The Consumer Financial Protection Bureau (CFPB) opened an inquiry into buy now, pay later (BNPL) on Dec. 16, 2021. As part of that inquiry, the CFPB asked for five key BNPL providers to provide data intended to clarify the risks and benefits of this product...
Digital payment company Block, run by CEO Jack Dorsey, is now being investigated by the Consumer Financial Protection Bureau and several state attorneys general regarding its Cash App service, Bloomberg wrote Friday (March 4). The CFPB has requested information from Block, including details on Cash...
The Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin Monday (Feb. 28) aimed at halting illegal car repossessions. The agency says its investigation revealed illegal seizures of cars, lax recordkeeping, unreliable balance statements and “ransom for personal property” amid a rising demand in recent...
The Consumer Financial Protection Bureau (CFPB) has proposed new outlines to make sure that the computer models used to help find home valuations are accurate and fair. According to a Wednesday (Feb. 23) press release, the outlines will be reviewed to determine the impact they...
The Consumer Financial Protection Bureau (CFPB) has issued a bulletin warning student loan servicers that they could face sanctions if they mislead borrowers about loan forgiveness programs tied to public service, according to a Friday (Feb. 18) press release. “The bulletin recommends actions servicers should...
The Consumer Financial Protection Bureau (CFPB) is making it easier to talk with the agency about rule changes, as the public can now submit petitions to be posted on public dockets for review and comment, according to a Wednesday (Feb. 16) news release. The release notes...
The Consumer Financial Protection Bureau (CFPB) says it is taking action to keep prepaid card providers from illegally taking money from people receiving benefits from the government. The CFPB issued a compliance bulletin Tuesday (Feb. 15) that outlines prohibitions that prevent prepaid cards being the...
Consumer Finance Protection Bureau (CFPB) Director Rohit Chopra made clear his intentions to crack down on “junk fees” charged by financial institutions (FIs) again last week, saying that “people are sick and tired of this fee creep that is all over the economy.” In an...
The Consumer Financial Protection Bureau (CFPB) launched an initiative to reduce “junk fees,” a move the agency said will save consumers billions of dollars each year. “Many financial institutions obscure the true price of their services by luring customers with enticing offers and then charging...
