The Bank Policy Institute and the Kentucky Bankers Association filed a lawsuit Tuesday (Oct. 22) challenging the Consumer Financial Protection Bureau’s (CFPB) final rule on data sharing that was unveiled on the same day. The plaintiffs assert in the lawsuit that the rule jeopardizes the...
The goal of the Consumer Financial Protection Bureau’s final rule on data sharing unveiled Tuesday (Oct. 22) is to promote competition and, by extension, financial services innovation. But a deeper reading of the rule itself reveals that for banks, compliance with the rule has a...
The Consumer Financial Protection Bureau (CFPB) swung for the fences this morning (October 22) as it issued the final version of its long-awaited Rule 1033 on personal financial data rights. As expected, the rule will mark a significant step toward open banking in the United States....
The Consumer Financial Protection Bureau (CFPB) sued student lender Climb Credit and investment firm 1/0 Thursday (Oct. 17), alleging they provided potential borrowers with false information about the quality of their partner schools’ training programs and their graduates’ hiring rates and salaries. The regulator’s complaint...
The CFPB has barred dispute resolution platform Ejudicate from arbitrating disputes about consumer financial products. The ban came after the Consumer Financial Protection Bureau (CFPB) found that the company had misled student loan borrowers about its neutrality and undertook “sham” arbitration proceedings, the regulator said in a Thursday (Oct. 10)...
The Consumer Finance Protection Bureau (CFPB) says it’s taking action against improper automobile repossessions. The regulator on Monday (Oct. 7) released findings in its investigation into illegal practices in the auto finance world, including lenders repossessing cars after they’ve made payments or gotten extensions on...
With remittances, when in doubt, check it out. But don’t head straight to the regulators. That seems to be the message conveyed by the Consumer Financial Protection Bureau (CFPB), which on Friday (Sept. 20) issued a proposed rule with what it termed “a narrow amendment...
The Consumer Financial Protection Bureau (CFPB) will soon propose a rule that would apply privacy protections to data brokers, CFPB Director Rohit Chopra said Thursday (Sept. 19). In remarks prepared for delivery at the Aspen Institute, Chopra said this proposed rule would give consumers more...
The Consumer Financial Protection Bureau (CFPB) sued Horizon Card Services and its CEO Robert Kane Friday (Sept. 13). The CFPB alleged that the company used deceptive marketing, charged illegal and excessive fees, and made it unreasonably difficult for consumers to cancel memberships and obtain refunds,...
