Payments News

On The Web

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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 […]
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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 […]

On The Wires

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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) […]
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Regulation

CFPB Annual Complaint Report Highlights More Than a Half-Million Complaints Received in 2020 | Consumer Financial Protection Bureau

“Today, the Consumer Financial Protection Bureau (CFPB) provided to Congress the Consumer Response Annual Report for 2020. The impact of the COVID-19 pandemic on the consumer financial marketplace is reflected in the increase of complaints submitted to the CFPB. The CFPB handled approximately 542,300 complaints last year—a nearly 54% increase over the approximately 352,400 complaints […]
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Regulation

Consumer Financial Protection Bureau Takes Action Against Payment Processor and Its Former CEO for Supporting Internet-Based Technical-Support Scams | Consumer Financial Protection Bureau

“The Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court against BrightSpeed Solutions Inc. (BrightSpeed) and its founder and former chief executive officer, Kevin Howard, for knowingly processing payments for companies engaged in internet-based technical-support fraud. Chicago-based BrightSpeed was a privately owned, third-party payment processor founded and operated by Howard in 2015. It […]