Tagged: rohit chopra

Fintech Legal Expert Comments on CFPB’s Push to Regulate Big Tech and Fintech

Last week, the Consumer Financial Protection Bureau (CFPB) proposed rules to regulate Big Tech and their Fintech services. The CFPB is targeting firms like Facebook, Google, Amazon, Apple, and others. According to the statement issued by the CFPB, the agency seeks to regulated digital wallets… Read More

CFPB Targets Big Tech and Fintech with New Oversight Rules, Representative McHenry Slams Proposal

The Consumer Financial Protection Bureau (CFPB) wants to expand its portfolio of compliance by targeting big tech and the Fintech services they provide. According to a statement issued by the CFPB today, the agency is targeting digital wallets and payment apps, claiming they must comply… Read More

CFPB Issues Guidance to Prevent Large Banks from Charging “Illegal” Junk Fees for Basic Services

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

CFPB Claims Billions of Dollars Not Protected in Some Payment Apps, Names PayPal, Venmo and Cash App

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

CFPB Guns for Credit Card Late Fees: Aims to Slash by $9 Billion a Year

The credit card business is a good one as this type of credit typically charges outlandish rates as well as silly fees. Today, the Consumer Financial Protection Bureau (CFPB) is specifically targeting late fees charged to consumers as it proposes a reul that aims to… Read More

CFPB Proposes Registry for Non Bank Financial Firms and their User Terms, McHenry Slams Move as Beyond Agencies Mandate

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

Consumer Financial Protection Bureau (CFPB) Takes Action Against Loan Doctor Who Placed Some Funds into Now Bankrupt Celsius [u]

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

CFPB Director Rohit Chopra Indicates Movement on Open Banking Rule, Financial Technology Association Welcomes Statement

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

CFPB Penalizes Small World Money Transfer for Money Transfer Violations

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

CFPB Sues MoneyLion for Overcharging Servicemembers, “Trapping” Consumers in Costly Memberships

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

CFPB on BNPL: Uneven Disclosures and Protection for Consumers

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

CFPB Targets Hello Digital that Allegedly Used a Faulty Algorithm that Depleted Checking Accounts

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

CFPB Creates New Office of Competition and Innovation

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

House Committee on Financial Services Hearing Brings CFPB Director Rohit Chopra to the Hill

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

Fintech: CFPB to Investigate “Non Bank Companies” that “Pose Risks to Consumers”

The Consumer Financial Protection Bureau (CFPB) says it will “examine” nonbank firms that “pose risks to consumers.” The CFPB states that it is “invoking a largely unused legal provision” to pursue these investigations. While the Bureau states that it will examine these firms it has… Read More

CFPB Aims to Make it Easier to Change the Rules with Public Petitions

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

Lenders Beware: 2022 Could See Increased Enforcement Activity

2022 could see aggressive movement by some federal agencies, an experienced industry hand suggests. Joseph Lynyak III is a partner at the international law firm Dorsey & Whitney and one of the nation’s foremost experts in the country on the Consumer Financial Protection Bureau (CFPB),… Read More

FTC is Concerned About Big Tech and Payments

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

CFPB Touts Lending Halt at LendUp Loans, a Fintech Backed by Google Ventures, QED Investors and More

The Consumer Financial Protection Bureau (CFPB) has halted the lending at LendUp Loans, according to a statement by the regulator. Currently, its website states that the company has made a business decision to cease lending and is no longer servicing loans. According to the CFPB,… Read More

Senate Democrats Tell CFPB to “Take Action” Regarding BNPL

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

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