April 8, 2024
Via: FinTech FuturesTitled Banking in Video Games and Virtual Worlds, the new study reveals that gaming consumers in America spent nearly $57 billion on hardware, software, and in-game transactions in 2023. Gamers are often exchanging real dollars for virtual currencies or other […]
Capital and Risk, Credit, Regulations
March 8, 2024
Via: FinTech FuturesThe ruling has lowered the charge from its previous figure of $32, in a move that the regulator hopes will save account holders more than $14 billion a year while axing what it describes as business models founded on “penalties, […]
January 30, 2024
Via: Banking Dive2023 brought the most contentious proposed regulation in years: a revamp that would require the U.S.’s biggest banks to hold roughly 19% more capital than they do now. Lawmakers and trade groups opposed to the rule first attacked it on […]
January 25, 2024
Via: FinTech FuturesNSF fees are typically incurred when a transaction is processed and then declined due to lack of funds through payments made via cheques, electronic authorisations or the Automated Clearing House (ACH). Data published by the Bureau in 2022 suggests that […]
January 17, 2024
Via: Banking DiveA rule proposed Wednesday by the Consumer Financial Protection Bureau could reduce — to between $3 and $14 — the overdraft fees charged by banks with more than $10 billion in assets. Under the proposed rule, banks would classify overdraft […]
December 27, 2023
Via: JD SupraLast week, the CFPB released its twelfth annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act. The CARD Act requires mandatory reporting to the CFPB by card issuers on agreements with […]
December 20, 2023
Via: Banking DiveU.S. Bank will pay nearly $36 million in connection with customers’ inability to access unemployment benefits during the COVID-19 pandemic, two regulators said Tuesday, announcing separate penalties. The Consumer Financial Protection Bureau ordered the Minneapolis-based lender to pay $20.7 million […]
December 18, 2023
Via: JD SupraOn December 15, 2023, the CFPB announced a settlement with a medical debt collector to resolve allegations that it violated the Fair Credit Reporting Act (“FCRA”), its implementing Regulation V, the Fair Debt Collection Practices Act (“FDCPA”), and the Consumer […]
December 1, 2023
Via: JD SupraThe CFPB recently issued a consent order and a $12 million fine against a large national bank for failing to accurately collect and report HMDA data. According to the CFPB, instead of asking applicants for their race, ethnicity, and sex, […]
November 20, 2023
Via: FinTech FuturesThe regulator says the company has been charged for withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions. In 2019, Enova paid a $3.2 million penalty to the CFPB with orders […]
November 14, 2023
Via: JD SupraThere are certain nonbank markets that the Consumer Financial Protection Bureau (“CFPB”) has the statutory right to supervise irrespective of size (e.g., mortgage, private education loan, payday lending). Then, there are other consumer finance markets to which Congress gave the […]
November 9, 2023
Via: FinTech FuturesThe proposals put forward by the US consumer finance watchdog this week specifically target nonbank companies that offer digital wallets, retail payment apps, or process more than 5 million transactions per year. Under this scope, the new regulations would only […]
October 25, 2023
Via: Payments DiveVisa, the largest U.S. card network, regularly faces challenges to its business in the regulatory realm. Therefore, it’s a rarity to hear the company’s CEO complimenting a CFPB action. In this case, he was commenting on open banking, a trend […]
October 23, 2023
Via: JD SupraThe Consumer Financial Protection Bureau (“CFPB”) announced last week the publication of an Advisory Opinion regarding “Consumer Information Requests to Large Banks and Credit Unions.” The Advisory Opinion applies to “large banks and credit unions”, which means those with $10 […]
Capital and Risk, Credit, Regulations
October 19, 2023
Via: Banking DiveThe Senate voted Wednesday, by a 53-44 tally, to repeal the Consumer Financial Protection Bureau’s small-business data collection rule. The rule, issued in March, has drawn criticism over the specific pieces of information it seeks to collect from small-business owners […]
October 12, 2023
Via: FinTech FuturesAs per a 2010 federal law, big banks and credit unions with more than $10 billion in assets are required to provide “complete and accurate” account information when requested by the accountholders. The CFPB says it became aware of banks […]
October 3, 2023
Via: JD SupraOn September 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued a Consumer Protection Circular, “Adverse Action Notification Requirements and the Proper Use of the CFPB’s Sample Forms Provided in Regulation B” (Guidance), concerning lenders’ obligations when using artificial intelligence […]
September 18, 2023
Via: JD SupraThe CFPB recently published an issue spotlight evaluating the availability of tap-to-pay technology for contactless point-of-sale (POS) purchases on mobile devices. The issue spotlight discusses the role that mobile device operating systems play, through tap-to-pay technology, in an open banking […]
July 17, 2023
Via: JD SupraOn July 12, the CFPB and the State of Maine filed an amicus brief in the Maine Supreme Judicial Court arguing that determining whether a loan is covered by TILA requires an assessment of the borrower’s primary purpose in entering […]
February 28, 2023
Via: YahooU.S. Bancorp (USB) said in a filing Monday that the Consumer Financial Protection Bureau (CFPB) is considering a potential enforcement action against the bank as part of a previously-disclosed probe into its administration of unemployment insurance benefit prepaid debit cards […]