The Financial Technology Association (FTA) has issued a statement criticizing the Consumer Financial Protection Bureau’s new rules addressing digital payments and transfers. The CFPB revealed final rules today that are said to “strengthen oversight of large technology firms in consumer financial markets” that offer digital… Read More
The Consumer Financial Protection Bureau (CFPB) has announced final rules for non-bank digital payments and transfers. The payments sector of Fintech is one of the hottest segments of innovation, as users have quickly adopted digital wallets and more efficient payment methods. The CFPB’s move is… Read More
The Open Banking rules announced by the Consumer Financial Protection Bureau (CFPB) may dramatically alter the entire consumer financial services sector. Customers may soon be in control of their own data – determining who may, and who may, not access the information. This may expedite… Read More
There has been much discussion of the Open Banking rules announced by the US Consumer Financial Protection Bureau (CFPB). While many support the new regulations, which aim to empower consumers to control their financial services data—allowing when and by whom to use the information—some are concerned about having a… Read More
The Consumer Financial Protection Bureau (CFPB) released final Open Banking rules today. The new rules impact banks, brokerages and more, and go into effect over the next few years. Open Banking or Open Finance addresses the topic of data generated or provided by consumers… Read More
While the Consumer Financial Protection Bureau’s (CFPB) recent interpretive rule on earned wage access (EWA) products has generated plenty of interest, Jason Lee believes history will view it as a small, but inevitable step towards its logical conclusion – zero-fee products. Lee is the founder… Read More
The American Fintech Council (AFC) has issued a statement on the bipartisan letter sent by a group of House Representatives asking the Consumer Financial Protection Bureau to adjust requirements pertaining to control of consumer data along the lines of Open Banking. The AFC says they… Read More
A group of US House Representatives have sent a letter to the Consumer Financial Protection Bureau (CFPB) requesting the agency revise use of personal data. Led by Representatives Mike Flood, Brittany Pettersen, Erin Houchin, and ten other Representatives, the letter notes that the Personal Financial… Read More
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
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
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
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
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
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
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
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
This past week, the Consumer Financial Protection Bureau (CFPB) finalized its rules on credit late fees by reducing the legal lime to $8 from a typical fee of $32. The CFPB said that an average saving per year for consumers would be around $220, as… Read More
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
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
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