CFPBRSS

US Consumers Union calls for more prepaid regs; NAFCU wants them rescinded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bureau to “strengthen” consumer protections with additional changes, while one credit union association wants the rule rescinded.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.

CFPB clamps down on credit repair companies, leadership

CFPB

The US Consumer Financial Protection Bureau (CFPB) has filed two complaints and proposed final judgments in federal court against four California-based credit repair companies and three individuals for “misleading consumers and charging illegal fees”.

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.

@banking
techno