Tag: CFPB
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Visa leans into CFPB proposal
In a recent development, Visa, the global financial services corporation, has shown its support for the new consumer protection proposal made by the Consumer Financial Protection Bureau (CFPB). The CFPB proposal aims to provide enhanced financial protections for consumers, safeguarding them against unfair practices. The proposed regulations by the CFPB focus on several key areas…
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CFPB unveils open banking proposal
CFPB Unveils Open Banking Proposal The Consumer Financial Protection Bureau (CFPB) recently revealed their new open banking proposal, aiming to foster greater innovation, enhance competition, and empower consumers in the financial services sector. Open banking refers to the practice of sharing financial data, securely and with customer consent, between different financial institutions and third-party providers…
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CFPB proposes Open Banking rule in the US
Open Banking, the growing global trend that aims to increase consumer choice, competition, and innovation in the financial services industry, could be a reality in the United States sooner than expected. The Consumer Financial Protection Bureau (CFPB) has recently proposed a new rule that would require banks to share consumer financial data securely and with…
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Immigrants denied credit cards, other loans: CFPB, DOJ
Immigrants Denied Credit Cards, Other Loans: CFPB, DOJ The Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) recently released a joint report revealing that many immigrants face challenges when attempting to obtain credit cards and other forms of loans. The report highlights the discriminatory practices within the financial industry that disproportionally affect…
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White House, CFPB are coming for ‘junk fees’
In a bid to protect consumers and promote transparency in the financial sector, the White House and the Consumer Financial Protection Bureau (CFPB) are actively working to address the issue of ‘junk fees.’ These fees, often hidden or undisclosed, can significantly impact borrowers and consumers alike. Understanding Junk Fees Junk fees refer to various hidden…
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CFPB’s Chopra warns of ‘financial censorship’ in payments
The Consumer Financial Protection Bureau’s (CFPB) nominee Rohit Chopra has raised concerns about what he calls “financial censorship” in the payments industry. In a recent speech, Chopra emphasized the need for increased transparency and fairness to protect consumers’ rights and prevent them from being silenced or excluded from the financial system. Chopra highlighted that the…
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What the CFPB’s open banking push means for financial institutions
Open banking has been gaining momentum worldwide, and in the United States, the Consumer Financial Protection Bureau (CFPB) has recently made moves to foster this transformative trend within the financial sector. Open banking refers to the practice of sharing customer financial data securely through standardized, open application programming interfaces (APIs) among different financial institutions with…
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CFPB flags risks of tuition payment plans
CFPB Flags Risks of Tuition Payment Plans The Consumer Financial Protection Bureau (CFPB) has recently issued a warning regarding the potential risks associated with tuition payment plans. These plans, offered by many colleges and universities, often require students to borrow money to cover their education expenses. Tuition payment plans typically involve students making monthly payments…