CFPB Journal staff report – Page 3

CFPB fines Block $175 million for Cash App fraud

The Consumer Financial Protection Bureau fined fintech Block $175 million after finding it allowed fraud to multiply on its financial services platform Cash App.

CFPB looks to increase privacy protections on large tech platforms

The Consumer Financial Protection Bureau announced two measures last week to provide privacy protections on large technology platforms.

CFPB strikes medical bills from credit reports

The Consumer Financial Protection Bureau banned credit reporting companies from including medical bills on credit reports and credit scores used by lenders.

CFPB sues Walmart, Branch Messenger for driver payment accounts

The Consumer Financial Protection Bureau recently sued Walmart and its fintech partner Branch Messenger for allegedly illegally opening deposit accounts for more than 1 million delivery drivers.

Judge upholds ban on CFPB’s credit card late fee proposal

A federal judge recently upheld the preliminary injunction against the Consumer Financial Protection Bureau’s proposed limit on credit card late fees to $8 per incident.

CFPB announces rule limiting overdrafts

The Consumer Financial Protection Bureau released a final rule Dec. 12 limiting the overdraft fees banks with more than $10 billion in assets can charge.

CFPB places Google’s payments division under supervision

The Consumer Financial Protection Bureau recently placed Google’s payments division under its supervisory authority, leading to a lawsuit from the company.

CFPB issues rule to oversee nonbanks issuing payment wallets

The Consumer Financial Protection Bureau recently finalized a rule to oversee the largest nonbanks offering payment wallet applications and digital funds transfers.

CFPB: Student loan relief positive for majority of borrowers

Sixty-one percent of borrowers impacted by the federal government pause on student loan payments during the pandemic made positive changes in their lives, according to a Nov. 13 report from the Consumer Financial Protection Bureau.

CFPB warns companies against unchecked digital tracking

The Consumer Financial Protection Bureau recently warned companies against unlimited digital surveillance of employees. Issued Oct. 24, the guidance called on companies to follow the Fair Credit Reporting Act when using third-party consumer reports, including background dossiers and surveillance-based algorithmic or “black box” AI scores.