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.
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.
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.
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.
