#CFPB News

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CFPB to Propose Rules Limiting Activities of Data Brokers

pymnts.com 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…

3 top Democratic lawmakers are calling for an investigation into a major student-loan company, accusing it of 'loan forgiveness mismanagement' for millions of…

businessinsider.com Senate Majority Leader Chuck Schumer of New York. AP Photo/J. Scott Applewhite Sens. Elizabeth Warren, Chuck Schumer, and Bernie Sanders called for an investigation into…

Democratic chorus against proposed Capital One Discover merger grows louder

thehill.com The proposed merger between credit card companies Capital One and Discover has Democrats on the House Financial Services Committee up in arms about corporate consolidation…

Dwolla Adds Open Banking to Account-to-Account Payment Solution

pymnts.com Account-to-account (A2A) payment solution Dwolla now offers open banking services. The new integration, announced Tuesday (Feb. 27), adds services like instant account…

Nearly Half of Financial Institutions Believe Open Banking Risks Outweigh Rewards

pymnts.com Nearly half of financial institution executives are concerned that open banking may not be a positive value proposition — especially in an environment of increasing fraud.…

Elizabeth Warren’s Crypto Holy War on Bankless

bankless.com After completely cleansing every bit of corruption from Big Finance, Elizabeth Warren is pivoting to become the face of aggressive crypto regulation. She's bragged about…

Common debt payment roadblocks and how to tackle them

aol.com The process of debt repayment isn’t always a smooth one. While you probably hope you don’t hit any snags as you pay your balance, a lack of experience or unexpected life…

Bitcoin bingo and the erosion of financial stability

thehill.com Last week, Bitcoin broke the $52,000 mark, underscoring a double standard in the U.S. financial system. A gaggle of federal financial regulators largely known by their…

CFPB Establishes Supervisory Authority Over World Acceptance

pymnts.com The Consumer Financial Protection Bureau (CFPB) has taken action to establish supervisory authority over installment lender World Acceptance Corp., saying it aims to ensure…

OCC Head Concerned About Bank-FinTech Collaboration

pymnts.com Michael Hsu, CEO and acting comptroller of the currency for the Office of the Comptroller of the Currency (OCC), recently reiterated his agency’s commitment to mitigating…

The scourge of fine print: Even Donald Trump’s new line of sneakers comes with caveats

marketwatch.com Like anyone else, I’ve made my share of financial mistakes, small and large. I’ve sold a house at the bottom of the real-estate market. I’ve bought exercise equipment I…

Credit card interest rates are at record highs. Cards have 'never been this expensive,’ CFPB says

cnbc.com Credit card APRs began moving sharply higher in 2022 as the Fed raised its benchmark interest rate to tame inflation. Interest rates on credit cards — and other consumer…

Documents needed for mortgage preapproval

aol.com Portions of this article were drafted using an in-house natural language generation platform. The article was reviewed, fact-checked and edited by our editorial staff. •…

Biden administration moves to protect renters from ‘flawed’ tenant-screening reports

marketwatch.com The U.S. federal government is directing credit bureaus to clean up background check and credit reports, a move that could make it easier for renters to find housing. The…

Here's how to avoid unexpected fees with payment apps

cnbc.com Payment apps have come under scrutiny by lawmakers and regulators as their usage skyrockets. It only takes a tap to instantly send money to friends and family. Customers…

Why are credit-card APRs so high? ‘There’s no reason other than greed,’ consumer advocates say

marketwatch.com Credit-card issuers have been padding their interest rates, causing cardholders to pay inflated borrowing costs, according to new research from federal regulators. Though…

Credit cards are charging more 'excess' interest than ever, consumer watchdog says

nbcnews.com Credit card companies are hiking rates to record highs to pad their profits, according to a government report released Thursday. The share of annual percentage rates (APR)…

Record-high credit card interest rates cost consumers $25 billion in 2023: report

thehill.com The average annual percentage rate (APR) on credit cards nearly doubled to 22.8 percent in 2023 from 12.9 percent in 2013, costing consumers around $25 billion in interest…

Can Open Banking Win Trust to Drive Real-Time Payments?

pymnts.com The concept of open banking has gained global traction as part of the digital disruption of finance that has transpired over the past decade. In many ways, it represents a…

Chase Faces Lawsuit Over Fees on Deposited Checks That Bounce

pymnts.com JPMorgan Chase is facing a lawsuit over fees for deposited checks that bounce. In a lawsuit filed Wednesday (Feb. 21) against JPMorgan Chase, five customers accused the bank…

