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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."
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
CFPB Orders NFCU to Pay More Than $95 Million for Illegal Surprise Overdraft Fees
Consumer Financial Protection Bureau
Today, the Consumer Financial Protection Bureau 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.
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
OCC Backs Banks in Fight Against Illinois Interchange Law
American Banker
"The Office of the Comptroller of the Currency has filed a legal brief supporting the banking industry's challenge to Illinois' prohibition on interchange fees, stating the law interferes with federal banking authority. [Subscription Required]"
September 26, 2024
On the web
Proposed New Rules to Better Protect Customers of Payments Firms
FCA
"The FCA is stepping in to better protect customers when payments and e-money firms go out of business."
September 18, 2024
Top Post
CFPB: Buy Now, Pay Later (BNPL) Products
Consumer Financial Protection Bureau
"On Sept. 18, 2024, the CFPB issued FAQs that provide guidance on applying Regulation Z requirements to Pay-in-Four BNPL products that are accessed through a digital user account."
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
FinCEN Issues In-Depth Analysis of Check Fraud Related to Mail Theft
FinCEN
"The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis (FTA) on mail theft-related check fraud incidents based on Bank Secrecy Act (BSA) data filed in the six months following FinCEN’s issuance of its 2023 alert on this same topic."
August 28, 2024
Top Post
CFPB Report Finds Large Retail Chains Charging Cash-back Fees to Customers Using Debit and Prepaid Cards
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) published a new report finding Americans are paying tens of millions of dollars in fees to access their own money when getting “cash back” at large retail stores when making a purchase with a debit or prepaid card."
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
US Consumer Watchdog Probes Major Us Banks Over Zelle Scam, WSJ Reports
"The Consumer Financial Protection Bureau is investigating major U.S. banks for their handling of customer funds on the peer-to-peer payments platform Zelle Network, the Wall Street Journal reported on Wednesday."
August 2, 2024
On the web
CFPB Joins Federal Regulators to Propose Rule to Standardize Data Submitted to Federal Financial Agencies
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau today joined several other federal financial regulatory agencies in announcing a proposed rule to establish data standards for certain information collections submitted to financial regulatory agencies."
July 25, 2024
On the web
Britain Will Soon Lay Out New Plans to Regulate ‘Buy Now, Pay Later’ Firms Like Klarna After Delays
CNBC
"Britain’s new Labour government will soon set out updated plans to regulate the “buy now, pay later” industry, a government spokesperson told CNBC."
July 23, 2024
Top Post
FTC to Study Surveillance Pricing Methods of Mastercard, Chase, Other Companies
The Hill
"The Federal Trade Commission issued orders for eight companies to provide information about pricing as it seeks to study impacts such practices have on privacy, competition and consumer protection. The aim is to understand third-party products that use algorithms and AI with personal information to categorize individuals and set prices."
July 18, 2024
On the web
CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) today proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act."
July 1, 2024
Top Post
The Supreme Court Weakens Federal Regulators, Overturning Decades-Old Chevron Decision
AP News
"The Supreme Court on Friday upended a 40-year-old decision that made it easier for the federal government to regulate the environment, public health, workplace safety and consumer protections, delivering a far-reaching and potentially lucrative victory to business interests."
On the web
FinCEN Issues Proposed Rule to Strengthen and Modernize Financial Institutions’ AML/CFT Programs
FinCEN
"The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a proposed rule to strengthen and modernize financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs."
Banks Stand to Benefit From the Supreme Court Decision on the Chevron Doctrine
The New York Times
"The end of Chevron deference is a boon for banking lobbyists, who have in recent years intensified their pushback against the agencies that oversee them — especially the Consumer Financial Protection Bureau, one of the industry’s most aggressive regulators."
June 25, 2024
On the wires
Central Banks Must Prepare for AI's Profound Impact on Economy and Financial System: BIS
BIS
"The rapid adoption of AI requires central banks to embrace the new technology, the Bank for International Settlements said today, urging policymakers to anticipate the transformative effects of AI on the economy and to use it to sharpen their own analytical tools in pursuit of financial and price stability."
June 13, 2024
On the web
CFPB Proposes to Ban Medical Bills from Credit Reports
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) proposed a rule that would remove medical bills from most credit reports, increase privacy protections, help to increase credit scores and loan approvals, and prevent debt collectors from using the credit reporting system to coerce people to pay."
June 6, 2024
Top Post
CFPB Launches Process to Recognize Open Banking Standards
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial Data Rights Rule."
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