Tagged: consumer financial protection bureau

CFPB Drops Capital One Savings Account Rates Enforcement Lawsuit

This past Thursday, the Consumer Financial Protection Bureau (CFPB) dismissed a significant lawsuit against Capital One and its parent company, Capital One Financial Corp, originally filed on January 14, 2025. The suit, launched just days before President Donald Trump’s inauguration, accused Capital One of depriving… Read More

Consumer Financial Protection Bureau Stops All Regulatory Activity

The Consumer Financial Protection Bureau (CFPB) has halted all regulatory activity. The X account affiliated with the CFPB no longer exists, and the homepage is not updating correctly. The CFPB has been a controversial agency since its inception. The creation of the Dodd-Frank Act, the CFPB,… Read More

Congressman Slams Rohit Chopra, Welcomes His Exit from CFPB as Bessent Takes Over

This week, Rohit Chopra was booted from the Consumer Financial Protection Bureau (CFPB) and replaced by acting CFPB Director, Secretary of the Treasury Scott Bessent.  The CFPB has been a controversial bureaucracy from its inception, and some supporters of Fintech innovation have chafed at the… Read More

Rohit Chopra Out as CFPB Director, Replaced by Secretary of the Treasury Scott Bessent

Secretary of the Treasury Scott Bessent is picking up another leadership role as President Donald Trump named Bessent Acting Director of the Consumer Financial Protection Bureau (CFPB). As Bessent steps in, Rohit Chopra, the Director under the Biden Administration, is now without a job. Bessent… Read More

CFPB Announces Actions to Protect Consumers from “Illegal” Credit Card Practices

The Consumer Financial Protection Bureau (CFPB) announced actions in order to protect consumers from “illegal” credit card practices and help people save money on interest and fees. In a circular to other law enforcement agencies, the CFPB warned that some credit card companies operating rewards… Read More

Financial Technology Association Slams CFPBs New Payments Rule

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

Consumer Financial Protection Bureau Announces Final Rules on Non-Bank Digital Payments, Transfers

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

Alkami Exec Says Open Banking Rules Are Opportunity for Financial Services FIrms

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

Global Fintech Wise Issues Statement on CFPB Open Banking Rules: “Wise encourages the CFPB to consider expanding the scope of this rule”

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

Experts Comment on New CFPB Open Banking Rules

  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

Chime Enterprise Chief Jason Lee: CFPB’s EWA Announcement Accelerating the Inevitable

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

American Fintech Council Supports Congressional Request to Safeguard Consumer Data, Action by CFPB

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

Open Banking: Congressional Bipartisan Letter Requests Revisions on Personal Data Use from CFBP

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

CFPB Targets Steep Charge Fees on School Lunches

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

CFPB Proposes Interpretive Rule to Ensure Workers Know Costs, Fees of Paycheck Advance Products

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

Jared DeMatteis, Chief Legal and Strategy Officer at DailyPay, Responds to CFPB’s Proposed Interpretive Rule

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

Neobank Dave Issues Statement Regarding CFPB Proposal, an Interpretive Ruling Around Paycheck Advance and EWA

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

CFPB Introduces Process to Recognize Open Banking Standards

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

CFPB Launches Directory of Scofflaws, Establishes Repeat Offender Unit

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

CFPB’s Constitutionality of Funding Process Upheld by Supremes

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

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