CFPB

CFPB’s Chopra Warns of Consumer Credit Delinquency as Total Household Debt Hits $17 Trillion
CFPB’s Chopra Warns of Consumer Credit Delinquency as Total Household Debt Hits $17 Trillion
June 14, 2023  |  CFPB

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...

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FTC Highlights Enforcement Actions Related to Financial Abuses
FTC Highlights Enforcement Actions Related to Financial Abuses
June 07, 2023  |  Regulation

The Federal Trade Commission (FTC) undertook enforcement actions around automobile purchasing and financing, payday lending, and credit repair and debt relief in 2022. The agency highlighted...

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CFPB Warns Against ‘Poorly Deployed’ Banking Chatbots
CFPB Warns Against ‘Poorly Deployed’ Banking Chatbots
June 06, 2023  |  CFPB

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...

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PYMNTS Intelligence: Impending Open Banking Rules Make Bank-FinTech Collaboration a Must
PYMNTS Intelligence: Impending Open Banking Rules Make Bank-FinTech Collaboration a Must
June 06, 2023  |  Banking

Banks’ and FinTechs’ pursuit of collaboration in recent years is an especially positive development, given that United States regulation around open banking likely will make...

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CFPB Advises Consumers to Move From Payment Apps to Insured Accounts
CFPB Advises Consumers to Move From Payment Apps to Insured Accounts
June 01, 2023  |  CFPB

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...

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Overdraft Fees Plummet as Banks, FinTechs Find Value in Monetizing ‘Alerts’
Overdraft Fees Plummet as Banks, FinTechs Find Value in Monetizing ‘Alerts’
May 31, 2023  |  Banking

Overdraft fees have been a hot button issue in financial services.  But they’re less of a revenue source for banks — significantly less — than...

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CFPB Fines Installment Lender OneMain $20 Million for Upsell and Refund Practices
CFPB Fines Installment Lender OneMain $20 Million for Upsell and Refund Practices
May 31, 2023  |  Loans

OneMain Financial, a nonbank personal loan installment lender, has been slapped with $20 million in redress and penalties by the Consumer Financial Protection Bureau (CFPB)...

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CFPB Begins to ‘Muscle Up’ AI Regulations
CFPB Begins to ‘Muscle Up’ AI Regulations
May 28, 2023  |  artificial intelligence

America’s consumer watchdog is among the many organizations beefing up its artificial intelligence (AI) safeguards. In an interview with The Associated Press on Friday (May 26),...

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Australia Reclassifies BNPL as Credit While UK and US Regulators Eye Similar Actions
Australia Reclassifies BNPL as Credit While UK and US Regulators Eye Similar Actions
May 26, 2023  |  Buy Now Pay Later

From Australia, the land that invented buy now, pay later (BNPL) as we now know it, comes news this week that laws are changing to...

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