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CFPB announces measures to address credit card practices and fees

News | Payments General | 19 Dec 2024

The Consumer Financial Protection Bureau (CFPB) has announced a series of measures aimed at addressing illegal credit card practices and reducing financial burdens.

credit card, financial services, product launch, interest rate

CFPB adjourns overdraft loophole to decrease fees for US residents

News | Online & Mobile Banking | 13 Dec 2024

The Consumer Financial Protection Bureau (CFPB) has announced the removal of an overdraft loophole that made overdraft loans immune to lending regulations.  

scheme fee, regulation, banking, banks, financial services

Google challenges CFPB oversight of payment division in federal court

News | Payments General | 10 Dec 2024

Google has filed a lawsuit against the Consumer Financial Protection Bureau (CFPB), contesting the agency’s decision to subject its payments division to federal oversight.

payments , regulation, data protection, customer experience

US judge denies CFPB's request to cap credit card late fees at USD 8

News | Payments General | 10 Dec 2024

A federal US judge has declined a request made by the Consumer Financial Protection Bureau (CFPB) to revoke an order that blocked a regulation capping credit card late fees at USD 8.  

regulation, online payments, digital payments, financial services, scheme fee

CFPB now able to regulate big tech firms' digital payment apps

News | Payments General | 22 Nov 2024

The Consumer Financial Protection Bureau (CFBP) has finalised a regulation that allows it to supervise big tech companies providing digital funds transfer and payment wallet apps. 

regulation, digital payments, mobile payments, online payments, financial services

CFPB demands VyStar Credit Union to pay USD 1.5 million

News | Online & Mobile Banking | 01 Nov 2024

The Consumer Financial Protection Bureau (CFPB) has taken action against VyStar Credit Union and ordered the company to pay USD 1.5 million for impairing consumers via its rollout of a new online banking system.  

fraud management, customer experience, digital banking, online banking

CFPB fines Goldman Sachs and Apple over credit card business

News | Digital Identity, Security & Online Fraud | 24 Oct 2024

The Consumer Financial Protection Bureau (CFPB) has taken action against Apple and Goldman Sachs and fined them over USD 89 million for credit card business.

regulation, instalment payments, financial services, credit card, credit card fraud

CFPB finalises personal financial data rights rule for more choice in financial services

News | Online & Mobile Banking | 22 Oct 2024

The Consumer Financial Protection Bureau has finalised a rule that will give US consumers optimised rights, privacy, and security over their personal financial data.

regulation, Open Banking, Open Finance, banking, financial services, financial institutions

CFPB releases comment on AI in the financial sector

News | Digital Identity, Security & Online Fraud | 19 Aug 2024

The Consumer Financial Protection Bureau (CFPB) has released a comment regarding the uses, capabilities, and risks associated with artificial intelligence (AI) in the financial services industry. 

artificial intelligence, digitalisation, regulation, regulatory sandbox, risk management, financial services

Acima initiates proceedings against CFPB's regulatory overreach

News | Digital Identity, Security & Online Fraud | 24 Jul 2024

Lease-to-own solutions provider Acima, a subsidiary of Upbound, has announced its decision to file a lawsuit against the US Consumer Financial Protection Bureau (CFPB).

regulation, financial services, credit access, financial inclusion, fraud management

CFPB suggests interpretive rule for paycheck advance products

News | Payments General | 22 Jul 2024

The Consumer Financial Protection Bureau (CFPB) has suggested an interpretive rule to ensure that lenders’ legal obligations to disclose the costs of paycheck advance products are met. 

regulation, financial services, financial data, lending, financial institutions, payments

CFPB and EU commence talks on consumer finance

News | Payments General | 12 Apr 2024

The Consumer Financial Protection Bureau and the EU have initiated a dialogue on consumer finance, addressing Big Tech, digital payments, and AI.

financial services, artificial intelligence, bigtech, digital payments

CFPB lowers credit card late fees to USD 8

News | Online & Mobile Banking | 08 Mar 2024

The Consumer Financial Protection Bureau has finalised a rule that bans excessive credit card late fees, lowering typical fees from USD 32 to USD 8. 

regulation, credit card, credit card fraud, payments , online payments, ecommerce, banking

CFPB targets fees on real-time transaction declines

News | Online & Mobile Banking | 26 Jan 2024

The Consumer Financial Protection Bureau has proposed new rules to block FIs from adding fees on transactions declined right at the swipe, tap, or click. 

regulation, compliance, financial institutions, transactions

CFPB proposes Open Banking rule in the US

News | Online & Mobile Banking | 20 Oct 2023

The Consumer Financial Protection Bureau (CFPB) has proposed a Personal Financial Data Rights rule set to expedite the shift to Open Banking in the US and jumpstart competition.

regulation, Open Banking, financial data, fintech, Open Data Economy, data sharing

CFPB issues guidance to eliminate confusing subscription practices

News | Payments General | 20 Jan 2023

The Consumer Financial Protection Bureau (CFPB) has addressed patterns and other tricks companies use to confuse and deceive consumers enrolled in subscriptions.

subscription payments, subscription economy, compliance, regulation, fraud prevention