With 10 days left in the Biden administration, the Consumer Financial Protection Bureau (CFPB) proposed a new interpretive rule on the applicability of the Electronic Fund Transfer Act (EFTA) and Regulation E to “new and...more
Background on Open Banking and the CFPB -
The Consumer Financial Protection Bureau (CFPB) recently finalized a rule on personal financial data rights (Rule), implementing Section 1033 of the Consumer Financial Protection Act...more
11/20/2024
/ Banking Sector ,
Competition ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Rights ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Rules ,
Open Banking ,
Popular ,
Proposed Regulation ,
Regulatory Requirements ,
Technology
On January 9, the California Department of Financial Protection and Innovation (DFPI) issued an order against a consumer financing platform that enables merchants to offer installment contracts to their customers. The...more
1/29/2024
/ Banking Sector ,
California ,
California Consumer Financial Protection Law (CCFPL) ,
Consumer Financial Products ,
Department of Financial Protection and Innovation (DFPI) ,
Disclosure ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
Hidden Fees ,
New Regulations
On January 2, New York Governor Kathy Hochul announced a proposal to establish regulations for the “Buy Now Pay Later” (BNPL) loan industry.
Gov. Hochul announced that she will propose legislation to require BNPL providers...more
The Consumer Financial Protection Bureau (CFPB) published a proposed rule on November 7, 2023, that, if finalized, would subject to its supervisory authority certain Big Tech firms and other nonbank companies operating in the...more
CFPB Seeks Public Input on Consumer Credit Card Market -
On January 24, the Consumer Financial Protection Bureau (CFPB) issued a request for information seeking public feedback on how the consumer credit market is...more
CFPB Warns Firms on Information Security Weaknesses -
On August 11, 2022, the Consumer Financial Protection Bureau (CFPB) released a circular confirming that financial companies can violate consumer financial protection...more
CFPB Director Chopra Plans to Review CARD Act Rules -
The day after a tough hearing with the Senate Banking Committee, on April 27, 2022, the House Financial Services Committee held a hearing in which Consumer Financial...more
CFPB Requests Info on Consumer Financial Products or Service Fees -
On January 26, 2022, the Consumer Financial Protection Bureau (CFPB) announced the launch of an initiative to collect information from consumers,...more
2/9/2022
/ Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Surcharges ,
FDIC ,
Financial Services Industry ,
FinCEN ,
FinTech ,
OCC ,
Surcharges ,
Technology
CFPB Shutters LendUp -
On December 21, 2021, the Consumer Financial Protection Bureau (CFPB) issued a press release stating that the online lender, LendUp Loans (LendUp), headquartered in Oakland, California, has agreed to...more
CFPB Clarifies That Sexual Orientation and Gender Identity Are Protected Under ECOA -
On March 9, CFPB issued an interpretive rule clarifying the prohibition against sex discrimination under the Equal Credit Opportunity...more