The Financial Technology Association (FTA) has filed a lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) final interpretive rule on pay-in-four buy now, pay later (BNPL) products, saying the rule “oversteps legal bounds.” The CFPB ruled May 22 that BNPL vendors are credit card providers...
The Consumer Financial Protection Bureau (CFPB) sued student lender Climb Credit and investment firm 1/0 Thursday (Oct. 17), alleging they provided potential borrowers with false information about the quality of their partner schools’ training programs and their graduates’ hiring rates and salaries. The regulator’s complaint...
The Federal Deposit Insurance Corp.’s (FDIC) recent proposal on recordkeeping for bank deposits received from third-party, nonbank companies is a step in the right direction. But work needs to be done in informing end users of the risks inherent in the relationships forged between banks...
Student loans account for a growing number of complaints service members and veterans make about financial products. While consumers in general began filing more complaints when payments for federally owned student loans restarted in October 2023, service members face some unique challenges, the Consumer Financial...
June 10, 2024
Consumer Financial Protection Bureau Director Rohit Chopra is set to testify on Capitol Hill this week. He is scheduled to appear before the Senate Banking Committee Wednesday (June 12) and the House Financial Services Committee Thursday (June 13) to present “The Semi-Annual Report of the Consumer Financial Protection Bureau.” But there’s a chance that the […]
January 04, 2024
The calendar has barely turned to a new year — and the Consumer Financial Protection Bureau (CFPB) has already had a fair share of criticism. The most recent volley against...
October 19, 2023
The Consumer Financial Protection Bureau’s open banking rule is a rough draft. And much may change between the Thursday (Oct. 19) announcement of its new open banking proposal and what...
June 14, 2023
At the latest hearing focused on the Consumer Financial Protection Bureau, things got heated even before Director Rohit Chopra uttered a word. At the Wednesday (June 14) hearing before the...
October 20, 2024
The Financial Technology Association (FTA) has filed a lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) final interpretive rule on pay-in-four buy now, pay later (BNPL) products, saying the rule “oversteps legal bounds.” The CFPB ruled May 22 that BNPL vendors are credit card providers and must provide some key legal protections and rights delivered […]
October 17, 2024
The Consumer Financial Protection Bureau (CFPB) sued student lender Climb Credit and investment firm 1/0 Thursday (Oct. 17), alleging they provided potential borrowers with false information about the quality of...
September 24, 2024
Student loans account for a growing number of complaints service members and veterans make about financial products. While consumers in general began filing more complaints when payments for federally owned...
September 19, 2024
The Consumer Financial Protection Bureau (CFPB) will soon propose a rule that would apply privacy protections to data brokers, CFPB Director Rohit Chopra said Thursday (Sept. 19). In remarks prepared...
