CFPBRSS

CFPB finalises US small-dollar lending rule

Finastra gains three US clients

The US Consumer Financial Protection Bureau (CFPB) has finalised its small-dollar lending regulation, which requires lenders (in many cases) to determine upfront whether people can afford to repay their loans, reports Paybefore (Banking Technology’s sister publication). “These strong, common-sense protections” cover loans that require consumers to repay all or most of the debt at once, […]

CFPB financial well-being report underscores US industry opportunity

Too much debt

The Consumer Financial Protection Bureau (CFPB) has released its first national survey on the financial well-being of US consumers and a tool to help consumers see how they stack up, reports Paybefore (Banking Technology‘s sister publication). More than 40% of US adults struggle to make ends meet, according to the survey. The survey created financial […]

Equifax breach fallout far-reaching

Equifax

The fallout from Equifax’s data breach, which compromised personal data of 143 million US consumers, continues with an investigation by the US Federal Trade Commission (FTC) and Mastercard and Visa warning issuers that more than 200 million cards are at risk.

US Consumers Union calls for more prepaid regs; NAFCU wants them rescinded

Too much debt

Plagued by delays, threatened by US Congressional repeal and finally opened to further comment and changes, the Consumer Financial Protection Bureau’s (CFPB) final rule on prepaid accounts now has some consumer groups calling for the bureau to “strengthen” consumer protections with additional changes, while one credit union association wants the rule rescinded. To refresh your […]

US Senator questions big banks on CFPB arbitration

Too much debt

As expected, US Senator Elizabeth Warren (D-Massachusetts) is not going to let the Consumer Financial Protection Bureau’s (CFPB) final rule on arbitration agreements go down without a fight. The ranking member of the Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protections wants big banks – not just their lobbyists – to address the […]

NBPCA requests more changes and time to comply with CFPB’s prepaid accounts rule

OCC

US-based Network Branded Prepaid Card Association (NBPCA) submitted its comment letter to the Consumer Financial Protection Bureau’s (CFPB) on the bureau’s proposed changes to the final prepaid accounts rule. The trade group is calling for additional revisions to the rule as well as an extended implementation period.

US House of Representatives passes CRA repeal of arbitration rule

US House of Representatives

The US House of Representatives has voted in favour of house joint resolution (HJR) 111 to repeal the Consumer Financial Protection Bureau’s (CFPB) final rule on arbitration agreements, reports Paybefore (Banking Technology‘s sister publication). The vote was 231-190 with Rep. Walter Jones (North Carolina) the lone Republican joining the Democrats with a no vote. To refresh […]

US Congressional Republicans look to dismantle CFPB’s arbitration rule

Too much debt

It didn’t take long for Congressional Republicans in the US to pounce on the Consumer Financial Protection Bureau’s (CFPB) final rule on arbitration agreements, which the agency released on 10 July. Banking Technology‘s sister publication Paybefore reports that the House Financial Services Committee chairman Jeb Hensarling immediately said he would support use of the Congressional […]

CFPB issues final arbitration rule in US

CFPB

It’s difficult to say just yet who the ultimate victors will be in the battle over arbitration in the US – trial lawyers, consumers, the financial services industry, Congressional Republicans or the Consumer Financial Protection Bureau (CFPB) – but the bureau fired the latest salvo by issuing its final rule on arbitration agreements yesterday (10 […]

CFPB snapshot: California leads US in complaints to agency

Want to complain? Join the queue!

The US Consumer Financial Protection Bureau (CFPB) receives more than 20,000 complaints every month, according to director Richard Cordray, and the bureau’s latest instalment of its monthly complaint report highlights consumer complaints at the state level.

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