Tagged: cfpb

September 16, 2022 @ 4:15 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has published a report on the buy now – pay later (BNPL) industry, criticizing the sector of Fintech as having “uneven disclosure and protections” for borrowers. The CFPB noted that BNPL rocketed higher by almost 10X the amount in… Read More

August 10, 2022 @ 11:23 am By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has announced an enforcement action against Hello Digit (or just Digit), a neobank that claims to be the “first truly personalized and automated savings tool.” At the end of 2021, Hello Digit was acquired by Opportun. According to the… Read More

June 22, 2022 @ 10:38 am By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) will review credit card companies and their penalty policies like fees assessed for late payments. The CFPB reports that credit card companies generate $12 billion in revenue each year from these fees. More than 175 million citizens hold credit… Read More

June 8, 2022 @ 2:22 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has “terminated” Upstart’s (NASDAQ:UPST) no-action letter. Upstart is a publicly-traded firm that provides online lending for consumers as well as partnering with banks on offering could based credit services. The CFPB reports that Upstart’s bank partners have originated 1.3… Read More

May 25, 2022 @ 6:17 am By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has revealed the creation of a new office designed to promote competition in financial services. The Office of Competition and Innovation is on a mission to identify stumbling blocks for new market entrants. The office will replace the prior… Read More

April 27, 2022 @ 12:21 pm By JD Alois  |  

  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

April 26, 2022 @ 8:24 pm By JD Alois  |  

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

April 25, 2022 @ 11:54 am By JD Alois  |  

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

April 11, 2022 @ 10:33 am By JD Alois  |  

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

March 30, 2022 @ 8:05 am By Tony Zerucha  |  

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

March 26, 2022 @ 3:48 pm By JD Alois  |  

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

March 16, 2022 @ 2:51 pm By JD Alois  |  

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

March 8, 2022 @ 3:13 pm By Omar Faridi  |  

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

February 16, 2022 @ 11:53 am By JD Alois  |  

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

December 22, 2021 @ 10:20 pm By Tony Zerucha  |  

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

December 22, 2021 @ 4:46 pm By JD Alois  |  

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

December 21, 2021 @ 3:43 pm By JD Alois  |  

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

December 16, 2021 @ 3:48 pm By JD Alois  |  

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

December 3, 2021 @ 3:45 pm By JD Alois  |  

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

December 1, 2021 @ 11:16 am By JD Alois  |  

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