CFPB proposes new rule to curb excessive credit card late fees
According to CFPB estimates, excessive fees cost American families about $12 billion each year.
According to CFPB estimates, excessive fees cost American families about $12 billion each year.
The CFPB says between 2013 and 2021, the firm “failed to comply” with many electronic money transfer requirements.
CFPB alleges MoneyLion has imposed “illegal and excessive” charges on service members and their dependents.
The CFPB has fined the bank $100 million, while the OCC has separately issued a $125 million fine.
Here’s our pick of five of the top news stories from the world of finance and tech this week.
US regulator claims bank opened credit accounts without customers’ permission.
Consumer Financial Protection Bureau also fines bank $3.5 million.
The key is to find areas of common ground and construct the sandbox – and its mission – around those topics.
Consumer Financial Protection Bureau wants to remove red tape.
Consumer Financial Protection Bureau vows to operate “more efficiently, effectively and transparently”.
After five years and more than a million comments on its proposed rulemaking, the CFPB has finalised its payday lending rules with the ability-to-repay test intact for many loan types.
More than 40 percent of U.S. adults struggle to make ends meet, according to new data from the CFPB. While not great news on its own, the findings could help financial services providers design products directed at improving financial well-being.
The fallout from Equifax’s data breach, which compromised personal data of 143 million US consumers, continues with an investigation by the US Federal Trade Commission (FTC) and Mastercard and Visa warning issuers that more than 200 million cards are at risk.
Plagued by delays, threatened by US Congressional repeal and finally opened to further comment and changes, the Consumer Financial Protection Bureau’s (CFPB) final rule on prepaid accounts now has some consumer groups calling for the bureau to “strengthen” consumer protections with additional changes, while one credit union association wants the rule rescinded. To refresh your […]
As expected, US Senator Elizabeth Warren (D-Massachusetts) is not going to let the Consumer Financial Protection Bureau’s (CFPB) final rule on arbitration agreements go down without a fight. The ranking member of the Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protections wants big banks – not just their lobbyists – to address the […]
US-based Network Branded Prepaid Card Association (NBPCA) submitted its comment letter to the Consumer Financial Protection Bureau’s (CFPB) on the bureau’s proposed changes to the final prepaid accounts rule. The trade group is calling for additional revisions to the rule as well as an extended implementation period.
What President Trump’s record on regulatory reform means for payments and financial services so far, and what comes next.
The clock is winding down for US Congressional lawmakers to repeal the Consumer Financial Protection Bureau’s (CFPB) final prepaid accounts rule under the Congressional Review Act (CRA), reports Paybefore (Banking Technology‘s sister publication). Under that law, Congress has until 9 May – 60 legislative days after the law was published in the Federal Register – to repeal […]
The US Consumer Financial Protection Bureau (CFPB) is the target of a bill that includes myriad changes to its responsibilities and structure, reports Paybefore (Banking Technology‘s sister publication). US representative Jeb Hensarling (Republican, Texas) has pulled the trigger, reintroducing legislation that has the Dodd-Frank Act squarely in its crosshairs. The act comprises major changes to […]
It’s official. The US Consumer Financial Protection Bureau (CFPB) is pushing back the effective date of its final rule on prepaid accounts until 1 April 2018 – six months after the originally scheduled implementation date of 1 October 2017.
Prepaid complaints to the Consumer Financial Protection Bureau (CFPB) in the US hit 2,500 in 2016, accounting for about 0.9% of the 291,400 complaints in agency’s latest Consumer Response Annual Report.
Addressing the views of the Department of Treasury, the CFPB, and the SEC on the regulation of the fintech industry in the US.
The states weigh in on the CFPB leadership structure with two amicus briefs. A group of 17 states, plus the District of Columbia, has sided with the agency as it fights a court ruling that says the president should have the authority to fire the head of the CFPB. Meanwhile, 15 other states have taken an opposing stance.
An overview of the current fintech regulation in the US by the prudential regulators: the OCC, the FDIC, and the Federal Reserve.
CFPB has taken action against Experian over allegations that the company made false claims about the uses of credit scores it sold to consumers.
In a Notice of Proposed Rulemaking, the CFPB proposed pushing back the effective date of the final prepaid accounts rule to April 1, 2018. The six-month delay provides industry participants more time to handle the difficulties of complying with certain provisions of the rule and for the CFPB to assess whether any additional adjustments to the rule are appropriate. Comments are due by April 5, 2017.
Paybefore’s first-ever payments year-in-review report, sponsored by The Bancorp, is available now. Offering an in-depth look at key trends and the Top 10 payments stories from 2016 that will continue to shape the industry in 2017 and beyond, this must-have resource examines everything influencing the industry from the CFPB and Uber to Brexit and Trump and much more.