The Consumer Financial Protection Bureau (CFPB) is recruiting more technologists and conducting additional research to address the role of transformative technologies in consumer financial markets. The agency aims to help ensure that the rights of consumers are not being violated as the tech ecosystem evolves,...
The Consumer Financial Protection Bureau (CFPB) is overstepping its bounds when it comes to regulating digital payments firms — especially larger players — critics charged at a Wednesday (March 13) House hearing. At the House of Representatives Committee on Financial Services Subcommittee on Digital Assets,...
The Consumer Financial Protection Bureau (CFPB) came under fire on Capitol Hill Thursday (March 7) from critics who charged that caps on credit card late fees, and other actions, would hurt innovation and banks’ customers in the long run. At the hearing, titled “Politicized Financial...
What will the loss of credit card late fees mean for America’s biggest banks? A report Tuesday (March 5) by Goldman Sachs Equity Research examines the impact of lost revenue for these banks in the wake of the Consumer Financial Protection Bureau’s (CFPB) new rule...
America’s consumer protection watchdog finalized a rule lowering credit card late fees. In a statement issued Tuesday (March 5), Consumer Financial Protection Bureau Director Rohit Chopra said the rule change will reduce the typical late fees charged by card issuers from an average of $32 to — in most...
The Consumer Financial Protection Bureau (CFPB) is working to crack down on companies that operate comparison-shopping tools for financial products and manipulate the results. The CFPB issued a circular to law enforcement agencies and regulators that explains how these companies can break the law when they accept kickbacks and...
The Consumer Financial Protection Bureau (CFPB) will propose rules this year to limit the activities of data brokers, including those that sell personal data to customers overseas. The CFPB announced this plan in a Wednesday (Feb. 28) press release following the release of President Joe Biden’s executive order to...
The Consumer Financial Protection Bureau (CFPB) has taken action to establish supervisory authority over installment lender World Acceptance Corp., saying it aims to ensure compliance with federal consumer financial protection laws. “The CFPB has determined that World Acceptance Corporation has met the legal requirements for supervision,” the agency...
Three members of Congress have urged the Consumer Financial Protection Bureau (CFPB) to reopen and extend the public comment period on its proposed rule that would allow it to supervise large nonbank companies that offer services like digital wallets and payment apps. They also urged the CFPB to reconsider...
