As a few individual states in the U.S. examine payroll and debit card rules, the Consumer Financial Protection Bureau also has this product on its mind. News reports Thursday (July 13) said the CFPB issued a proposal to amend regulations that affect payroll debit card...
Though Congress passed a law capping debit card issuers’ per-transaction interchange income at essentially 24 cents—about half the average issuer take previously—many merchants remain convinced issuers still earn sizable profits from their debit card transactions. A new 35-page report released by the Federal Reserve Board...
October 17, 2023
The Consumer Financial Protection Bureau (CFPB) has taken action against Chime Inc., the operator of the Sendwave mobile app, for deceiving consumers about the speed and cost of remittance transfers. Chime Inc. is not connected to the California-based FinTech Chime Financial. Chime Inc. has also been found guilty of illegally forcing consumers to waive their […]
