The Consumer Financial Protection Bureau has been busy — with the latest salvo of (possible) rulemaking looming for buy now, pay later (BNPL) loans, earned wage access and other financial products. The CFPB sent a letter detailing the move to the Consumer Bankers Association and...
Four trade associations and three banks are pursuing legal action against the Consumer Financial Protection Bureau’s (CFPB) final rule on overdraft services, which was released Thursday (Dec. 12). In their lawsuit, the organizations allege that the CFPB exceeded its regulatory authority with this new regulation...
The Consumer Bankers Association (CBA) said Monday (Dec. 9) that the incoming Trump administration and new Congress present opportunities to reverse the Consumer Financial Protection Bureau’s (CFPB) “radical pendulum shift.” The association said this in a letter dated Monday, addressed to the chairman and the...
The Consumer Financial Protection Bureau (CFPB) will reportedly take a closer look at credit card reward programs. This move follows an increase in the number of complaints the agency has received from consumers, CFPB Director Rohit Chopra said Tuesday (March 26), Reuters reported. Speaking with reporters on the sidelines of...
March 07, 2024
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 Regulation and its Impact on Consumer Credit and Community Development,” […]
December 12, 2024
Four trade associations and three banks are pursuing legal action against the Consumer Financial Protection Bureau’s (CFPB) final rule on overdraft services, which was released Thursday (Dec. 12). In their lawsuit, the organizations allege that the CFPB exceeded its regulatory authority with this new regulation and that it did not appropriately consider how its actions […]
December 09, 2024
The Consumer Bankers Association (CBA) said Monday (Dec. 9) that the incoming Trump administration and new Congress present opportunities to reverse the Consumer Financial Protection Bureau’s (CFPB) “radical pendulum shift.”...
March 26, 2024
The Consumer Financial Protection Bureau (CFPB) will reportedly take a closer look at credit card reward programs. This move follows an increase in the number of complaints the agency has received from...
June 03, 2020
The Consumer Bankers Association and Bank Policy Institute, in a co-signed letter, have called on Congress to automatically forgive Paycheck Protection Program (PPP) loans under $150,000. Although that would cover around...
