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...
What will the loss of credit card late fees mean for America’s biggest banks? A report Tuesday (March 5) by Goldman Sachs Equity Research examines the impact of lost revenue for these banks in the wake of the Consumer Financial Protection Bureau’s (CFPB) new rule...
America’s consumer protection watchdog finalized a rule lowering credit card late fees. In a statement issued Tuesday (March 5), Consumer Financial Protection Bureau Director Rohit Chopra said the rule change will reduce the typical late fees charged by card issuers from an average of $32 to — in most...
The Consumer Financial Protection Bureau (CFPB) is working to crack down on companies that operate comparison-shopping tools for financial products and manipulate the results. The CFPB issued a circular to law enforcement agencies and regulators that explains how these companies can break the law when they accept kickbacks and...
The Consumer Financial Protection Bureau (CFPB) will propose rules this year to limit the activities of data brokers, including those that sell personal data to customers overseas. The CFPB announced this plan in a Wednesday (Feb. 28) press release following the release of President Joe Biden’s executive order to...
The Consumer Financial Protection Bureau (CFPB) has taken action to establish supervisory authority over installment lender World Acceptance Corp., saying it aims to ensure compliance with federal consumer financial protection laws. “The CFPB has determined that World Acceptance Corporation has met the legal requirements for supervision,” the agency...
Three members of Congress have urged the Consumer Financial Protection Bureau (CFPB) to reopen and extend the public comment period on its proposed rule that would allow it to supervise large nonbank companies that offer services like digital wallets and payment apps. They also urged the CFPB to reconsider...
The Consumer Financial Protection Bureau proposed a new rule to prevent banks and other financial institutions from charging non-sufficient funds fees on transactions declined in real time. Under the proposed rule, financial institutions would be prohibited from charging NSF fees on transactions such as declined...
The Consumer Financial Protection Bureau (CFPB) announced Friday (Jan. 19) that it has launched a lawsuit against Strategic Financial Solutions (SFS), charging it with running an illegal debt-relief business. SFS markets itself as a provider of debt-relief services and uses shell companies and facade law firms...
