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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 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 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 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 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 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.
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
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."
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."
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