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May 6, 2025
On the web
CFPB Announcement Regarding Enforcement Actions Related to Buy Now, Pay Later Loans
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau is announcing today that it will not prioritize enforcement actions taken on the basis of the Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans, 89 Fed. Reg. 47,068 (May 31, 2024) (“Buy Now, Pay Later”). The Bureau will instead keep its enforcement and supervision resources focused on pressing threats to consumers, particularly servicemen and veterans."
CFPB Plans to Revisit Open Banking Rule Despite Staff Cuts
Bloomberg Law
"The Trump administration is poised to reopen a Biden-era rule allowing customers to share their sensitive bank data with third-party fintechs and potentially vacate it, according to multiple sources. The Consumer Financial Protection Bureau is leaning toward reworking its open banking rule, which allows customers to share their deposit account and credit card information with fintechs, such as online investment company Betterment or PayPal Holdings Inc.’s Venmo service, the sources told Bloomberg Law."
March 26, 2025
On the web
New FTC Data Show a Big Jump in Reported Losses to Fraud to $12.5 Billion in 2024
Federal Trade Commission
"Newly released Federal Trade Commission data show that consumers reported losing more than $12.5 billion to fraud in 2024, which represents a 25% increase over the prior year. According to the FTC’s data book, this number is not driven by an increase in fraud reports, which remained stable. Instead, the percentage of people who reported losing money to a fraud or scam increased by double digits."
March 10, 2025
On the web
OCC Withdraws Policy on Bank Engagement With Cryptocurrency
ABA Banking Journal
The Office of the Comptroller of the Currency published an interpretive letter rescinding the agency’s policy on bank engagement with cryptocurrency “to reaffirm that a range of cryptocurrency activities are permissible in the federal banking system,” according to an agency statement.
March 7, 2025
On the web
Senate Moves to Stop Watchdog Agency From Overseeing Digital Payment Apps
PCMAG
"The US Senate on Wednesday voted to nullify a Biden-era rule that allowed the Consumer Financial Protection Bureau (CFPB) to monitor digital payment platforms. As The Verge reports, the resolution is pending House approval, but the Republicans who introduced it say it's necessary to reduce the CFPB’s authority. "Our legislation eliminates barriers to innovation, cuts red tape, and supports our job creators," said Sen. Pete Ricketts (R-NE)."
March 4, 2025
On the web
US CFPB Drops ‘Zelle’ Case Against JPMorgan, BOFA, Wells Fargo
MSN
"The U.S. Consumer Financial Protection Bureau on Tuesday said it was dropping a lawsuit filed in December against three of the nation's largest banks over their handling of the payment service Zelle, according to a court filing."
February 10, 2025
Top Post
Russ Vought Orders Consumer Financial Protection Bureau to Stop Work
CBS News
"The Trump administration late Saturday ordered the Consumer Financial Protection Bureau, an independent government agency designed to protect consumers from corporate fraud and scams, to halt much of its work, amid an ongoing overhaul of the federal bureaucracy."
February 7, 2025
On the web
FDIC Releases Documents Related to Supervision of Crypto-Related Activities
FDIC
"The Federal Deposit Insurance Corporation (FDIC) released 175 documents related to its supervision of banks that engaged in, or sought to engage in, crypto-related activities."
FinCEN Announces $37,000,000 Civil Money Penalty Against Brink’s Global Services USA, Inc. for Violations of the Bank Secrecy Act
FinCEN
"The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed a $37,000,000 civil money penalty against Brink’s Global Services USA, Inc. (Brink’s) for willful violations of the Bank Secrecy Act (BSA), the primary U.S. anti-money laundering (AML) law that safeguards the financial system from illicit use, and its implementing regulations."
February 5, 2025
On the web
Hawley, Sanders Push for 10 Percent Cap on Credit Card Interest
The Hill
"Sens. Josh Hawley (R-Mo.) and Bernie Sanders (I-Vt.) introduced a bill Tuesday seeking to cap credit card interest rates at 10 percent. Hawley and Sanders said credit card interest rates have become 'exploitative,' citing a recent Forbes report that found the average credit card interest rate is 28.6 percent."
February 4, 2025
On the web
Payments Canada Opens Public Consultation on Expansion of Membership
Open Banking Expo
"Payments Canada membership eligibility is set to expand to include payment service providers, as defined in the Retail Payment Activities Act, that perform retail payment activities; credit union locals that are members of a central or a cooperative credit association; and finally, to clearing houses of designated clearing and settlement systems."
February 3, 2025
Top Post
Statement on Designation of Treasury Secretary Scott Bessent as Acting Director of the Consumer Financial Protection Bureau
Consumer Financial Protection Bureau
"On January 31, 2025, President Trump designated Secretary of the Treasury Scott Bessent as Acting Director of the Consumer Financial Protection Bureau (CFPB)."
January 16, 2025
On the web
CFPB Orders Operator of Cash App to Pay $175 Million and Fix Its Failures on Fraud
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) ordered Block, the operator of the peer-to-peer payments app Cash App, to refund and pay other redress to consumers up to $120 million and pay a penalty of $55 million into the CFPB’s victims relief fund."
January 14, 2025
On the web
CFPB Proposes to Include Virtual Currency Transactions Under the EFTA
Goodwin Law
"The Consumer Financial Protection Bureau (CFPB) issued a proposed interpretive rule that, if finalized as written, would bring certain virtual currency products and services, such as stablecoins and digital wallets, within the scope of the Electronic Funds Transfer Act (EFTA) and Regulation E."
