CFPB Director Rohit Chopra launched an inquiry into so-called “junk fees,” with bankers and lenders countering that the fees they charge are related to specific types of work performed and that existing laws already prohibit excessive fees.| American Banker
The Consumer Financial Protection Bureau's proposal would give consumers a legal right to grant third parties access to financial data for a specific use, but firms cannot sell the data or use it for their own benefit — including by feeding it into algorithms or artificial intelligence.| American Banker
Consumer Financial Protection Bureau Director Rohit Chopra says that a recently proposed data-access rule would provide a competitive edge to small banks over their larger competitors.| American Banker
An internal Consumer Financial Protection Bureau memo says the agency will shift enforcement and supervisory work to the states and cease oversight of all nonbanks and Big Tech firms.| American Banker
Shanghai's FinVolution is making a drive in Southeast Asia using big data and AI honed in China's fintech world.| Digital Finance