All CFPB articles – Page 2
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News BriefFinal CFPB rule requires Big Tech pay apps to comply with bank rules
Big Tech digital payment apps will be subjected to increased oversight and requirements–similar to that of banks and credit unions–under a finalized rule by the Consumer Financial Protection Bureau.
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News BriefNavy Federal Credit Union to pay $95M in fines, redress over ‘surprise’ overdraft fees
Navy Federal Credit Union will pay a $15 million fine and return $80 million in “surprise” overdraft fees to its members to resolve an enforcement action from the Consumer Financial Protection Bureau.
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News BriefVystar pays $1.5 million for alleged lack of due diligence with launch of troubled banking system
VyStar credit union has agreed to pay a $1.5 million fine and make restitution to customers harmed by its alleged lack of due diligence when it launched a new banking platform, the Consumer Financial Protection Bureau said.
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PremiumCFPB will enforce Fair Credit Reporting Act on employee background reports, monitoring
Businesses need to follow the consumer protection rules of the Fair Credit Reporting Act when engaging in employee surveillance, which includes background reports about employees produced by third parties using artificial intelligence, the Consumer Financial Protection Bureau said in new guidance.
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PremiumGoldman and Apple pay $89M over alleged Apple Card consumer violations
Apple and Goldman Sachs have agreed to pay $89 million for alleged gross customer service failures related to Apple Card, the Consumer Financial Protection Bureau said.
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PremiumNew CFPB data rights rule will modernize U.S. banking system, Chopra says
Banks, credit card companies and other financial mainstays will be required to comply with new data privacy and retail account portability regulations under a sweeping rule issued Tuesday by the Consumer Financial Protection Bureau.
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News BriefCFPB orders TD Bank to pay $28M for sending false info to credit agencies
TD Bank has been ordered to pay $27.7 million and implement compliance measures, for providing inaccurate, negative credit information to credit agencies about tens of thousands of its customers and taking too long to fix the errors, the Consumer Financial Protection Bureau said.
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News BriefCFPB to monitor compliance at Credit Repair Cloud after alleged illegal fees
Credit Repair Cloud and its chief executive will pay $3 million in combined penalties and put in place significant compliance measures over illegally charging customers, according to the Consumer Financial Protection Bureau.
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PremiumSEC unveils joint data sharing standards with eight other financial regulators
A joint proposal from nine U.S. financial regulators on data standards aim to streamline submissions and ease data sharing among agencies, the Securities and Exchange Commission announced.
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News BriefWells Fargo discloses AML, sanctions programs under investigation
Wells Fargo disclosed in a public filing its anti-money laundering and sanctions programs are under investigation, adding to the already long list of compliance issues plaguing the bank.
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News BriefCFPB orders Fifth Third Bank to pay $20M over fake accounts, forced auto coverage
Ohio-based Fifth Third Bank will pay $20 million in penalties to the Consumer Financial Protection Bureau for allegedly opening fake bank accounts and wrongfully repossessing customers’ vehicles.
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PremiumBanks must bolster awareness of fintech partner risks, experts advise at Fordham
During a panel at Compliance Week’s Financial Crimes and Regulatory Compliance Summit, held June 10-11 in New York, experts discussed nuances in bank-financial technology partnerships, offering best practices for how banks should protect themselves.
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News BriefCFPB to require nonbanks to register outside enforcement orders
The Consumer Financial Protection Bureau passed a new rule requiring nonbank financial companies to register consumer protection orders filed against them by other federal agencies, courts, or states.
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News BriefSupreme Court rules CFPB funding structure constitutional
The Supreme Court rejected a claim that the Consumer Financial Protection Bureau’s funding mechanism is unconstitutional, removing a legal challenge that had the potential to overturn all the agency’s regulations and enforcement actions.
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News BriefCFPB fines Chime $3.25M over account refund delays
The Consumer Financial Protection Bureau ordered Chime Financial to pay $3.25 million in penalties for allegedly delaying consumer refunds past its promised 14-day timeframe.
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News BriefPayPal off hook in CFPB probe into Venmo fund transfers
Digital wallet company PayPal disclosed it won’t face enforcement regarding a Consumer Financial Protection Bureau probe into its subsidiary Venmo.
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News BriefCFPB rule streamlines nonbank supervision designation process
The Consumer Financial Protection Bureau continued its push to establish supervisory authority over more nonbank financial companies with the adoption of a procedural rule to streamline the process for such designations.
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FDIC proposes strengthening, modernizing bank merger reviews
The Federal Deposit Insurance Corporation proposed to strengthen its approach to evaluating bank mergers under the Bank Merger Act, particularly how it would address factors like competition, financial resources, the convenience and needs of communities, financial stability, and money laundering.
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News BriefArgus to pay $37M in DOJ case over misused regulator data
Economic data and research firm Argus Information and Advisory Services agreed to pay $37 million to settle charges from the Department of Justice alleging misuse of data obtained through federal regulatory contracts.
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News BriefBiden executive order to target commercial data broker activities
A new executive order seeks to put clamps on the sale of Americans’ personal data by data brokers and other companies to certain countries found to be of national security concern.