Tagged: cfpb

American Fintech Council (AFC) urges quick CFPB action on earned wage access

The American Fintech Council (AFC), an association representing Fintech companies, has requested that the Consumer Protection Financial Bureau (CFPB) immediately convene relevant stakeholders for a comprehensive conversation on EWA products and consideration of formal rulemaking. “Director Chopra and the CFPB have been thoughtful partners and… Read More

House Financial Services Committee to Hold Hearing on Federal Banking Proposals

The Financial Institutions & Monetary Policy Subcommittee, part of the House Financial Services Committee, has scheduled a hearing on banking regulation. The hearing is entitled Rules Without Analysis: Federal Banking Proposals Under the Biden Administration. While there is no information regarding the specifics of the… Read More

Coinbase Shares Concerns About CFPB’s Proposal to Regulate Payment Apps, which Lumps Crypto into Purview without “Sufficient” Research

Paul Grewal, the Chief Legal Officer at Coinbase (NASDAQ:COIN), says that it’s the US Congress’ job to make the laws and set the regulatory boundaries “for each of our federal agencies.” Paul Grewal from Coinbase points out that the CFPB is no exception, and recently the… Read More

Financial Technology Association Tells CFPB to Slow Down on Payments Rule Proposal

The Financial Technology Association (FTA) has posted a comment letter criticizing the Consumer Financial Protection Bureau (CFPB) and a proposed rule on digital payments. The FTA represents the interests of big Fintech firms like Stripe, Wise, Block, and others. The CFPB announced the proposed rule… Read More

American Fintech Council weighs in on CFPB open data proposal

The American Fintech Council (AFC) has responded to the Consumer Financial Protection Bureau’s (CFPB) notice on the proposed rulemaking on personal financial data rights related to Section 1033 of the Dodd-Frank Act. Their letter was posted on Jan. 2. The AFC said the CFPB’s implementation… Read More

CFPB and Justice Department Sue Lender Colony Ridge for Bait-and-Switch Tactics and “Predatory” Financing

The Consumer Financial Protection Bureau (CFPB) and the Justice Department sued Colony Ridge, a Texas-based developer and lender, for allegedly “operating an illegal land sales scheme and targeting tens of thousands of Hispanic borrowers with false statements and predatory loans.” The lawsuit filed in federal… Read More

Fintech Legal Expert Comments on CFPB’s Push to Regulate Big Tech and Fintech

Last week, the Consumer Financial Protection Bureau (CFPB) proposed rules to regulate Big Tech and their Fintech services. The CFPB is targeting firms like Facebook, Google, Amazon, Apple, and others. According to the statement issued by the CFPB, the agency seeks to regulated digital wallets… Read More

CFPB Targets Big Tech and Fintech with New Oversight Rules, Representative McHenry Slams Proposal

The Consumer Financial Protection Bureau (CFPB) wants to expand its portfolio of compliance by targeting big tech and the Fintech services they provide. According to a statement issued by the CFPB today, the agency is targeting digital wallets and payment apps, claiming they must comply… Read More

Open Banking: Sensedia Welcomes CFPBs Push for Rules

Earlier this month, the Consumer Financial Protection Bureau (CFPB) proposed new rules seeking to boost Open Banking (Open Finance) in the United States. Open Banking, sometimes called Open Finance, is a concept where data can be seamlessly transferred from one financial service provider to another… Read More

CFPB Reports Record High Fees and Interest Charged by Credit Card Companies in 2022

The Consumer Financial Protection Bureau (CFPB) has published its 6th report on the consumer credit card market, stating that consumers paid record-high fees and interest in 2022. Interest rates have been marching higher in the past months as the US Federal Reserve attempts to crush… Read More

CFPB Publishes Open Banking Proposal

The Consumer Financial Protection Bureau (CFPB) has proposed new rules that aim to boost Open Banking (Open Finance) in the United States, according to a statement by the agency. Open Banking is a concept where financial data and access to this data is easily shareable… Read More

CFPB Issues Guidance to Prevent Large Banks from Charging “Illegal” Junk Fees for Basic Services

The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion regarding a provision enacted by Congress that generally prohibits large banks and credit unions from imposing unreasonable obstacles on customers, “such as charging excessive fees, for basic information about their own accounts.” Under a 2010… Read More

TransUnion Target of Regulatory Action by CFPB, FTC, Must Pay $23 Million Penalty

The Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) have taken regulatory action against global credit profiling firm TransUnion (NYSE: TRU), claiming the company failed in regard to rental background checks. Additionally, the two agencies claimed TransUnion withheld the names of third parties… Read More

CFPB Claims Billions of Dollars Not Protected in Some Payment Apps, Names PayPal, Venmo and Cash App

The Consumer Financial Protection Bureau (CFPB) has issued a statement that “billions” of dollars held on payment Apps may not possess federal insurance. The CFPB said these funds may not be safe during times of “financial stress,” alluding to the recent banking crisis. Rohit Chopra,… Read More

Former CFPB Employee Steals Data on 256,000 Customers

A former Consumer Financial Protection Bureau (CFPB) employee has stolen information from around 256,000 individuals, according to multiple reports. WSJ.com states that the information included “confidential supervisory” data from 45 different institutions. Most of the information was said to be from a single unnamed institution…. Read More

McHenry Criticizes Overly Burdensome Requirements on Lenders by the CFPB

Congressman Patrick McHenry has commented on the Consumer Financial Protection Bureau’s (CFPB) release of its final rule for small business lending data collection as directed by the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 1071. McHenry is the Chairman of the House Financial… Read More

Opportun Says CFPB Has Decided Not to Pursue Enforcement Action

Opportun (Nasdaq: OPRT), an online lender and neobank, says the Consumer Financial Protection Bureau (CFPB) has decided not to pursue an enforcement action against the Fintech. In a corporate statement, Opportun said that it had received a letter from Enforcement staff at the CFPB indicating… Read More

CFPB Proposes Registry for Non Bank Financial Firms and their User Terms, McHenry Slams Move as Beyond Agencies Mandate

The Consumer Financial Protection Bureau (CFPB) has proposed a rule to establish a public registry of nonbank financial firms’ terms and conditions. The CFPB states that, in some cases, consumer rights are limited or waived, or terms are misleading. The CFPB states that non-banks would… Read More

TransUnion, Equifax, and Experian: CFPB Slams Credit Reporting Firms as Topping the List of Complaints

The Consumer Financial Protection Bureau (CFPB) has published its annual report of consumer and credit reporting complaints which is critical of the top firms in the sector, TransUnion, Equifax, and Experian. The CFPB states that the three largest nationwide consumer reporting agencies (NCRAs) top the… Read More

Consumer Financial Protection Bureau (CFPB) Takes Action Against Loan Doctor Who Placed Some Funds into Now Bankrupt Celsius [u]

The Consumer Financial Protection Bureau (CFPB) has taken action against Edgar Radjabli, operator of Loan Doctor, who allegedly took customer funds and placed them in risky ventures like Celsius Network – a crypto yield platform that is now bankrupt. The complaint filed by the CFPB… Read More

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