Tag: CFPB
-
CFPB imposes $8 credit card late fee rate
CFPB Imposes $8 Credit Card Late Fee Rate The Consumer Financial Protection Bureau (CFPB) has announced a new rule that will limit the amount credit card companies can charge for late fees. Under the new regulation, credit card companies will not be allowed to charge more than $8 for a late fee. This move comes…
-
CFPB puts credit card comparison sites on notice
The Consumer Financial Protection Bureau (CFPB) has issued a warning to credit card comparison sites, urging them to improve transparency and accuracy in their listings. Many consumers rely on these sites to find the best credit card offers, but the CFPB has raised concerns about the potential for misinformation and hidden fees. In a recent…
-
CFPB may take legal action against Block
The Consumer Financial Protection Bureau (CFPB) has recently announced that they may take legal action against financial services company Block. The CFPB, which is tasked with protecting consumers in the financial marketplace, has raised concerns about Block’s business practices and potential violations of consumer protection laws. Block, formerly known as Square, is a popular platform…
-
CFPB open banking proposal will be crucial
CFPB Open Banking Proposal Will Be Crucial The Consumer Financial Protection Bureau (CFPB) has unveiled a groundbreaking proposal that could revolutionize the banking industry – Open Banking. This proposal is set to have far-reaching implications for consumers, businesses, and financial institutions. Open Banking refers to the practice of sharing consumer banking data securely and efficiently…
-
Lawmakers clash on CFPB digital payment rule
Lawmakers Clash on CFPB Digital Payment Rule In a recent debate on Capitol Hill, lawmakers clashed over the Consumer Financial Protection Bureau’s (CFPB) new rule regarding digital payment methods. The contentious rule, aimed at regulating the rapidly evolving landscape of digital payments, has divided lawmakers along party lines, highlighting the complex dynamics of the modern…
-
CFPB hiring for tech enforcement
CFPB Hiring for Tech Enforcement The Consumer Financial Protection Bureau (CFPB), the independent agency responsible for consumer protection in the financial sector, has announced plans to strengthen its enforcement efforts in technology-related issues. In line with this initiative, the agency has started hiring tech-savvy professionals adept in handling emerging challenges in the digital domain. The…
-
CFPB targets fees on real-time transaction declines
CFPB Targets Fees on Real-Time Transaction Declines The Consumer Financial Protection Bureau (CFPB) is taking a closer look at the fees imposed on real-time transaction declines by financial institutions. The move is part of an effort to protect consumers from unfair practices and promote transparency within the industry. Real-time transactions, where funds are instantly deducted…
-
CFPB eyes NSF fee ban for transactions declined in real time
CFPB Eyes NSF Fee Ban for Transactions Declined in Real Time The Consumer Financial Protection Bureau (CFPB) has set its sights on prohibiting banks from charging NSF (Non-Sufficient Funds) fees for transactions declined in real time. This move aims to protect consumers from incurring excessive fees due to low account balances at the time of…
-
CFPB proposes rule to end bank overdraft loophole for large banks
The Consumer Financial Protection Bureau (CFPB) has recently proposed a new rule aiming to close a bank overdraft loophole primarily benefiting large financial institutions. This proposal aims to protect consumers from excessive fees charged for overdraft services and create a more level playing field for banks of all sizes. Currently, banks have the option to…
-
CFPB proposal would cut overdraft fees
CFPB Proposal Would Cut Overdraft Fees Overdraft fees have long been a source of frustration for consumers, often leading to additional financial burdens and headaches. However, relief may be on the horizon as the Consumer Financial Protection Bureau (CFPB) has proposed new regulations designed to reduce and eliminate excessive overdraft fees. What are overdraft…
-
Amazon, Andreessen Horowitz seek exemptions on proposed CFPB rule
Amazon, Andreessen Horowitz Seek Exemptions on Proposed CFPB Rule Amazon and venture capital firm Andreessen Horowitz are among the companies requesting exemptions on the proposed rule by the Consumer Financial Protection Bureau (CFPB) aimed at increasing transparency and fairness in the financial services industry. The CFPB, established in 2010 following the financial crisis, has…
-
Congress members seek clarity on CFPB bid to oversee digital wallets
Congress Members Seek Clarity on CFPB Bid to Oversee Digital Wallets Amidst the rapid growth of digital payment platforms, the Consumer Financial Protection Bureau (CFPB) recently proposed regulation to gain oversight on digital wallets. This move has since caught the attention of several members of Congress, who are now seeking clarity on the matter.…
-
Bank groups voice concerns with CFPB’s open banking proposal
Bank Groups Voice Concerns with CFPB’s Open Banking Proposal Several major bank groups have raised concerns with the Consumer Financial Protection Bureau’s (CFPB) latest proposal on open banking, citing potential risks to consumer data privacy and cybersecurity. The CFPB recently unveiled its plan to require banks to share customer financial data with third-party financial technology…
-
CFPB flags impending guidance on earned wage access
CFPB Flags Impending Guidance on Earned Wage Access The Consumer Financial Protection Bureau (CFPB) announced earlier this week that it is preparing to issue guidance regarding the emerging trend of earned wage access (EWA). The regulatory agency seeks to ensure that consumers leveraging these services are protected and not exposed to predatory lending practices or…
-
Senators prod CFPB on BNPL oversight
Senators Prod CFPB on BNPL Oversight A group of Senators has urged the Consumer Financial Protection Bureau (CFPB) to enhance its oversight on Buy Now Pay Later (BNPL) services, citing concerns for potential predatory practices and adequate consumer protection. Buy Now Pay Later has gained immense popularity in recent years, as it allows consumers to…
-
Warren urges CFPB to act on card late fee rule
Published on April 15, 2021 Senator Elizabeth Warren is putting pressure on the Consumer Financial Protection Bureau (CFPB) to take action on the issue of credit card late fees. In a recent letter to the Bureau, Warren expressed her concerns about the impact of these fees on consumers and called for stronger regulations to protect…
-
Affirm CEO welcomes CFPB oversight
Affirm CEO Welcomes CFPB Oversight In a surprising turn of events, Affirm’s CEO, Max Levchin, openly welcomes the Consumer Financial Protection Bureau’s (CFPB) oversight into the financial technology industry. As the head of one of the leading buy-now-pay-later platforms, Levchin sees the scrutiny as an opportunity to enhance consumer protection and build trust within the…
-
CFPB proposes new oversight for payment tech firms
CFPB Proposes New Oversight for Payment Tech Firms By OpenAI Assistant September 15, 2022 The Consumer Financial Protection Bureau (CFPB) has recently proposed new oversight measures aimed at regulating payment technology firms. This move comes as the CFPB recognizes the growing influence and prevalence of payment tech firms in the financial industry. Payment technology companies…
-
PayPal discloses SEC, CFPB probes
PayPal, the leading online payment processing company, has recently disclosed ongoing investigations by two regulatory bodies, the Securities and Exchange Commission (SEC) and the Consumer Financial Protection Bureau (CFPB). This revelation came as a surprise to investors and sparked a wave of discussion and speculation about potential implications for the fintech giant. The SEC, a…
-
CFPB: Consumers paid record credit card fees in 2022
The Consumer Financial Protection Bureau (CFPB) recently released a report highlighting that consumers faced a surge in credit card fees throughout the year 2022. The fees amounted to a record-breaking figure, leaving consumers concerned about their financial stability and the state of their credit card accounts. According to the CFPB’s report, credit card fees charged…