Tagged: cfpb

July 25, 2024 @ 12:24 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) is now targeting transaction fees on school lunches.  The CFPB pointed to the approximately 20 companies offering services to school districts nationwide. According to their data, transaction fees average 4.4% of the purchase or around $2.37. While this may… Read More

July 22, 2024 @ 9:19 am By Omar Faridi  |  

The Consumer Financial Protection Bureau (CFPB) recently took action to make sure that consumers can dispute charges and obtain refunds on BNPL products and services, making BNPL lenders follow similar rules as credit card companies. So, what does this mean for banks and Fintechs? As… Read More

July 19, 2024 @ 2:02 pm By Omar Faridi  |  

The Consumer Financial Protection Bureau (CFPB) proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. The guidance will ensure that lenders “understand their legal obligations to disclose the… Read More

July 19, 2024 @ 12:22 pm By Omar Faridi  |  

Jared DeMatteis, Chief Legal & Strategy Officer, DailyPay has issued a statemenet regarding the CFPB Proposed Interpretive Rule. Jared DeMatteis, Chief Legal & Strategy Officer, DailyPay said: “We strongly disagree with the CFPB’s proposed interpretive rule. Characterizing employer-integrated Earned Wage Access products as loans or… Read More

July 19, 2024 @ 7:06 am By Omar Faridi  |  

Dave Inc. (Nasdaq: DAVE), one of the nation’s neobanks, has recently issued a statement regarding a proposal from the Consumer Financial Protection Bureau (CFPB). Dave’s management has stated: “We are closely monitoring the recently proposed interpretive ruling from the CFPB around paycheck advance and earned… Read More

June 10, 2024 @ 4:02 pm By Omar Faridi  |  

The Consumer Financial Protection Bureau (CFPB) finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use “to help them comply with the CFPB’s upcoming Personal Financial Data Rights Rule.” The rule identifies the… Read More

June 3, 2024 @ 4:16 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) is launching a new public directory to detect repeat offenders. The agency notes that while many financial services firms are widely known, and thus any alleged transgressions are reported, there are many firms that do not hit the public… Read More

May 26, 2024 @ 5:27 pm By Tony Zerucha  |  

This week, Marqeta welcomed the recent Consumer Financial Protection Bureau (CFPB) rule on BNPL providers. In a statement, Marqeta said it appreciates the agency’s efforts to promote consistent consumer protection standards, including for BNPL. “As BNPL providers reach greater levels of mainstream adoption, industry standardization… Read More

May 23, 2024 @ 10:44 am By JD Alois  |  

Yesterday, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule impacting buy now pay later (BNPL) providers. BNPL providers have emerged as a popular alternative to credit cards, as their interest rates are typically lower than credit cards. At the same time, many platforms… Read More

May 20, 2024 @ 3:54 pm By Omar Faridi  |  

The Consumer Financial Protection Bureau (CFPB) has sued the online lending platform SoLo Funds for claims the Fintech deceived borrowers about the total cost of loans. The CFPB notes that SoLo markets itself “as a consumer-friendly alternative to high-cost, short-term loans.” Solo is a Fintech… Read More

May 16, 2024 @ 11:15 am By JD Alois  |  

The US Supreme Court has published its opinion on Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America (CFSA), affirming the constitutionality of the agency’s funding mechanism. The decision was 7-2. Justice Alito wrote the dissenting opinion. Justice Gorsuch joined in dissenting…. Read More

May 8, 2024 @ 9:16 am By Omar Faridi  |  

The Consumer Financial Protection Bureau (CFPB) took action against Chime Financial for allegedly “failing to give consumers timely refunds when their accounts were closed.” Thousands of consumers waited for weeks or even months “for balance refunds after closing their accounts – a failure that inflicted… Read More

April 4, 2024 @ 11:17 am By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) says the increase in financial transactions in the gaming world is putting users’ information at risk. The agency claims that gaming platforms are not benefitting from the protections of federal law. The CFPB states that it has received consumer… Read More

March 28, 2024 @ 11:08 am By JD Alois  |  

Yesterday, CI reported on a new circular issued by the US Consumer Financial Protection Bureau (CFPB) warning international transfer firms to stop adding “junk fees” to the transfers and demanding greater transparency in the process. Misinformation in the industry is frequent, and some providers abuse… Read More

March 27, 2024 @ 5:09 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) is now targeting international money transfers and “junk fees” that may be saddled upon users. The CFPB issued a warning to firms that provide these services regarding allegations of false claims and misinformation about the cost of transfers and… Read More

February 9, 2024 @ 4:23 pm By Tony Zerucha  |  

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

January 24, 2024 @ 3:28 pm By JD Alois  |  

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

January 15, 2024 @ 11:50 am By Omar Faridi  |  

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

January 8, 2024 @ 11:22 pm By JD Alois  |  

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

January 6, 2024 @ 10:22 am By Tony Zerucha  |  

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