CFPB: Digital payment app deposits could be unsafe

Money held in nonbank, peer-to-peer digital payment apps often lack the deposit insurance protections at traditional banks and are more susceptible to losses, according to a Consumer Financial Protection Bureau report.

ABA, TBA sue CFPB over Section 1071

The American Bankers Association and Texas Bankers Association are suing the Consumer Financial Protection Bureau to prevent the agency from implementing Section 1071 of the Dodd-Frank Act.

CFPB suing payday lender over fine evasion

The Consumer Financial Protection Bureau is suing James Carnes and Melissa Carnes, after the couple allegedly hid money through a series of fraudulent transfers to avoid paying more than $40 million in fines.

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