At the latest hearing focused on the Consumer Financial Protection Bureau, things got heated even before Director Rohit Chopra uttered a word. At the Wednesday (June 14) hearing before the U.S. House Committee on Financial Services, titled “The Semi-Annual Report of the Bureau of Consumer...
America’s consumer protection watchdog says it’s monitoring the banking sector’s use of AI-powered chatbots. The Consumer Financial Protection Bureau (CFPB) said Tuesday (June 6) that it had gotten a number of complaints from customers frustrated by their interactions with banks’ artificial intelligence (AI), used to...
The Consumer Financial Protection Bureau (CFPB) has advised consumers to transfer money stored on payment apps to insured banks and credit unions. “Your money is at greater risk when you hold it in a payment app, instead of moving it to an account with deposit insurance,” the...
The Consumer Financial Protection Bureau (CFPB) and Citizens Financial Group have reached a settlement on a CFPB complaint. Citizens will pay a $9 million civil money penalty to resolve CFPB’s allegations that Citizens Bank, a subsidiary of Citizens Financial Group, failed to properly manage and respond to customers’ disputed credit card transactions...
The CFPB is warning banks against reopening closed customer accounts to drive fees. In a circular published Wednesday (May 10), the Consumer Financial Protection Bureau says it had received consumer complaints that their banks have reopened accounts they had taken steps to close, charging them...
The Consumer Financial Protection Bureau (CFPB) has told lawmakers that it suffered a data breach. A CFPB employee, who no longer works there, forwarded to a personal email account personal information on 256,000 consumers and confidential supervisory information on 45 financial institutions, The Wall Street...
Many states can use existing laws to fight “junk fees,” according to a federal regulator. Addressing a Pennsylvania house committee, Brian Shearer, senior advisor to the director of the Consumer Financial Protection Bureau (CFPB), said many states can attack junk fees under their existing statutes...
The words “systemic” and “risk” have been on everyone’s lips in the past few weeks. And for Big Tech, at least, the regulatory gaze will only widen, eyeing the payments ambitions of the biggest platforms, and whether new payment types — stablecoins among them —...
The Consumer Financial Protection Bureau is reminding lenders of its 13-year-old rule against “abusive” conduct. The CFPB issued a policy statement Monday (April 3) explaining its prohibition against abusive conduct in consumer financial market, created in 2010 in response to the Wall Street meltdown two...
