Open banking, as it emerges more fully in the United States, promises to bring personalized services and products to customers, expanding financial access. Data underpins the joint efforts of traditional financial institutions (FIs) and third parties to bring those innovations to the mass market. But...
The Consumer Financial Protection Bureau (CFPB) is intensifying its scrutiny of SoLo Funds, a lending startup backed by tennis star Serena Williams. The CFPB has introduced a proposed rule that would restrict the way SoLo charges its customers. This action follows a lawsuit filed by...
Regulators are painting several types of lending products with a broad brush, bringing an ever-widening swath of lenders under federal purview. Fresh off its rulemaking on buy now, pay later (BNPL) loans, the Consumer Financial Protection Bureau has proposed a new classification for paycheck advance...
The banking industry wants more time to comply with a new rule governing consumer financial data. The open banking regulation in question is the Consumer Financial Protection Bureau (CFPB)’s “Proposed Required Rulemaking on Personal Financial Data Rights,” which is designed to implement section 1033 of...
July 17, 2024
When the U.S. Supreme Court overturned its own 40-year-old ruling in the LoperBright Enterprises v. Raimondo case on June 28 — in what has come to being popularly tagged SCOTUS v. Chevron — the reaction was split. On one hand, some politicians and legal experts were outraged that an activist court attacked what it saw […]
July 12, 2024
Prudent regulation is needed in helping to define the risks and rewards in emerging partnerships between financial institutions and banks — but current regulatory efforts may be too vague, critics...
June 24, 2024
The Consumer Financial Protection Bureau’s (CFPB) rules that seek to remove medical debt from credit reports and cap card late fees are proving wildly popular with the general public. But...
June 10, 2024
Consumer Financial Protection Bureau Director Rohit Chopra is set to testify on Capitol Hill this week. He is scheduled to appear before the Senate Banking Committee Wednesday (June 12) and...
July 19, 2024
Congresswoman Maxine Waters (D-Calif.) reiterated her opposition to the proposed Capital One–Discover merger. Waters, the top Democrat on the House Financial Services Committee (HFSC), testified against the proposed merger Friday (July 19) during a virtual meeting convened by the Federal Reserve and the Office of the Comptroller of the Currency (OCC), according to a Friday […]
July 19, 2024
The Consumer Financial Protection Bureau (CFPB) is intensifying its scrutiny of SoLo Funds, a lending startup backed by tennis star Serena Williams. The CFPB has introduced a proposed rule that...
July 17, 2024
The banking industry wants more time to comply with a new rule governing consumer financial data. The open banking regulation in question is the Consumer Financial Protection Bureau (CFPB)’s “Proposed...
July 10, 2024
The Consumer Financial Protection Bureau (CFPB) aims to require mortgage servicers to do more to help struggling homeowners before foreclosing. The regulator issued a proposed rule on this issue Wednesday...
