CFPB: Rule Proposed to Ban Contract Clauses that Strip Away Fundamental Freedoms
Rule would forbid fine print that seeks to censor speech or wipe away rights enshrined in law Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would stop financial companies from forcing Americans to choose between participating in the financial system or giving up their rights, including those guaranteed by the Constitution. The…
CFPB: Input Sought on Digital Payment Privacy and Consumer Protections
Agency invites public to comment on financial surveillance concerns and how to apply existing laws to emerging consumer payment mechanisms Today, the CFPB announced that it is seeking public input on strengthening privacy protections and preventing harmful surveillance in digital payments, particularly those offered through large technology platforms. The agency is requesting comment on implementing…
CFPB: Application Approved from Financial Data Exchange to Issue Standards for Open Banking Under Personal Financial Data Rights Rule
Agency also issues updated procedures for companies requesting special regulatory treatment Today, the Consumer Financial Protection Bureau (CFPB) issued an order recognizing Financial Data Exchange, Inc. (FDX) as a standard setting body under the CFPB’s Personal Financial Data Rights rule. The order of recognition is the first to be issued under the rule. The Personal Financial Data…
CFPB: Final Rule Issued to Close Overdraft Loophole to Save Americans Billions in Fees
Final rule to save up to $5 billion each year Today, the Consumer Financial Protection Bureau (CFPB) took actionto close an outdated overdraft loophole that exempted overdraft loans from lending laws. The agency’s final rule on overdraft fees applies to the banks and credit unions with more than $10 billion in assets that dominate the U.S….
ABA: ABA, Financial Trades and Banks File Lawsuit Against CFPB’s Overdraft Final Rule
The American Bankers Association today announced it is jointly pursuing legal action alongside the Consumer Bankers Association (CBA), America’s Credit Unions, Mississippi Bankers Association, and banks directly affected by the Consumer Financial Protection Bureau’s (CFPB) final rule on overdraft services. With its new regulation, the CFPB exceeds its regulatory authority. More importantly, the CFPB fails to appropriately…
ABA: Statement on CFPB’s Final Overdraft Rule
“We’re deeply disappointed that the CFPB has chosen to finalize this misguided rule at a time when every other federal bank regulator has stopped issuing new regulations. By taking this action, the Bureau has once again chosen to prioritize demonizing highly regulated and transparent bank fees over its mission to help consumers. This rule, and…
ABA: New Analysis Shows Vast Majority of Commenters Oppose Federal Reserve’s Changes to Debit Card Regulations
Nearly 80% of commenters find Fed’s debit card rule will negatively impact community financial institutions and consumers Nearly 80% of commenters – including academics, activists, banks and credit unions, consultants and fintechs, individuals, non-profits, payment card networks, and trade associations – oppose the Federal Reserve’s proposed rule that would lower the cap on debit card…
Agencies Issue Statement on Elder Financial Exploitation
Five federal financial regulatory agencies, the Financial Crimes Enforcement Network (FinCEN), and state financial regulators issued a statement today to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation. Older adults who experience financial exploitation can lose their life savings and financial security and face other…
ABA: National Survey Finds Record Number of Bank Customers Use Mobile Apps More Than Any Other Channel to Manage Their Accounts
Results also show 96% of Americans think highly of their bank’s digital banking experience More than half of U.S. consumers are conducting their banking via mobile apps more often than any other method, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The national survey found that consumers…
CFPB: Rule Finalized on Federal Oversight of Popular Digital Payment Apps to Protect Personal Data, Reduce Fraud, and Stop Illegal “Debanking”
Final rule brings supervision to Big Tech and other widely used digital payment apps handling over 50 million transactions annually The Consumer Financial Protection Bureau (CFPB) today finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. The rule will help the CFPB to ensure that these companies…