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
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
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
Regulators care “as much about consumer preference in debt collection as creditors,” according to Kelly Knepper-Stephens, Vice President Legal & Compliance at TrueAccord, a Fintech that aims to transform debt collection into “a pathway toward financial health.” Kelly, who’s based in the San Francisco Bay… Read More
Last week, the Senate Banking Committee voted to 14-10 to move forward with Gary Gensler’s nomination as the Chairman of the Securities and Exchange Commission. On the same day, the vote was taken on Rohit Chopra and his nomination as Director of the Consumer Financial… Read More
The Consumer Financial Protection Bureau (CFPB) has issued “compliance assistance sandbox” (CAS) approval for PayActiv regarding its “earned wage access” (EWA) products. EWA products allow employees access to their earned but unpaid wages prior to payday. A Public Benefit Company, Payactiv can help employees access… Read More
The Consumer Financial Protection Bureau (CFPB) has issued an advance notice of proposed rulemaking (ANPR) requesting information related to consumer access to financial records. In brief, the CFPB is asking interested parties as to how it might most efficiently and effectively develop regulations to implement… Read More
The Consumer Financial Protection Bureau (CFPB) has announced its intent to issue an “advance notice of proposed rulemaking” (ANPR) this year on consumer-authorized access to financial records. The rulemaking will impact both traditional financial service firms as well as Fintechs and falls along the lines… Read More
The Consumer Financial Protection Bureau (CFPB) has announced a new initiative, the American Consumer Financial Innovation Network (ACFIN). The network is being created in partnership with state regulators and is designed to “facilitate financial innovation.” The CFPB states that initial members of ACFIN are the… Read More
In 2017, the Consumer Financial Protection Bureau (CFPB) issued its first No-Action Letter (NAL) regarding the “use of unconventional sources of information,” or “alternative data,” to evaluate individual creditworthiness. Earlier in that year, the CFPB had launched a Request for Information pertaining to alternative data…. Read More
Last September, the Consumer Financial Protection Bureau (CFPB) issued a statement on their proposed regulatory sandbox – a concept trailblazed by the UK Financial Conduct Authority (FCA) and since embraced by multiple regulators around the world. At the time of the earlier announcement, the CFPB… Read More
The Consumer Financial Protection Bureau has proposed changes to the 2017 final rule governing “Payday, Vehicle Title, and Certain High-Cost Installment Loans.” In brief, the CFPB is proposing to “rescind the rule’s requirements that lenders make certain underwriting determinations before issuing payday, single-payment vehicle title,… Read More
Kathy Kraninger was sworn in as Director of the Consumer Financial Protection Bureau on December 10, 2018, following another acrimonious round of Senate hearings. Kraninger, an experienced Congressional staffer and longtime DC veteran, has made the Bureau’s name and ongoing confusion surrounding its label as… Read More
The Bureau of Consumer Financial Protection (BCFP – formerly known as the CFPB) has a new full-time director. Today, Kathleen Kraninger, a long time congressional staffer and DC veteran, was approved by the Senate. Kraninger will take over from interim director Mick Mulvaney who was also… Read More
Consumer Financial Protection Bureau (CFPB) Chief, Mick Mulvaney, called for balanced regulation of ‘financial technology’ markets Wednesday at the Future of Fintech conference in New York, Coindesk reports: “We knew at an early point in Bitcoin that as with any developing financial technology we needed… Read More
The passing of the baton from former Consumer Financial Protection Bureau (CFPB) Director Richard Cordray to acting Director Mick Mulvaney was rife with confusion and questions all driven by parochial politics. In a snub to the President’s prerogative of appointing a new Director, Cordray decided to… Read More
The Consumer Financial Protection Bureau (CFPB) has endured a stormy odyssey in its short tenure as the newest federal bureaucracy in Washgton, DC. Yesterday, the storm strengthened as outgoing Director Richard Cordray selected Leandra English to lead the CFPB as Acting Director. In a one-two punch,… Read More
On October 18, the Consumer Financial Protection Bureau (CFPB) issued a set of principles on consumer-authorized data sharing and aggregation intended to safeguard consumer interest as the data sharing market continues to develop in the US. As a financial data company providing account aggregation,… Read More
The Consumer Financial Protection Bureau (CFPB) has filed suit in federal court against Think Finance, a Fintech that leverages its technology to power online lending platforms. Think Finance provides software technology, analytics, loan servicing, and marketing services. The CFPB says the suit was filed for… Read More
Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), announced he would be stepping down from his position by the end of November. Prior to joining the Bureau, Cordray served as Ohio’s Attorney General and is notably the first director of the CFPB. Cordray… Read More
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