A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.

Search Payments News

December 6, 2024

Top Post

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 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

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."

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."

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 18, 2024

On the web

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."

June 4, 2024

On the web

May 22, 2024

Top Post

May 17, 2024

On the web

May 16, 2024

Top Post

May 14, 2024

On the web

Agencies Announce Inflation-Adjusted Dollar Thresholds for Regulation CC Funds Availability

Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau and the Federal Reserve Board jointly adjusted for inflation dollar amounts relating to the availability of customer funds. These changes in Regulation CC include the minimum amount of deposited funds that banks must make available for withdrawal by opening of business on the next day for certain check deposits as well as the amount of funds deposited by certain checks in a new account that are subject to next-day availability.

May 10, 2024

On the web

May 7, 2024

On the web

April 23, 2024

On the web

Banking in Video Games and Virtual Worlds

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) is monitoring markets—regardless of the infrastructure used—where financial products and services may be offered, including video games and virtual worlds."

March 27, 2024

On the web

CFPB Takes Action to Halt False Claims of 'Free' International Money Transfers

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) issued a new circular warning remittance transfer providers that false advertising about the cost or speed of sending a remittance transfer can violate federal law. Companies in the marketplace are charging junk fees on international money transfers and making false claims about the speed of transfers."

March 14, 2024

On the web

CFPB Clarifies Plans to Recognize Standard-Setting Organizations

ABA Banking Journal

"Before the Consumer Financial Protection Bureau finalizes its proposed rulemaking on personal financial data this fall, it will first codify what attributes an organization must have to be recognized under the rule as an issuer of qualified industry standards, CFPB Director Rohit Chopra said Wednesday."

March 5, 2024

Top Post

Banks Prepare Legal Assault on CFPB Credit Card Late Fee Rule

Bloomberg Law

"The Consumer Financial Protection Bureau’s landmark rule capping credit card late fees at $8 faces a bumpy path ahead, as industry groups eye legal challenges to block it from taking effect. Banks have already blasted the regulation released Tuesday, arguing the CFPB used a shoddy process and incorrect math."

Payments News

Give us your email address or link to our RSS feed and we’ll push the daily Payments News headlines to you.

Glenbrook Payments Boot camp®

Register for the next Glenbrook Payments Boot Camp®

An intensive and comprehensive overview of the payments industry.

Train your Team

Customized, private Payments Boot Camps tailored to meet your team’s unique needs.

OnDemand Modules

Recorded, one-hour videos covering a broad array of payments concepts.

Glenbrook Press

Comprehensive books that detail the systems and innovations shaping the payments industry.