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."
"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."
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."
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."
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."
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."
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."
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."
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."
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."
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."
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."
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."
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."
Digital Transactions
"A bill containing a provision that would raise the asset threshold for debit card issuers covered by the Durbin Amendment narrowly passed in a vote late Thursday by the House Financial Services Committee. The committee voted 24-22 in favor of advancing the bill, called the Bank Resilience and Regulatory Improvement Act."
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."
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."
US Chamber
"On May 10, the U.S. Chamber scored a major win for the business community against federal agencies’ micromanagement of business decisions. The Northern District of Texas granted the Chamber's motion for a preliminary injunction and stayed the Consumer Financial Protection Bureau's (CFPB) credit card late fees rule."
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.
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau issued a new report finding consumers encounter numerous problems with credit card rewards programs."
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."
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."
ABA Banking Journal
"A new U.K. regulation requiring banks to reimburse customers for losses resulting from push payment fraud “deserves greater discussion and debate” in the U.S., particularly when the fraud is powered by artificial intelligence, Acting Comptroller of the Currency Michael Hsu said...Hsu pointed to the U.K.’s Payment Systems Regulator, which recently issued a rule requiring banks to reimburse customers when criminals trick them to send money to a fraudulent account."
Reuters
"A federal judge in Manhattan on Wednesday said the U.S. Securities and Exchange Commission's lawsuit against Coinbase can move forward, but dismissed one claim the regulator made against the largest U.S. cryptocurrency exchange."
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."
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."
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."
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."
Reuters
"The European Union Council on Monday adopted rules to make instant payments in the euro currency fully available round-the-clock in a move it expected to help European payments companies compete against U.S. firms Visa and Mastercard. The new regulation will allow customers to transfer euro-denominated money within 10 seconds at any time, including outside business hours, not only within the same country but also to another EU member state, the EU Council said."
Reuters
"U.S. Supreme Court justices on Tuesday grappled with a North Dakota convenience store's challenge to a government regulation on debit card "swipe fees" - a case that could make it easier for businesses to try to undo longstanding federal rules."
