Payments News

On The Web

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Companies

PayPal Says U.S. Consumer Watchdog Investigating Payment App Venmo

“PayPal Holdings Inc said on Friday it was cooperating with the U.S. consumer watchdog regarding a civil investigation demand relating to its app Venmo’s alleged unauthorized fund transfers and collections processes. The demand from the U.S. Consumer Financial Protection Bureau was made last month, the digital payment processor said in a regulatory filing. ( bit.ly/3tsOHn1 […]
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Companies

Paypal Wins Bid to Strike Down CFPB Prepaid Card Regulations

“A federal judge in Washington, D.C., has invalidated part of a U.S. Consumer Financial Protection Bureau rule governing prepaid cards and digital wallets, emphatically agreeing with fintech giant PayPal that the agency overstepped its authority. In a decision studded with exclamation points, U.S. District Judge Richard Leon wrote that the agency’s rulemaking authority under Dodd–Frank […]
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Regulation

CFPB investigating Regions’ overdraft practices

“Regions Financial is the latest bank to face regulatory scrutiny over fees charged to consumers who overdraw their accounts. The $145 billion-asset company disclosed Thursday that it was in the process of responding to a civil investigative demand from the Consumer Financial Protection Bureau over certain overdraft practices and policies. The disclosure, which did not […]
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Providers

Consumer Bureau Scraps Restrictions on Payday Loans

“The Consumer Financial Protection Bureau on Tuesday formally rescinded a plan to impose new limits on payday lending, handing the industry a major victory by killing off tighter rules that it spent years lobbying to overturn. The proposed rules would have been the first significant federal regulations on an industry that makes $30 billion a […]
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Regulation

CFPB Expands Relief for Banks and Credit Unions From Remittance Rules

“More banks will be able to estimate costs to consumers of remittance transfers rather than quote exact third-party fees and exchange rates under a final rule issued by the Consumer Financial Protection Bureau. The rule released Monday expanded and made permanent temporary protections established in an earlier 2013 regulation. The new rule establishes a safe […]
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Regulation

Payday Lenders Mobilize in Support of Rule’s Repeal, Consumer Group Says

“Payday lenders have been mobilizing their customers to push the federal government to ease Obama-era regulations of the industry, according to research by a consumer advocacy group that favors the rules. Since the Consumer Financial Protection Bureau began soliciting public comment on a proposed rule governing small-dollar, high-interest consumer loans, the lenders have organized thousands […]
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Providers

The Prepaid Business Adopts a Sanguine Approach As the CFPB’s Big Rule Finally Takes Effect

“The Consumer Financial Protection Bureau’s voluminous prepaid card rule finally took effect with sweeping provisions governing matters ranging from fee disclosures to error-resolution rights to consumers’ access to their accounts. But issuers of prepaid cards and digital wallets have had time to adjust to the CFPB’s rule, which a hostile Congress once tried to quash […]

On The Wires

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Domains

PayActiv Becomes First And Only CFPB-Approved Earned Wage Access Provider

“The Consumer Financial Protection Bureau today issued a groundbreaking approval order (Approval) confirming that Payactiv’s Earned Wage Access (EWA) Program is not credit and therefore is exempt from the federal Truth in Lending Act (TILA) and Regulation Z rules governing creditors.   Specifically, the Approval notes that a Payactiv EWA user does not create a debt […]
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