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Regulation

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

“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 […]
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Regulation

Card Issuers Resisted Slashing Credit Limits During Pandemic: CFPB

“In a shift from the previous U.S. economic crisis, credit card issuers last year mostly avoided clamping down on their existing customers’ borrowing limits, according to a new report from the Consumer Financial Protection Bureau. The report, one of the most extensive analyses of credit card trends during the pandemic, found a significant tightening of […]
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Providers

What Biden’s Data Portability Push Means for Banks

“How much of an effort this will require banks to make from a technology and business point of view will depend on the rules the CFPB writes. The agency could validate the current state of consumer data sharing in the U.S., in which aggregators pull data out of banks and give it to fintechs on […]
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Regulation

Recent Analysis of Consumer Financial Protection Bureau Data Shows Exponential Increase in Fintech and Crypto Complaints to CFPB

“Data intelligence company Morning Consult recently analyzed consumer complaints made to the Consumer Financial Protection Bureau (CFPB). The analysis showed that fintech and crypto-related complaints made by consumers to the CFPB “exploded” in early 2021 compared to the same period in 2020. Our clients should be aware that the sharp increase in fintech and crypto […]
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Regulation

CFPB Investigating U.S. Bancorp Over Consumer Sales Practices

“U.S. Bancorp is facing regulatory scrutiny over how it sells products to consumers. The $553.8 billion-asset company is under investigation by the Consumer Financial Protection Bureau regarding “certain of the company’s consumer sales practices,” according to a securities filing this week. The CFPB has been scrutinizing banks’ sales practices in the wake of Wells Fargo’s […]
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Regulation

CFPB Poised to Reinstate Tough Stance on Payday Lenders

“The Consumer Financial Protection Bureau is giving its clearest signal yet that a 2020 regulation easing standards for payday lenders is in jeopardy, despite efforts already in motion by the industry to implement the Trump administration rule. Acting CFPB Director Dave Uejio — appointed by the Biden administration to lead the agency following Kathy Kraninger’s […]

On The Wires

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Regulation

Regarding the CFPB’s Inquiry into Big Tech Payment Platforms

“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 […]
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Regulation

CFPB Proposes Rule to Shine New Light on Small Businesses’ Access to Credit | Consumer Financial Protection Bureau

“The Consumer Financial Protection Bureau (CFPB) today proposed a new rule designed to help small businesses gain access to the credit they need and deserve by increasing transparency in the lending marketplace. This rule, mandated by Congress in the Dodd-Frank Act, would, if finalized, require lenders to disclose information about their lending to small businesses, […]
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Regulation

CFPB Provides Guidance on Unauthorized Transfers | Davis Wright Tremaine

“Recent technological developments in banking and other financial services, combined with the effects of the pandemic, have led consumers to increasingly adopt digital payment solutions. At the same time, reports of digital fraud 1 and disputed electronic funds transfers (EFTs) are on the rise. In response to these trends, the Consumer Financial Protection Bureau (CFPB) […]