mortgage and deposit mismanagement
Wells Fargo must pay more than $2bn in redress to 16 million affected consumers and a $1.7bn civil penalty.
FinTech Futures: Top five stories of the week – 23 September 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
US consumer finance regulator to outline credit card-like BNPL protections
The CFPB will set out guidance to hem BNPL firms much closer to credit cards in terms of regulation.
CFPB investigating Goldman Sachs over credit card practices
Goldman Sachs says it is cooperating with the regulatory body.
US Consumer Financial Protection Bureau fines Bank of America $10m for illegal garnishments
The CFPB alleges BofA unlawfully garnished at least 3,700 out-of-state accounts since August 2021.
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 invokes “largely unused” Dodd-Frank law to scrutinise fintechs
“This authority gives us critical agility to move as quickly as the market,” CFPB director Rohit Chopra says.
MoneyGram sued by CFPB and NYAG for allegedly “leaving families high and dry”
MoneyGram responded to the “baseless claims”, adding it is “fully prepared to vigorously defend itself”.
Biden reshuffles US financial regulators to reign in corporates
Consumer protection fines against financial corporates have declined under Trump.
PayPal sues US regulator over its “misleading” digital wallet rules
PayPal wants the Consumer Financial Protection Bureau (CFPB) to change its rules.
CFPB puts Bank of America under fake accounts microscope
The regulator has been investigating BofA since March 2019.
CFPB and state regulators launch US consumer network for fintech
The network will drive competition, consumer access and financial inclusion.
CFPB Snapshot: California Leads Nation in Complaints to Agency
The CFPB receives more than 20,000 complaints every month, according to Director Richard Cordray, and the bureau’s latest installment of its Monthly Complaint Report highlights consumer complaints at the state level. As of June 1, the CFPB has received more than 1.2 million complaints across the country since it began accepting them in 2011. The top three states with the most complaints are California, Florida and Texas with 159,158, 111,559 and 93,472 complaints, respectively.
House Balks at Repealing Interchange Reform amid Dodd-Frank Overhaul
Retailers are claiming victory in the battle, if not the war, regarding proposed legislation that would have repealed interchange reform included in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Full House set to vote on amended Financial CHOICE Act June 9.
Bill Targeting Dodd-Frank, CFPB Passes First Hurdle in the House
Legislation that would overhaul the CFPB and end taxpayer-funded bailouts of large financial institutions, among other mandates, moved one step closer to law May 4.
Credit Card Complaints Increase in CFPB’s Latest Snapshot Report
Billing disputes and fraud, identity theft and embezzlement are among the most common complaints that consumers have about their credit cards, according to the CFPB.
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.
DOJ Weighs in on CFPB Leadership Case, Calls for Changes to Dodd-Frank
The Department of Justice files an amicus brief filed with the D.C. Circuit Court of Appeals arguing that the president should have the authority to fire the head of the CFPB, but stopped short of calling for the bureau’s leadership format to be changed.
CFPB Stares down another D.C. Challenge
House bill 1009 would require the CFPB and other independent federal agencies to submit regulations annually to a White House office for review, in the latest push to reform the CFPB and otherwise reduce regulatory burdens for the financial and payments industry under the Trump administration.
CFPB Issues Guide on Preparing Short-Form Disclosures for Prepaid Accounts
The CFPB, on March 7, released a guide for preparing short-form disclosures for prepaid accounts, which is intended to assist providers with implementing the agency’s final rule on prepaid accounts issued last year and set to go into effect Oct. 1, 2017.
CFPB Seeks Help in Tackling Thin-, No-File Challenge
In a Feb. 16 field hearing, the CFPB said it wants industry input on using alternative data to help thin- or no-file consumers build credit scores. It’s a challenge that many in the prepaid industry have been trying to solve for years to better serve cardholders who often are among the approximately 26 million U.S. consumers who don’t have a credit history and another 19 million consumers whose credit histories are insufficient to produce a credit score, according to CFPB estimates.
Appeals Court Denies Efforts to Defend CFPB in PHH Case
Efforts by three different parties to defend the CFPB were thwarted Feb. 2 when a federal appeals court denied the motions to submit briefs on behalf of the CFPB in PHH Corp., et al.v. Consumer Financial Protection Bureau.
