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29 Apr 2024, 10:00 pm
The Consumer Financial Protection Bureau (CFPB) recently released a comprehensive report detailing growing financial transactions within video gaming and virtual worlds, which increasingly mimic traditional monetary systems. [read post]
28 Apr 2024, 9:01 pm by renholding
Enforcement The draft Act would allow enforcement by the FTC (including a new bureau established specifically to implement and enforce the law), state attorneys general, and, perhaps most notably, individual consumers. [read post]
27 Apr 2024, 7:51 am by Rob Robinson
For instance, transactions involving healthcare or financial services require stringent data protection measures due to the sensitive nature of the data. [read post]
26 Apr 2024, 6:00 am by Michelle
Legal and Regulatory Developments SPOTLIGHT: CFPB Internal Shakeup to Supercharge Fintech, Big Bank CopsBloomberg Law – April 19, 2024 (subscription may be required) The Consumer Financial Protection Bureau’s enforcement and supervision teams, including those overseeing financial technology firms and other nonbank lenders, will soon get a direct line to Director Rohit Chopra to correct potential violations. [read post]
22 Apr 2024, 10:00 pm by Sherica Celine
Consumer Financial Protection Act Fundamentals Review this practice note with insightful information for practitioners on consumer financial protection laws and regulations. [read post]
On April 17, 2024, the Consumer Financial Protection Bureau entered an order against a for-profit vocational school and its CEO for mischaracterizing the school’s income-share agreements (ISAs) and misrepresenting its graduates’ employment rates. [read post]
22 Apr 2024, 6:51 am by brbadmin
” “The Consumer Financial Protection Bureau, which released the credit card late fee rule March 5, has pushed for Willett to recuse himself from the case due to the Citigroup investment. [read post]
19 Apr 2024, 6:00 am by Michelle
US, Europe Lock Arms on Payments RegulationPayments Dive – April 15, 2024 The Consumer Financial Protection Bureau and European Commission regulators have locked arms in three meetings since last July to review emerging digital payment concerns, including those related to the growth of the buy now, pay later industry. [read post]
16 Apr 2024, 4:05 pm by Lawrence Solum
This debate has gained traction from the Supreme Court’s recent decisions finding constitutional flaws with removal protections in federal agencies such as the Consumer Financial Protection Bureau and with procedures for appointing and supervising other federal officials. [read post]
15 Apr 2024, 10:00 pm by Sherica Celine
Federal banking agencies have broad supervisory and enforcement authority over fintech companies, and agencies, such as the Consumer Finance Protection Bureau, are increasingly exercising such supervision and enforcement authority. [read post]
15 Apr 2024, 6:48 am by Dan Bressler
“Judge’s Potential Recusal Over Citi Stock Divides CFPB, Industry” — “Parties in a lawsuit challenging the Consumer Financial Protection Bureau’s credit card late fee rule are divided on whether a federal appeals judge hearing the case might stand to financially benefit from the court fight. [read post]
15 Apr 2024, 5:45 am by Robert Kraft
Additional Resources: Consumer Financial Protection Bureau (CFPB) Federal Housing Administration (FHA) National Reverse Mortgage Lenders Association (NRMLA) Conclusion: Reverse mortgages can be a valuable tool for some homeowners, but they should not be entered into lightly. [read post]
13 Apr 2024, 8:45 am by Ezra Rosser
Shortly thereafter, the Federal Trade Commission and the Consumer Financial Protection Bureau issued a request for public comment on how the use of eviction records and screening algorithms may affect tenant housing opportunities and drive discriminatory outcomes. [read post]
12 Apr 2024, 6:00 am by Michelle
CFPB, DOJ Boost Teamwork on CasesPayments Dive – April 9, 2024 The Consumer Financial Protection Bureau and the Department of Justice are working together more closely to address antitrust issues and criminal conduct, CFPB Director Rohit Chopra said at a Washington event Monday. [read post]
9 Apr 2024, 6:21 am by David Klein
On April 4, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued a report (the “Report”) examining the potential risk to consumer assets and data in the online video game and virtual world spaces. [read post]
8 Apr 2024, 9:01 pm by renholding
In this regard, it is much more of a national security restriction on certain types of transactions than an attempt to regulate data protection by Executive Order. [read post]
5 Apr 2024, 6:00 am by Michelle
Consumer Financial Protection Bureau, has clashed with credit card issuers since last year over regulations capping late fees. [read post]
2 Apr 2024, 4:30 am by Lawrence Solum
In this paper, we argue that consumer financial services that rely on maturity transformation can be “abusive” and should be regulated by the Consumer Financial Protection Bureau. [read post]
31 Mar 2024, 9:01 pm by renholding
The acquirer has a consumer compliance rating of 1 or 2 under the Uniform Interagency Consumer Compliance Rating System (CC Rating System), if applicable. [read post]
29 Mar 2024, 6:00 am by Michelle
CFPB Warns of ‘Dangers’ on Standards for Open BankingPayments Dive – March 15, 2024  As financial services companies prepare for the advent of open banking in the U.S., thanks to a pending Consumer Financial Protection Bureau rule proposal, the agency’s director, Rohit Chopra, warned of “dangers” in setting standards for the new realm. [read post]