RSSCFPB: BNPL firms should be regulated like credit card companies
The Consumer Financial Protection Bureau signaled it plans to issue new regulations for ‘buy now, pay later’ firms to ensure they adhere to similar rules as credit cards.
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CFPB: Financial companies must safeguard consumer data
The Consumer Financial Protection Bureau recently confirmed that companies without adequate safeguards to protect consumer data are at greater risk of being held liable under the Consumer Financial Protection Act.
Trade groups request CFPB include large data aggregators in rule
Eight U.S. trade groups are urging the Consumer Financial Protection Bureau to define data aggregators as “larger participants” subject to regulatory supervision.
U.S. Bank fined $37.5 million for account fraud
The Consumer Financial Protection Bureau fined U.S. Bank $37.5 million for knowingly allowing employees to illegally access customer credit reports and for opening checking, savings and credit accounts without permission for more than a decade.
CFPB: Overdraft revenue rebounded at small banks early this year
After seeing a 20 to 25 percent loss in overdraft/NSF fees in 2021, small banks largely rebounded early this year. Midsize and large banks have yet to recoup those numbers.
Bank of America fined $225 million
Federal regulators fined Bank of America $225 million for mishandling the distribution of pandemic unemployment dollars and other public benefits.
CFPB says ‘pay-to-pay’ fees often illegal
The Consumer Financial Protection Bureau issued an advisory opinion late last month affirming that federal law frequently prohibits debt collectors from charging “pay-to-pay” fees.
CFPB says companies must protect customer data privacy
The Consumer Financial Protection Bureau issued a legal interpretation on July 7 advising that credit reporting companies and users of credit reports “have specific obligations to protect the public’s data privacy,” and could be held criminally liable for not meeting those obligations.
Trade groups ask bureau to rescind examination manual
Banking trade groups have jointly called for the Consumer Financial Protection Bureau to withdraw a revised examination manual which would allow it to scrutinize discriminatory conduct under its authority to enforce the Consumer Financial Protection Act’s prohibition on unfair, deceptive and abusive acts and practices.
CFPB seeking info on customer service at large banks
The Consumer Financial Protection Bureau is seeking public input on how the shift to digital banking is impacting large bank customers.
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