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.
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April 23, 2024
On the web
Banking in Video Games and Virtual Worlds
Consumer Financial Protection Bureau
March 27, 2024
On the web
CFPB Takes Action to Halt False Claims of 'Free' International Money Transfers
Consumer Financial Protection Bureau
March 14, 2024
On the web
CFPB Clarifies Plans to Recognize Standard-Setting Organizations
ABA Banking Journal
March 5, 2024
Top Post
Banks Prepare Legal Assault on CFPB Credit Card Late Fee Rule
Bloomberg Law
CFPB Bans Excessive Credit Card Late Fees, Lowers Typical Fee from $32 to $8
Consumer Financial Protection Bureau
February 16, 2024
On the web
CFPB Report Finds Large Banks Charge Higher Credit Card Interest Rates than Small Banks and Credit Unions
Consumer Financial Protection Bureau
January 24, 2024
On the web
CFPB Proposes Rule to Stop New Junk Fees on Bank Accounts
Consumer Financial Protection Bureau
December 18, 2023
On the web
Lawmakers Ask CFBP to Rein in Financial Industry’s Use of Forced Arbitration
Financial Regulation News
November 17, 2023
On the wires
US Consumer Watchdog Hands Wall Street Rare Win With Big Tech Crackdown
Reuters
November 7, 2023
On the web
CFPB Proposes New Federal Oversight of Big Tech Companies and Other Providers of Digital Wallets and Payment Apps
Consumer Financial Protection Bureau
November 1, 2023
On the web
Chime Inc. Agrees to Pay CFPB $3 Million to Resolve Remittance App Allegations
ABA Banking Journal
October 27, 2023
On the web
CFPB Issues Biennial CARD Act Report to Congress
Consumer Finance Monitor
October 25, 2023
On the web
CFPB Report Finds Credit Card Companies Charged Consumers Record-High $130 Billion in Interest and Fees in 2022
Consumer Financial Protection Bureau
October 20, 2023
Top Post
CFPB Eyes Open Banking with Financial Data Rights Rule Proposal
Compliance Week
October 19, 2023
On the web
CFPB Proposes Rule to Jumpstart Competition and Accelerate Shift to Open Banking
Consumer Financial Protection Bureau
October 17, 2023
On the web
CFPB Takes Action Against Operator of Sendwave App for Illegally Cheating People on International Money Transfers
Consumer Financial Protection Bureau
October 16, 2023
On the web
CFPB and Justice Department Issue Joint Statement Cautioning that Financial Institutions May Not Use Immigration Status to Illegally Discriminate Against Credit Applicants
Consumer Financial Protection Bureau
October 6, 2023
On the web
Credit Card Reward ‘Bait and Switch’ Tactics Face CFPB Scrutiny
Bloomberg Law
On the wires
US Consumer Watchdog Warns Payment Systems Risk Chinese-Style Surveillance
Reuters
October 2, 2023
On the wires
Consumer Agency Hated by Republicans Is in Fight of Its Life at Supreme Court
Bloomberg
September 21, 2023
On the web
CFPB Outlines Requirements for Lenders Using Artificial Intelligence to Deny Credit
Financial Regulation News
September 13, 2023
On the web
Big Tech's Role in Contactless Payments: Analysis of Mobile Device Operating Systems and Tap-to-Pay Practices
Consumer Financial Protection Bureau
September 7, 2023
On the web
CFPB Report Highlights Role of Big Tech Firms in Mobile Payments
Consumer Financial Protection Bureau
June 15, 2023
On the web
Laying the Foundation for Open Banking in the United States (CFPB)
Consumer Financial Protection Bureau
April 13, 2023
On the web
Are Payment Apps Systemically Important? CFPB's Chopra Thinks So
American Banker
March 3, 2023
On the web
Consumer Use of Buy Now, Pay Later: Insights from the CFPB Making Ends Meet Survey
Consumer Financial Protection Bureau
January 19, 2023
On the web
CFPB Issues Guidance to Root Out Tactics Which Charge People Fees for Subscriptions They Don’t Want
Consumer Financial Protection Bureau
December 21, 2022
On the web
CFPB Orders Wells Fargo to Pay $3.7 Billion for Widespread Mismanagement of Auto Loans, Mortgages, and Deposit Accounts
Consumer Financial Protection Bureau
“The Consumer Financial Protection Bureau (CFPB) is ordering Wells Fargo Bank to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines. The bank’s illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes. Consumers were illegally assessed fees and interest charges on auto and mortgage loans, had their cars wrongly repossessed, and had payments to auto and mortgage loans misapplied by the bank.”
November 30, 2022
On the wires
Fraud, Transaction Problems Highlight US Consumer Complaints Over Crypto
Reuters
“Fraud and transaction problems were leading factors in a surge of US consumer complaints related to cryptocurrencies & other digital assets. The report from the US Consumer Financial Protection Bureau (CFPB) comes as the high-profile failure of the FTX crypto exchange has seized the attention of regulators and shaken the crypto industry. “Our analysis of consumer complaints suggests that bad actors are leveraging crypto-assets to perpetrate fraud on the public,” said CFPB Director Rohit Chopra. Even before the collapse of FTX, complaints from consumers who were hit by other types of digital currency losses have been rising at an alarming rate, the CFPB reported. The CFPB report said the crypto market has become a magnet for fraudsters who see little chance that their schemes will be detected due to the absence of investor protection and the opaque nature of the market.”
October 4, 2022
On the web
Why The US Wants To Regulate The Buy Now, Pay Later (BNPL) Industry
MediaNama
“The US Consumer Financial Protection Bureau (CFPB) on September 15 published a report detailing the consumer harms that it observed with the “rapidly growing” Buy Now, Pay Later (BNPL) industry arising from practices like data harvesting, inconsistent consumer protection, and debt overextension. The agency noted that it will identify potential guidelines or rules to issue to ensure that BNPL lenders adhere to many of the baseline protections that already exist for other forms of credit. The report comes after CFBP in December 2021 announced a market monitoring inquiry to gain more insight into the industry.”
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