Regulation

Regulation
SoLo Funds ‘Blindsided’ by CFPB Lawsuit
May 17, 2024

The Consumer Financial Protection Bureau sued SoLo Funds, alleging that the online lending platform used “digital dark patterns” to illegally collect fees from borrowers. The lawsuit also alleged that SoLo Funds misrepresented the cost of loans, made false threats, collected money consumers didn’t owe, and created a credit scoring model with...

Regulation
UK Antitrust Regulator Won’t Investigate Microsoft-Mistral AI Partnership
May 17, 2024

The United Kingdom’s Competition and Markets Authority (CMA) will not investigate Microsoft’s partnership with artificial intelligence (AI) startup Mistral AI. “The CMA has decided that Microsoft Corporation’s partnership with Mistral AI does not qualify for investigation under the merger provisions of the Enterprise Act 2022,”...

Regulation
Lawmakers Urge Regulators to Make Financial Data More Accessible
May 16, 2024

Members of Congress from both houses and both parties sent a letter Tuesday (May 14) to the heads of eight federal financial regulatory agencies, urging them to implement the Financial Data Transparency Act (FDTA). The letter was signed by House Financial Services Committee Chairman Patrick McHenry, Ranking Member Maxine Waters, Sen. Mike Crapo and Sen. Mark Warner. Implementing the law...

Regulation
UK Relaxes ‘Land-Based Gambling’ Rules as Online Betting Grows
May 16, 2024

The British government is loosening its rules for brick-and-mortar betting businesses as online gambling grows. The U.K.’s Department for Culture, Media and Sport issued a report Thursday (May 16) that would allow for cashless payments on gaming machines in places like casinos, arcades and bingo halls, while introducing an age limit of...

Regulation
CFPB’s Credit Card Late Fee Rule Could Create Buy Now, Pay Later Windfall
May 09, 2024

The laws of physics dictate that for every action, there is a reaction. As Tuesday (May 14) looms, with a new rule from the Consumer Financial Protection Bureau (CFPB) slated to take effect that would drastically lower credit card late fees, several reactions might ripple across financial services. Not all of...

Regulation
UK’s FCA Defends Proposal to Disclose Companies Under Investigation
May 08, 2024

The Financial Conduct Authority (FCA), the United Kingdom’s financial watchdog, has reportedly faced a backlash from the industry regarding its proposal to publicly disclose companies under investigation.  Despite criticism from industry bodies and lawmakers, the FCA told the Treasury Committee Wednesday (May 8) that it remains...

Regulation
Wells Fargo: US Authorities Are Investigating Zelle Complaint Handling
May 03, 2024

Wells Fargo said Thursday (May 2) that U.S. authorities are investigating the handling of complaints about Zelle. This disclosure in a filing with the Securities and Exchange Commission (SEC) follows a similar statement by J.P. Morgan and comes amid scrutiny of Zelle’s peer-to-peer (P2P) payment network by both regulators and legislators,...

Regulation
Report: Block Faces DOJ Probe Over Alleged Compliance Lapses
May 01, 2024

Block, owner of Cash App and Square, is reportedly facing a Department of Justice investigation. Federal prosecutors are in discussions with an ex-employee about allegations of widespread compliance failures at Cash App and Square going back years, NBC News reported Wednesday (May 1), citing unnamed sources. “From the ground up, everything in the compliance...

Regulation
FTC Files Complaint Against Doxo, Alleging Misleading Ads
April 25, 2024

The Federal Trade Commission (FTC) is taking action against doxo, saying the bill payment company misleads consumers and tacks on junk fees. The agency filed a federal court complaint alleging that doxo violated the FTC Act, the Restore Online Shoppers’ Confidence Act and the Gramm-Leach-Bliley Act, the FTC said in a Thursday (April 25) press...