Regulation

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."

Tags: CFPB

Companies Regulation

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."

Tags: CFPB Google

Regulation

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."

Tags: CFPB

Regulation

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."

Tags: CFPB

Regulation

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."

Tags: CFPB

Regulation

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.

Tags: CFPB

Regulation

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."

Tags: CFPB

Regulation

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."

Tags: CFPB

Regulation

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."

Tags: CFPB

Regulation

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."

Tags: CFPB

Regulation

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."

Tags: CFPB

Regulation

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."

Tags: CFPB

Regulation

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."

Tags: CFPB Federal Trade Commission

Regulation

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."

Tags: CFPB

Regulation

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."

Tags: CFPB

Regulation

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."

Tags: CFPB

Regulation

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."

Tags: CFPB

Regulation

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."

Tags: CFPB

Regulation

CFPB Creates Registry to Detect Corporate Repeat Offenders

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) finalized a rule to establish a registry to detect and deter corporate offenders that have broken consumer laws and are subject to federal, state, or local government or court orders."

Tags: CFPB

Regulation

CFPB Takes Action to Ensure Consumers Can Dispute Charges and Obtain Refunds on Buy Now, Pay Later Loans

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. Accordingly, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to conventional credit cards."

Tags: CFPB

Regulation

Statement on Supreme Court Decision in CFPB v. CFSA

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau issued a statement regarding the Supreme Court’s decision in CFPB v. Community Financial Services Association of America."

Tags: CFPB

Regulation

Supreme Court Rules Consumer Financial Protection Bureau Funding Structure Is Legal

CNBC

"The Supreme Court ruled Thursday that the funding structure of the Consumer Financial Protection Bureau is legal. The court in a 7-2 decision rejected an argument that the CFPB’s funding method violated the U.S. Constitution’s Appropriations Clause because Congress had not annually authorized money for the agency."

Tags: CFPB

Companies Regulation

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.

Tags: CFPB Federal Reserve

Regulation

CFPB Report Highlights Consumer Frustrations with Credit Card Rewards Programs

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau issued a new report finding consumers encounter numerous problems with credit card rewards programs."

Tags: CFPB

Companies Regulation

CFPB Takes Action Against Chime Financial for Illegally Delaying Consumer Refunds

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) took action against Chime Financial for failing to give consumers timely refunds when their accounts were closed."

Tags: CFPB

Regulation

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."

Tags: CFPB

Regulation

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."

Tags: CFPB

Regulation

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."

Tags: CFPB

Regulation

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."

Tags: CFPB

Regulation

CFPB Bans Excessive Credit Card Late Fees, Lowers Typical Fee from $32 to $8

Consumer Financial Protection Bureau

"The Consumer Financial Protection Bureau (CFPB) finalized a rule to cut excessive credit card late fees by closing a loophole exploited by large card issuers...once the final rule goes into effect by reducing the typical fee from $32 to $8."

Tags: CFPB