Tag: consumer protection
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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…
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New York enacts surcharge law
What to Know New York has recently enacted a new surcharge law impacting various industries across the state. The law, which took effect on January 1, 2022, aims to address issues related to pricing transparency and consumer protection. Key Features of the Law Under the new legislation, businesses in New York must disclose any surcharges…
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PSR bolsters UK consumer protection against APP fraud
The Payment Systems Regulator (PSR) in the UK has recently implemented new measures to further safeguard consumers against Authorized Push Payment (APP) fraud. PSR’s initiative aims to provide better protection to consumers from fraudulent activities during financial transactions. Authorized Push Payment fraud, often referred to as APP fraud, involves tricking individuals into authorizing…
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Affirm sees CFPB supervision on the horizon
Fintech company Affirm, widely known for providing point-of-sale installment loans, anticipates coming under the regulatory purview of the Consumer Financial Protection Bureau (CFPB) in the near future. This decision comes as the company continues to grow and expand its offerings, which include partnerships with online retailers to facilitate installment payments for consumers. The CFPB, established…