Tagged: cfpb

MoneyGram Defends itself Against CFPB, New York AG Attacks

Rohit Chopra CFBP

  Recently, the Consumer Financial Protection Bureau (CFPB), along with the New York Attorney General, filed a lawsuit against MoneyGram (NASDAQ: MGI), claiming the payments and transfers firm was leaving “families high and dry.” CFPB Director Rohit Chopra claimed that MoneyGram “spent years failing its… Read More

House Committee on Financial Services Hearing Brings CFPB Director Rohit Chopra to the Hill

Rayburn House Office Building Washington DC Capitol Hill

Rohit Chopra, the Director of the Consumer Financial Protection Bureau (CFPB) will visit with the House Committee on Financial Services tomorrow (April 27) for the semi-annual report on the CFPB. Included in the Hearing Memo, among other items, is the topic of “Responding to Emerging… Read More

Fintech: CFPB to Investigate “Non Bank Companies” that “Pose Risks to Consumers”

CFPB Coffee Mugs

The Consumer Financial Protection Bureau (CFPB) says it will “examine” nonbank firms that “pose risks to consumers.” The CFPB states that it is “invoking a largely unused legal provision” to pursue these investigations. While the Bureau states that it will examine these firms it has… Read More

Financial Technology Association Comments on CFPB Review of “Junk Fees,” Like Bank Overdraft Charges

Fintech Blooming

The Financial Technology Association (FTA) submitted a comment regarding the Consumer Financial Protection Bureau (CFPB)’s request for feedback on “junk fees” that drive up the cost of goods and services, including financial services. The FTA letter states that many of their members launched to target… Read More

Many Consumers Know “Zilch” About BNPL, Despite 31% Using Service: Survey

Throw Shade Question Huh What Bewildered Irritated

While popular with consumers, buy now, pay later (BNPL) services also confuse them, results of a survey commissioned by BNPL firm Zilch suggest. Zilch plans on launching later this spring. BNPL has been used by 31% of consumers, but many folks do not understand how… Read More

Financial Technology Association Defends BNPL Platforms as CFPB Finishes Consultation

Penny Lee Headshot

The Financial Technology Association (FTA) has submitted a comment letter in response to the Consumer Financial Protection Bureau’s (CFPB) review into Buy Now Pay Later (BNPL) platforms. The FTA represents several BNPL providers including Afterpay, Figure, Klarna, Sezzle, and Zip. Last  December several Democrat Senators… Read More

Financial Technology Association CEO Says BNPL Hampered by Misinformation, Provides Benefits to Consumers

Penny Lee Headshot

Financial Technology Association (FTA) CEO Penny Lee has published an Op-Ed on Buy Now-Pay Later (BNPL) services a Fintech service that has suffered from “misinformation.” BNPL services are frequently at the point of sale when a purchaser is given the option for credit to pay… Read More

Fraudulent Activities are Reportedly being Ignored on Zelle by its Founders

Pick Pocket Theft Steal Crook Criminal Fraud

Banking institutions appear to be ignoring the problem of fraudulent activities allegedly being carried out via Zelle, a new report reveals, with large financial service providers that founded the service not really caring or concerned about issues with the digital payments platform. Zelle has quickly… Read More

CFPB Aims to Make it Easier to Change the Rules with Public Petitions

Talk Proclaim Declare Announce News Speak Information

The Consumer Financial Protection Bureau (CFPB) wants to make it easier for consumers to change the rules when it comes to consumer finance via a public petition service. According to a release, as of today members of the public can submit petitions for rulemaking directly… Read More

Lenders Beware: 2022 Could See Increased Enforcement Activity

danger beware no more than three mortals per doom buggy

2022 could see aggressive movement by some federal agencies, an experienced industry hand suggests. Joseph Lynyak III is a partner at the international law firm Dorsey & Whitney and one of the nation’s foremost experts in the country on the Consumer Financial Protection Bureau (CFPB),… Read More

