The testimony of Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), before the Senate Banking Committee on April 26 offered important insights into the next moves to be expected from the regulator. Chopra centered his speech around three areas: Big Tech firms, repeat...
The Consumer Financial Protection Bureau (CFPB) announced yesterday, April 25, 2022, that it will start using a largely unused legal provision to examine nonbank financial companies, FinTechs, that pose risks to consumers. According to the Bureau, this dormant authority will help protect consumers and level...
U.S. Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra plans to tell Congress this week about a proposed measure to regulate open banking and small business lending data, Reuters reported Monday (April 25). Chopra will also talk about the latest scrutiny of risks and questions...
To say we’re behind on medical debt is an understatement on several levels. It wasn’t until 2021 when the Census Bureau finally caught up with data collected on this issue in 2017. Long known as the primary reason why individuals file for bankruptcy, medical debt...
The Consumer Financial Protection Bureau (CFPB) closed its public consultation on junk fees April 11. Two days later, the agency published a blog post highlighting the $1 billion savings that consumers will soon obtain thanks to the elimination of non-sufficient fund (NSF) fees on their...
The Consumer Financial Protection Bureau (CFPB) on Tuesday (April 12) filed a lawsuit against TransUnion, two of its subsidiaries and longtime executive John Danaher for violating a 2017 law enforcement order related to alleged deceptive marketing on credit scores and credit products. TransUnion “continued its...
The Consumer Financial Protection Bureau (CFPB) published its semi-annual report on April 6, detailing everything what the agency has done for most of the last year. In a 100-page document, the agency explains its advocacy efforts to help consumers, the enforcement actions taken against companies and...
The Consumer Financial Protection Bureau (CFPB) is closing today, Monday 11, its deadline to submit comments on its public consultation on “junk fees” after receiving more than 25,000 comments in three months. The agency launched in January an initiative to reduce “junk fees,” which may...
On March 25, the Consumer Financial Protection Bureau (CFPB) closed its request for comments regarding the inquiry on buy now, pay later (BNPL) that it launched in December. PYMNTS assessed the 44 public comments available on the government website, and the vast majority of them...