CFPB Research Reveals Heavy Buy Now, Pay Later Use Among Borrowers with High Credit Balances and Multiple Pay-in-Four Loans
Consumer Financial Protection Bureau
"More than 60 percent of users had simultaneous loans, borrowers held higher balances on other credit lines, and most loans went to consumers with subprime or lower credit scores"
January 10, 2025
On the web
CFPB Seeks Input on Digital Payment Privacy and Consumer Protections
Consumer Financial Protection Bureau
"The CFPB announced that it is seeking public input on strengthening privacy protections and preventing harmful surveillance in digital payments, particularly those offered through large technology platforms."
January 9, 2025
Top Post
CFPB Approves Application from Financial Data Exchange to Issue Standards for Open Banking
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) issued an order recognizing Financial Data Exchange, Inc. (FDX) as a standard setting body under the CFPB’s Personal Financial Data Rights rule."
January 2, 2025
On the web
CFPB Sues Walmart and Branch Messenger for Illegally Opening Deposit Accounts for More Than One Million Delivery Drivers
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) sued Walmart and Branch Messenger for forcing delivery drivers to use costly deposit accounts to get paid and for deceiving workers— “last mile” drivers in Walmart’s Spark Driver program—about how they could access their earnings."
December 20, 2024
Top Post
CFPB Sues JPMorgan Chase, Bank of America, and Wells Fargo for Allowing Fraud to Fester on Zelle
Consumer Financial Protection Bureau
"Today, the Consumer Financial Protection Bureau (CFPB) sued the operator of Zelle and three of the nation’s largest banks for failing to protect consumers from widespread fraud on America’s most widely available peer-to-peer payment network."
December 18, 2024
On the web
CFPB Takes Action on Bait-and-Switch Credit Card Rewards Tactics
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) announced major actions today 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 programs may be breaking the law, including by illegally devaluing rewards points and airline miles."
December 13, 2024
On the web
UK Payments Regulator Consults on Cross-Border Card Fees Cap
Reuters
"Britain's payments regulator said on Friday it would consult on whether to introduce a cap on cross-border card fees charged when European consumers buy online from UK businesses, after concluding they had been increased to 'unduly high levels'."
On the wires
CFPB Closes Overdraft Loophole to Save Americans Billions in Fees
CFPB
"Today, the Consumer Financial Protection Bureau took action to close an outdated overdraft loophole that exempted overdraft loans from lending laws. The agency’s final rule on overdraft fees applies to the banks and credit unions with more than $10 billion in assets that dominate the U.S. market."
December 12, 2024
Top Post
CFPB Closes Overdraft Loophole to Save Americans Billions in Fees
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) took action to close an outdated overdraft loophole that exempted overdraft loans from lending laws. The agency’s final rule on overdraft fees applies to the banks and credit unions with more than $10 billion in assets that dominate the U.S. market."
December 6, 2024
Top Post
CFPB Orders Federal Supervision of Google Following Contested Designation
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) today published an order establishing supervisory authority over Google Payment Corp."
November 26, 2024
On the web
Brazil Antitrust Body Rules Apple Must Lift Restrictions on In-App Payments
Reuters
"Brazilian antitrust regulator Cade said on Monday that Apple must lift restrictions on payment methods for in-app purchases, among other things, as the watchdog moved to proceed with an investigation into a complaint filed by Latin America e-commerce giant MercadoLibre."
November 21, 2024
On the web
CFPB Finalizes Rule on Federal Oversight of Popular Digital Payment Apps to Protect Personal Data, Reduce Fraud, and Stop Illegal “Debanking”
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. The rule will help the CFPB to ensure that these companies – specifically those handling more than 50 million transactions per year – follow federal law just like large banks, credit unions, and other financial institutions already supervised by the CFPB."
November 15, 2024
On the web
FDIC Survey Finds 96 Percent of U.S. Households Were Banked in 2023
FDIC
"Nearly 96 percent of all U.S. households were banked in 2023, according to just-released national survey by the Federal Deposit Insurance Corporation (FDIC). The 2023 FDIC National Survey of Unbanked and Underbanked Households found that 4.2 percent of U.S. households (representing 5.6 million households) lacked a bank or credit union account."
November 14, 2024
Top Post
Consumer Financial Protection Bureau Targets Google for Supervision: Big Tech’s New Regulatory Challenge
CEO Today
"The Consumer Financial Protection Bureau (CFPB) recently announced its intent to bring Google under its regulatory supervision, a move that could establish a new era of oversight for tech companies delving into financial services. This unprecedented development signifies a potential shift in how the U.S. government approaches Big Tech’s increasing influence in finance and consumer markets."
On the web
Statement of CFPB Director Rohit Chopra on the FTC’s Click‑to‑Cancel Rule
Consumer Financial Protection Bureau
"Like with many other products and services across the economy, consumers are finding that financial products and services are now being marketed through “subscriptions” and “membership” arrangements. The Consumer Financial Protection Bureau (CFPB) has observed that these revenue models create incentives for firms to make it difficult to cancel recurring payments and charges."
November 12, 2024
On the web
CFPB Report Details Carveouts for Financial Institutions in State Data Privacy Laws
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) released a report examining federal and state-level privacy protections for consumers’ financial data. The report notes that protections under federal regulations for financial data have limits."
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