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Regulation

CFPB Initiates Review of Credit Card Company Penalty Policies Costing Consumers $12 Billion Each Year

June 22 2022

“The Consumer Financial Protection Bureau (CFPB) is taking the first step toward addressing credit card company penalty policies costing consumers $12 billion each year, starting by looking at excessive late fees. In an Advance Notice of Proposed Rulemaking published today, the CFPB asks for information on the Federal Reserve Board of Governors’ 2010 immunity provision […]
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Companies

CFPB Invokes Dormant Authority to Examine Nonbank Companies Posing Risks to Consumers

April 26 2022

“The Consumer Financial Protection Bureau (CFPB) announced that it is invoking a largely unused legal provision to examine nonbank financial companies that pose risks to consumers. The CFPB believes that utilizing this dormant authority will help protect consumers and level the playing field between banks and nonbanks. The CFPB is also seeking public comments on […]
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Regulation

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

April 13 2022

“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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Regulation

CFPB Issues Warning on Use of Prepaid Cards to Pay Government Benefits

February 16 2022

“The Consumer Financial Protection Bureau warned financial services companies Tuesday about a longstanding prohibition on using prepaid debit cards as the sole method for distributing government benefits. Companies that get hired by government agencies to distribute payments to consumers may be extracting illegal fees that would be considered an abuse of their exclusive contracts, the […]
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Regulation

PayPal Calls CFPB’s Fee Disclosure Rule ‘Problematic’ – Law360

November 1 2021

“PayPal has asked the D. C. Circuit to uphold its win against the Consumer Financial Protection Bureau over the agency’s disclosure rules for prepaid cards and digital wallets, calling the requirements “problematic. “The CFPB is allowed by law to craft model disclosures for prepaid cards and digital wallets, but the agency overstepped its authority by […]

On The Wires

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Regulation

U.S. Consumer Chief Chopra to Revisit Rules Around Credit Card Fees, Abuses

April 28 2022

“The U.S. consumer watchdog will revisit its rules around credit card fees in a bid to stamp out abuses, discourage excessive late fees and boost competition, the agency’s director told Congress on Wednesday, confirming a Reuters April report.  “I am asking the staff to look at whether we should reopen the CARD Act rules … […]
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Regulation

CFPB Research Shows Banks’ Deep Dependence on Overdraft Fees | Consumer Financial Protection Bureau

December 2 2021

“Banks continue to rely heavily on overdraft and non-sufficient funds (NSF) revenue, which reached an estimated $15.47 billion in 2019, according to research released today by the Consumer Financial Protection Bureau (CFPB). Three banks—JPMorgan Chase, Wells Fargo, and Bank of America—brought in 44% of the total reported that year by banks with assets over $1 […]
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Regulation

Regarding the CFPB’s Inquiry into Big Tech Payment Platforms

October 21 2021

“Congress has tasked the CFPB with ensuring that markets for consumer financial products and services are fair, transparent, and competitive. To that end, it has authorized the CFPB to require participants in the marketplace to provide information that help the Bureau monitor risks to consumers and to publish aggregated findings that are in the public […]