Tagged: consumer financial protection bureau

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

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

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 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 @ 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 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

October 22, 2021 @ 11:26 am By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has demanded that big tech, including Fintechs, to hand over information on payments. As everyone knows, payments have gone digital as cash usage declines. While many transactions have migrated to plastic debit and credit cards, today cards are virtual… Read More

October 1, 2021 @ 12:19 pm By JD Alois  |  

This week, Rohit Chopra was confirmed as the next Director of the Consumer Financial Protection Bureau (CFPB). The CFPB is a relatively new financial regulator created as part of the Dodd-Frank legislation that emerged following the great recession. The mission of the CFPB is to… Read More

July 13, 2021 @ 7:09 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has taken action against GreenSky, LLC for “enabling contractors and other merchants to take out loans on behalf of thousands of consumers who did not request or authorize them,” according to a statement from the Bureau. The CFPB has… Read More

March 29, 2021 @ 5:07 pm By JD Alois  |  

In a joint statement today, five federal financial regulatory agencies announced a consultation pertaining to the usage of artificial intelligence (AI) as well as machine learning (ML) within financial institutions. The agencies seek information from the public on how financial institutions use AI in their… Read More

March 26, 2021 @ 10:17 pm By Omar Faridi  |  

Regulators care “as much about consumer preference in debt collection as creditors,” according to Kelly Knepper-Stephens, Vice President Legal & Compliance at TrueAccord, a Fintech that aims to transform debt collection into “a pathway toward financial health.” Kelly, who’s based in the San Francisco Bay… Read More

December 30, 2020 @ 3:13 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has issued “compliance assistance sandbox” (CAS) approval for PayActiv regarding its “earned wage access” (EWA) products.  EWA products allow employees access to their earned but unpaid wages prior to payday. A Public Benefit Company, Payactiv can help employees access… Read More

October 22, 2020 @ 3:27 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has issued an advance notice of proposed rulemaking (ANPR) requesting information related to consumer access to financial records. In brief, the CFPB is asking interested parties as to how it might most efficiently and effectively develop regulations to implement… Read More

July 27, 2020 @ 5:57 pm By JD Alois  |  

The Consumer Financial Protection Bureau (CFPB) has announced its intent to issue an “advance notice of proposed rulemaking” (ANPR) this year on consumer-authorized access to financial records. The rulemaking will impact both traditional financial service firms as well as Fintechs and falls along the lines… Read More