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CFPB seeks comments on proposed changes to US prepaid rule

CFPB

The US Consumer Financial Protection Bureau (CFPB) has issued a request for comment on proposed changes to its final rule on prepaid accounts that would adjust requirements for resolving errors on unregistered accounts and provide greater flexibility for credit cards linked to digital wallets. Paybefore (Banking Technology‘s sister publication) reports that the bureau first floated […]

US House of Representatives passes Dodd-Frank Reform minus interchange reform

Temenos shifts focus from US community banks to large FIs

The Financial Choice Act of 2017, legislation to overhaul the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, has been approved by the US House of Representatives. The legislation focuses on ending big-bank bailouts and supporters say it provides more accountability for Washington and Wall Street, while removing barriers to economic growth.

US prepaid complaints to CFPB from grey brigade increase

CFPB

Problems with debt collection and mortgages top the complaints that US consumers age 62 and older made to the Consumer Financial Protection Bureau (CFPB) in March, reports Paybefore (Banking Technology‘s sister publication). Complaints about prepaid products remained low but did have a double-digital increase, according to the agency’s latest Monthly Complaint Report, which focused on older […]

CFPB structure hangs in the balance

US prepaid consumers not happy

Oral arguments in PHH Corp. et al v. CFPB (the US Consumer Financial Protection Bureau) were held yesterday (24 May) in front of all active judges from the Federal Court of Appeals for the Washington DC Circuit, following the CFPB’s successful appeal for an en banc hearing. At stake: the conditions under which the president may […]

CFPB prepaid rule survives US Congressional repeal deadline

US prepaid consumers not happy

The Consumer Financial Protection Bureau’s (CFPB) final rule on prepaid accounts has survived a bid to repeal it via the US Congressional Review Act (CRA), with lawmakers failing to bring the matter up for vote by the 11 May deadline. But despite the CRA efforts having fizzled, reforming the rule is still on the table. […]

Industry views: Trump’s first 100 days

What's next for payments?

What President Trump’s record on regulatory reform means for payments and financial services so far, and what comes next.

Time running out for CRA rollback of US final prepaid rule

US prepaid consumers not happy

The clock is winding down for US Congressional lawmakers to repeal the Consumer Financial Protection Bureau’s (CFPB) final prepaid accounts rule under the Congressional Review Act (CRA), reports Paybefore (Banking Technology‘s sister publication). Under that law, Congress has until 9 May – 60 legislative days after the law was published in the Federal Register – to repeal […]

US bill targets Consumer Financial Protection Bureau revamp

US prepaid consumers not happy

The US Consumer Financial Protection Bureau (CFPB) is the target of a bill that includes myriad changes to its responsibilities and structure, reports Paybefore (Banking Technology‘s sister publication). US representative Jeb Hensarling (Republican, Texas) has pulled the trigger, reintroducing legislation that has the Dodd-Frank Act squarely in its crosshairs. The act comprises major changes to […]

CFPB to delay final prepaid rule by six months, “revisit” aspects with new proposal

CFPB

It’s official. The US Consumer Financial Protection Bureau (CFPB) is pushing back the effective date of its final rule on prepaid accounts until 1 April 2018 – six months after the originally scheduled implementation date of 1 October 2017.

Unauthorised transactions vex US prepaid consumers – CFPB’s latest report

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Prepaid complaints to the Consumer Financial Protection Bureau (CFPB) in the US hit 2,500 in 2016, accounting for about 0.9% of the 291,400 complaints in agency’s latest Consumer Response Annual Report.

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