Tagged: cfpb

October 30, 2023 @ 9:25 pm By JD Alois  |  

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

October 25, 2023 @ 11:37 am By JD Alois  |  

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

October 20, 2023 @ 10:07 am By JD Alois  |  

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

October 14, 2023 @ 6:03 pm By Omar Faridi  |  

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

October 12, 2023 @ 10:39 am By JD Alois  |  

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

June 1, 2023 @ 1:07 pm By JD Alois  |  

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

April 20, 2023 @ 3:57 pm By JD Alois  |  

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

April 7, 2023 @ 12:40 pm By JD Alois  |  

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

March 28, 2023 @ 6:09 pm By JD Alois  |  

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

January 11, 2023 @ 9:30 pm By JD Alois  |  

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

January 3, 2023 @ 4:44 pm By JD Alois  |  

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

December 1, 2022 @ 5:59 pm By JD Alois  |  

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

October 25, 2022 @ 10:28 pm By JD Alois  |  

Earlier today, during Money20/20, CFPB Director Rohit Chopra commented on the concept of Open Banking (or Open Finance) alongside his perspective on the CFPBs “new approach to regulation.” Chopra stated: “This week, the CFPB will launch the process to activate a dormant authority under Section… Read More

October 4, 2022 @ 3:29 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has penalized Choice Money Transfer, dba Small World Money Transfer, for multiple violations of the Remittance Transfer Rule and the Electronic Fund Transfer Act (EFTA), according to public statement. The CFPB claims that it found the company did not… Read More

October 2, 2022 @ 1:11 pm By Omar Faridi  |  

The Consumer Financial Protection Bureau (CFPB) sued MoneyLion Technologies, an online lender, and 38 of its subsidiaries, “for imposing illegal and excessive charges on servicemembers and their dependents.” The CFPB alleges that MoneyLion “violated the Military Lending Act by charging more than the legally allowable… Read More

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