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
Banks are trying to get a grasp of the Consumer Financial Protection Bureau's financial data rights plan, from preparing for an influx of data requests from fintechs to meeting ongoing compliance.| 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
The Consumer Financial Protection Bureau has received more than 11,000 comment letters on its proposal on personal financial data rights, but banks say the agency should ensure that more fintech partners take on their fair share of the rule's compliance burden.| American Banker
A federal judge has temporarily stopped the Consumer Financial Protection Bureau from implementing its small-business data collection rule until after the Supreme Court rules next year on whether the bureau's funding is constitutional.| American Banker
The Consumer Financial Protection Bureau's open banking rule is supposed to put small banks on a more even footing with their larger rivals. But PNC CEO Bill Demchak says larger banks' advantages in tech and economies of scale will win the day.| 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
The Consumer Financial Protection Bureau issued a final rule pursuant to its broader open banking proposal Wednesday that would require standard-setting bodies to include public interest consumer groups and others to receive bureau recognition.| American Banker
Data security has risen to one of the most important topics in IT, as organizations face growing threats against their systems and data from both internal and external sources.| American Banker
Read the latest on the banking & finance industries in the U.S. with award-winning analysis and in-depth reporting by American Banker.| American Banker
Joe Heck, Zip Co.'s U.S. CEO, spoke with American Banker about recent criticisms of the BNPL industry as more consumers turn to it for purchases both big and small.| American Banker
New York State Gov. Kathy Hochul has codified how buy now/pay later lending will operate in the state, taking a heavier hand as the Consumer Financial Protection Bureau loosens its grip under President Trump.| American Banker
The Federal Reserve governor said the uptick in buy now pay later repayment issues is likely a sign that consumers don't understand the terms of the emerging credit offering.| American Banker
The American Fintech Council requested a 30-day extension for buy now/pay later providers to submit information about their businesses to the New York Department of Financial Services. New York is the first state to institute a law specifically regulating BNPL.| 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
The payment company's listing comes amid market and political volatility, but the Swedish firm has its strong recent financial performance and distribution deals with JPMorgan Chase and Walmart on its side.| American Banker
The bank has added Affirm as an option, after adding the fintech's rival Klarna to its merchant network in February.| American Banker
The BNPL industry is growing at a fast clip. Australia-based Zip's new CEO for U.S. operations is looking to carve out a place in what is becoming a crowded industry with expanded merchant partnerships and a Pay-in-8 product.| American Banker
After eight years of delay, the Consumer Financial Protection Bureau could still make last-minute changes to the payday rule, which sweeps in the buy now/pay later industry.| American Banker
The Consumer Financial Protection Bureau issued a new interpretive rule designating buy now/pay later lenders as credit card providers, subjecting those services to consumer protections like the right to dispute charges and receive refunds.| American Banker
The CFPB is well within its authority to make these changes, which will increase the availability of credit to many Americans.| American Banker
The American Bankers Association and U.S. Postal Inspection Service have launched a public awareness campaign on ways to protect checks sent in the mail.| American Banker
An executive order issued late Friday cut the Treasury Department Community Development Financial Institution Fund and other federal programs to their legal minimum.| American Banker
The embattled crypto-service bank got a lifeline of liquidity in the fourth quarter of 2022 from the Federal Home Loan Bank System, raising new questions about both the Home Loan banks' purpose and crypto contagion.| American Banker
The Swedish institution's New York listing, which was viewed as a sign of fintech's recovery, has been delayed due to market volatility.| American Banker
Block has combined buy now/pay later with peer-to-peer payments, part of a big bet that younger consumers want an alternative to credit cards.| American Banker
The buy now/pay later company made a deal with Stride Bank to add banking-as-a-service heft as Affirm Card usage soars and Evolve grapples with defections.| American Banker
A district court judge this week has denied allowing four groups — the American Fintech Council, Financial Data and Technology Association, Financial Health Network and Public Citizen — to file legal briefs in support of a rule on financial data rights.| American Banker
The final rule on open banking is expected to be issued any day now by the Consumer Financial Protection Bureau. Banks have raised a host of concerns about liability, fraud and oversight of third-party fintech partners.| American Banker
JPMorgan Chase and bank trade groups criticized the Consumer Financial Protection Bureau's open banking rule for not providing enough data security.| American Banker
Banks are concerned about the lack of clarity regarding legal liability in the Consumer Financial Protection Bureau's open banking rule, and fear that they will end up on the hook for data breaches or unauthorized transactions caused by a fintech or data provider.| American Banker
The Bank Policy Institute is among the parties that filed a lawsuit late Tuesday to challenge the Consumer Financial Protection Bureau's new open banking rule.| American Banker
The Consumer Financial Protection Bureau expanded the scope of the 1033 rule to include payment apps, provides for some secondary uses of data, and extends the timeline for compliance.| American Banker
The Consumer Financial Protection Bureau said in a court filing that it plans to reverse its interpretive rule tightening standards for Pay in 4 buy now/pay later loans.| American Banker
News about the Consumer Financial Protection Bureau. The federal agency responsible for regulating financial services companies and enforcing consumer financial laws.| American Banker
The Financial Technology Association will now defend the Consumer Financial Protection Bureau's open banking rule after the Trump administration sided with banks that sued the agency.| American Banker
Affirm is reporting consumers' buy now/pay later loans to Experian, following a February study with FICO. It's one of the first steps in credit reporting for BNPL, potentially complicating banks' assessments for other types of lending.| American Banker
A Comerica Bank executive admitted to major failures in its handling of the Treasury Department's Direct Express program, including data and resolved fraud disputes sent to a vendor's office in Lahore, Pakistan, a "serious" contract violation.| American Banker
With the government contract for Direct Express, Bank of New York would gain a free liquidity source of more than $3 billion in deposits a month and expand its burgeoning offerings to the underbanked.| American Banker
A proposal from the Consumer Financial Protection Bureau to extend the same protections as credit cards to the fast-growing BNPL industry aims to protect consumers, but it could also stunt the nascent industry's growth, experts say.| American Banker
