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December 6, 2024

Top Post

November 26, 2024

On the web

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 Orders Navy Federal Credit Union to Pay More Than $95 Million for Illegal Surprise Overdraft Fees

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) took action against Navy Federal Credit Union for charging illegal overdraft fees. From 2017 to 2022, Navy Federal charged customers surprise overdraft fees on certain ATM withdrawals and debit card purchases, even when their accounts showed sufficient funds at the time of the transactions."

November 7, 2024

On the web

EU Regulators Investigate if Visa, Mastercard Fees Harm Retailers, Document Shows

Reuters

EU antitrust regulators are investigating whether the fees charged by Visa and Mastercard have a negative impact on retailers, an EU document seen by Reuters showed. The European Commission, which enforces EU competition rules, sent questionnaires about both Visa and Mastercard to retailers and payment service providers in September, giving them until October to respond.

October 23, 2024

Top Post

CFPB Orders Apple and Goldman Sachs to Pay Over $89 Million for Apple Card Failures

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) took action against Apple and Goldman Sachs for customer service breakdowns and misrepresentations that impacted hundreds of thousands of Apple Card users. The CFPB found that Apple failed to send tens of thousands of consumer disputes of Apple Card transactions to Goldman Sachs, and when Apple did send disputes to Goldman Sachs, the bank did not follow numerous federal requirements for investigating the disputes."

October 22, 2024

Top Post

CFPB Finalizes Personal Financial Data Rights Rule to Boost Competition, Protect Privacy, and Give Families More Choice in Financial Services

Consumer Financial Protection Bureau

"the Consumer Financial Protection Bureau (CFPB) finalized a rule that will give consumers greater rights, privacy, and security over their personal financial data. The rule requires financial institutions, credit card issuers, and other financial providers to unlock an individual’s personal financial data and transfer it to another provider at the consumer’s request for free."

October 16, 2024

Top Post

Federal Trade Commission Announces Final “Click-to-Cancel” Rule Making It Easier for Consumers to End Recurring Subscriptions and Memberships

Federal Trade Commission

"The Federal Trade Commission today announced a final “click-to-cancel” rule that will require sellers to make it as easy for consumers to cancel their enrollment as it was to sign up. Most of the final rule’s provisions will go into effect 180 days after it is published in the Federal Register."

October 4, 2024

Top Post

September 26, 2024

On the web

September 18, 2024

Top Post

September 17, 2024

On the web

CFPB Takes Action to Stop Banks from Harvesting Overdraft Fees Without Consumers' Consent

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) published guidance to help federal and state consumer protection enforcers stop banks from charging overdraft fees based on phantom opt-in agreements. Phantom opt-ins occur when banks claim they have customers’ consent to charge overdraft fees but there is no proof they actually obtained that consent."

September 13, 2024

On the web

August 28, 2024

Top Post

August 16, 2024

On the web

What Buy Now, Pay Later Lenders Are Doing to Be Upfront With Borrowers

Consumer Financial Protection Bureau

"The CFPB released an interpretive rule in May that explained how some of the existing federal laws and regulations, like the Truth in Lending Act and Regulation Z, apply to Buy Now, Pay Later loans. While not required by law, the public was invited to submit comments on this interpretive rule. The Buy Now, Pay Later industry is responding favorably and constructively."

August 14, 2024

On the web

Agencies Roll out Initiative Making It Easier to Click Unsubscribe Button

The Hill

"The Federal Trade Commission is currently reviewing public comments about a proposed rule to require companies to make it as easy to cancel a subscription or service as it was to sign up for it. The Consumer Financial Protection Bureau is taking on a rulemaking process to require companies under its jurisdiction to let consumers talk to a real person by pressing just one button."

August 7, 2024

On the web

August 2, 2024

On the web

July 25, 2024

On the web

July 23, 2024

Top Post

July 18, 2024

On the web

July 1, 2024

Top Post

On the web

June 25, 2024

On the wires

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