The Consumer Financial Protection Bureau (CFPB) is monitoring the increasing payment of “discount points” by homebuyers and the potential risk this may pose to consumers. The percentage of homebuyers paying discount points doubled from 2021 to 2023, and the increase was even greater among those...
The Consumer Financial Protection Bureau (CFPB) is monitoring video games and virtual worlds to ensure their compliance with federal consumer financial protection laws. This monitoring comes as a growing number of these platforms add banking options and payments, and as the CFPB receives more complaints...
The Consumer Financial Protection Bureau (CFPB) has issued a circular warning remittance transfer providers about making false claims regarding the cost and speed of international money transfers. False advertising of that sort can violate federal law, the agency said in a Wednesday (March 27) press...
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...
