India’s central bank has issued new guidelines designed to add oversight to digital lending apps and the lenders who work with them. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional...
A faulty algorithm caused overdraft penalties for automated savings withdrawals for customers of Hello Digit and it has neglected to make good on promises, the Consumer Financial Protection Bureau (CFPB) said in an enforcement action on Wednesday (Aug. 10). Get the Full Story Complete the...
U.K. financial regulators haven’t tackled risks adequately, ex-Bank of England governor Paul Tucker says, and now they should construct a “comprehensive” new policy. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no...
The Consumer Financial Protection Bureau (CFPB) hit U.S. Bank with a $37.5 million consent order for illegally accessing customers’ credit reports and personal information to open accounts without their permission. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to...
Five of America’s biggest investment banks are preparing to pay a combined $1 billion in fines for letting their workers use unauthorized messaging apps. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content —...
Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), has made it a priority for the bureau to fight against “junk fees,” overdraft fees, non-sufficient fund (NSF) fees and credit card late fees. He has also encouraged state regulators to take a more active...
The U.K. Financial Conduct Authority (FCA) warned banks that they should provide better service to small and medium-sized enterprises (SMEs) that are struggling with debt, or they will face more severe regulatory actions. Get the Full Story Complete the form to unlock this article and...
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network (FinCEN), the National Credit Union Administration, and the Office of the Comptroller of the Currency (the agencies), on Wednesday, July 6, issued a joint statement urging...
Last week, on June 24, the U.K. Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) issued two different statements about the future of open banking and the role that the Joint Regulatory Oversight Committee will play in this endeavor. Interestingly, both regulators called...