Struggling consumers use Buy Now, Pay Later services for everyday necessities

aol.com Americans are finding it hard to dig themselves out of debt, and a new research report suggests that the rising popularity of Buy Now, Pay Later could push those already…

Capital One-Discover merger could put a bigger squeeze on credit card users, experts warn

nbcnews.com Capital One’s $35.3 billion deal to buy Discover is a long way from being completed. But consumer advocates and some lawmakers are already raising questions about how the…

Facing mounting debt, three-quarters of U.S. workers want to get paid every day

aol.com On-demand streaming, delivery, and, next up, on-demand compensation. The biweekly paycheck is on the cusp of disruption, although expansion plans have hit a snag among…

America is on the cusp of a new biggest credit card company. Here’s what it could mean for you

aol.com What’s in your wallet? Capital One is making a $35 billion bet that the answer will soon be: more of its credit cards. The bank announced Monday evening it is acquiring…

Democrats blast ‘dangerous’ Capital One-Discover merger

thehill.com The proposed Capital One-Discover merger drew swift backlash from some Democratic lawmakers and consumer advocacy groups who say the deal could reduce competition and…

Facing mounting debt, three quarters of U.S. workers want to get paid every day

fortune.com On-demand streaming, delivery, and, next up, on-demand compensation. The biweekly paycheck is on the cusp of disruption, although expansion plans have hit a snag among…

Capital One-Discover deal faces Washington buzzsaw

semafor.com The News Capital One is buying Discover for $35 billion, a deal that will create one of the country’s biggest credit-card issuers and invite heavy scrutiny from Washington.…

Capital One to buy Discover Financial in all-stock deal

investing.com NEW YORK/WASHINGTON (Reuters) -Capital One, a U.S. consumer lender backed by Warren Buffett, said on Monday that it will acquire credit card issuer Discover Financial…

What Air Canada Lost In ‘Remarkable’ Lying AI Chatbot Case

forbes.com In a warning to global carriers adopting AI for customer service platforms, Air Canada lost a small claims court case against a grieving passenger when it tried and failed…

Column: Elon Musk is suing to stop the government from enforcing labor laws. The Supreme Court might agree with him

latimes.com Elon Musk at SpaceX headquarters in Hawthorne: No fan of government regulations, but you knew that. Few business leaders have taken to heart more than Elon Musk the old…

A credit card from a small bank could save you $500 a year, CFPB says. But is it right for you?

marketwatch.com Using a credit card issued by a small bank or credit union could cost you $400 to $500 less each year than a card from a big national bank. That’s a finding from a new…

TD Bank to pay $16 million to settle insufficient funds class-action lawsuit

financialpost.com TORONTO — The high cost of not having enough money is being brought into focus by a class-action lawsuit at one of the country’s largest banks. We apologize, but this video…

How to save hundreds of dollars on your credit card payments

aol.com When it comes to credit cards and the banks that issue them, bigger is most definitely not better — at least for customers. That's because small banks and credit unions…

Credit card users can save over $400 a year by switching issuers, CFPB says

cnbc.com Card balances and total debt at are all-time highs The agency's findings come as average credit card balances and total credit card debt hit all-time highs at the end of…

Over 8,000 student-loan borrowers are getting $10.9 million in payments in the mail after a federal watchdog accused a debt relief company of charging them…

businessinsider.com Getty Images The CFPB accused a student-debt relief company, Performance SLC, of illegally charging borrowers fees. It reached a settlement that includes $10.9 million in…

CFPB Takes Aim at Consumer Credit Card Rates

pymnts.com The Consumer Financial Protection Bureau (CFPB) aims to boost competition in the credit card industry to deliver lower rates to consumers. The agency announced this plan…

OCC Terminates 2016 Consent Order Against Wells Fargo

pymnts.com The Office of the Comptroller of the Currency terminated a 2016 consent order against Wells Fargo. The consent order concerned deficiencies and unsafe or unsound practices…

So you got a raise? Here’s what to do with the money

bostonherald.com By Chanelle Bessette | NerdWallet Whether it’s a 5% increase or a 20% bump, a pay raise at work is an opportunity to take charge of your financial priorities. A small raise…

Understanding The Volcker Rule: What All Prop Traders Should Know About The Bank Holding Company Act

benzinga.com Earlier this month on CBS’s "60 Minutes," Federal Reserve Chairman Jerome Powell sat down for an interview with longtime correspondent Scott Pelley. While the interview was…

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