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Regulation

CFPB Charges TransUnion and Senior Executive John Danaher With Violating Law Enforcement Order | Consumer Financial Protection Bureau

“Today, the Consumer Financial Protection Bureau (CFPB) is filing a lawsuit against TransUnion, two of its subsidiaries, and longtime executive John Danaher for violating a 2017 law enforcement order. The order was issued to stop the company from engaging in deceptive marketing, regarding its credit scores and other credit-related products. After the order went into […]
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Providers

State Attorneys General Urge CFPB Oversight on “Buy Now, Pay Later” Companies | JD Supra

“On March 25, the Illinois State Attorney General Kwame Raoul, along with 18 other state attorneys general (state AGs), [1] provided comments to the Consumer Financial Protection Bureau (CFPB) related to the CFPB’s inquiry into companies that offer consumers the opportunity to divide the cost of their purchases into multiple installments, also referred to as […]
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Regulation

EXCLUSIVE Big Online Firms Face 0.1% Supervisory Fee Under New EU Rules

“Major online platforms face a yearly fee up to 0.1% of annual net income to cover the costs of monitoring compliance with new European Union rules requiring them to do more to police their content, an EU document shows. The Digital Services Act (DSA) rules are likely to be agreed between EU countries and lawmakers […]
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Regulation

PayPal Suit Poses Broad Threat to CFPB Authority

“A legal fight between PayPal Holdings and the Consumer Financial Protection Bureau over digital wallets could upend the bureau’s authority to mandate consumer protection disclosures across the financial services industry. The online payments giant sued the CFPB in 2019, claiming digital wallets should not be subject to the same fee disclosures as prepaid cards because […]
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Regulation

Big Tech and Fintechs Extend Grip on Financial Services – FSB

“The Financial Stability Board says that the Covid pandemic has enabled Big Tech firms like Google, Amazon and Apple and fintechs to widen their footprint in financial services, with significant implications for incumbents and consumers. The FSB report acknowledges that Big Tech and fintech firms’ expansion into financial services can bring benefits such as improved […]
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Global

CMA Writes to Barclays and Lloyds Over Open Banking API Breaches

“The UK’s Competition and Markets Authority has written to Barclays and Lloyds about a series of failures to make accurate and comprehensive data on its products and services available through open APIs. Under the Open Banking provisions of the Retail Banking Market Investigation Order 2017, big banks are required to make accurate, comprehensive and up […]