FTC is Concerned About Big Tech and Payments

Lina Khan

The Federal Trade Commission (FTC) has chimed in on the Consumer Financial Protection Bureau’s (CFPB) inquiry into big tech and payments. In a letter dated December 21, 2021, Lina Khan, Chair of the FTC said that big tech providing financial services “demand close scrutiny.” In… Read More

CFPB Touts Lending Halt at LendUp Loans, a Fintech Backed by Google Ventures, QED Investors and More

stop Halt

The Consumer Financial Protection Bureau (CFPB) has halted the lending at LendUp Loans, according to a statement by the regulator. Currently, its website states that the company has made a business decision to cease lending and is no longer servicing loans. According to the CFPB,… Read More

Senate Democrats Tell CFPB to “Take Action” Regarding BNPL

Find Search Seek Money Magnify Scrutiny Dollar

Buy now, pay later, services may be receiving more scrutiny if several Senate Democrats have their way. Yesterday, Senators Jack Reed, Sherrod Brown, Elizabeth Warren, Chris Van Hollen, Tina Smith, and Jon Ossoff, sent a letter to the Consumer Financial Protection Bureau (CFPB) urging Director… Read More

CFPB on Overdraft Fees: Shift to Open Banking Will Make it Harder for Banks to Trap Customers Plagued by Fee Harvesting

Mr. Potter Banker Banking (1)

As was reported earlier this week, the Consumer Financial Protection Bureau (CFPB) has published a report on overdraft fees. These usurious fees generate billions on revenue for traditional banks. Almost like a drug addict, old banks struggle to eliminate these fees that end up harming… Read More

CFPB Slams Traditional Banks for Reliance on Overdraft Fees

Throw Shade Question Huh What Bewildered Irritated

The Consumer Financial Protection Bureau (CFPB) is out with a note that hammers traditional banks and their reliance on overdraft fees. Frequently the target of neobanks and other Fintechs, the overdraft fee has been criticized as the $30 cup of coffee when someone inadvertently makes… Read More

CFPB Orders Apple, Google, Amazon, Facebook, Square and PayPal to Hand Over Payments Info

CFPB Coffee Mugs

The Consumer Financial Protection Bureau (CFPB) has demanded that big tech, including Fintechs, to hand over information on payments. As everyone knows, payments have gone digital as cash usage declines. While many transactions have migrated to plastic debit and credit cards, today cards are virtual… Read More

Financial Technology Association Issues Statement on Confirmation of CFPB Director Rohit Chopra

US Capitol Washington DC

This week, Rohit Chopra was confirmed as the next Director of the Consumer Financial Protection Bureau (CFPB). The CFPB is a relatively new financial regulator created as part of the Dodd-Frank legislation that emerged following the great recession. The mission of the CFPB is to… Read More

P2P App Complaints Soar During Pandemic

angry mad

Details of an analysis revealed this week by the United States Public Interest Research Group USPIRG) show complaints about peer-to-peer payment apps have grown during the COVID-19 pandemic. Virtual Wallets, Real Complaints analyzed data from the Consumer Financial Protection Bureau’s (CFPB’s) Consumer Complaint Database. In… Read More

US Federal Regulators Add Time to Comment Period on AI and Financial Services

Cyber Dollar AI Artificial Intelligence

As was reported last March, five federal regulatory agencies joined in a consultation pertaining to the usage of artificial intelligence (AI) and machine learning (ML) within financial institutions. The Federal Reserve Board, the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and… Read More

OCC, CFPB, FDIC, NCUA and Federal Reserve Join in Request for Information on Artificial Intelligence and Usage in Financial Services

AI Artificial Intelligence

In a joint statement today, five federal financial regulatory agencies announced a consultation pertaining to the usage of artificial intelligence (AI) as well as machine learning (ML) within financial institutions. The agencies seek information from the public on how financial institutions use AI in their… Read More

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