Tagged: rohit chopra

February 1, 2023 @ 9:52 am By JD Alois  |  

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

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

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

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 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

April 25, 2022 @ 11:54 am By JD Alois  |  

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

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 @ 10:20 pm By Tony Zerucha  |  

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

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 21, 2021 @ 3:43 pm By JD Alois  |  

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

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

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

March 14, 2021 @ 7:30 pm By JD Alois  |  

Last week, the Senate Banking Committee voted to 14-10 to move forward with Gary Gensler’s nomination as the Chairman of the Securities and Exchange Commission. On the same day, the vote was taken on Rohit Chopra and his nomination as Director of the Consumer Financial… Read More