Search Results for: cfpb
Alleging Digital Wallets Are Not Prepaid Products, PayPal Sues the CFPB Over Its Prepaid Rule
PayPal Holdings Inc. on Wednesday sued the Consumer Financial Protection Bureau alleging the regulatory agency’s 8-month-old prepaid rule represents a “category error” and a violation of the First Amendment, and should be vacated by the court. The lawsuit, filed in the U.S. District Court for the District of Columbia, charges …
Read More »The Prepaid Business Adopts a Sanguine Approach As the CFPB’s Big Rule Finally Takes Effect
A day long dreaded by the U.S. payments industry came and went on Monday with little fanfare and not much more gnashing of teeth. The Consumer Financial Protection Bureau’s voluminous prepaid card rule finally took effect with sweeping provisions governing matters ranging from fee disclosures to error-resolution rights to consumers’ …
Read More »TSYS Sets ‘Aggressive Goals’ for Vital But Predicts ‘Headwinds’ From the CFPB’s Prepaid Rule
Top executives at Total System Services Inc. on Tuesday predicted big results from the Columbus, Ga.-based processor’s new Vital line of point-of-sale payment devices but also warned the onset of a massive federal regulation this spring will crimp prepaid card revenues in 2019. They also assured analysts on a conference …
Read More »COMMENTARY: In the Eyes of the CFPB, We Are All Prepaid Now
A deep dive into the more than 2,000 pages of the Consumer Financial Protection Bureau’s regulations covering the prepaid market shows that the CFPB is trying to extend uniform consumer protections to as many payment types as possible. That includes unauthorized or disputed transactions for all financial-access devices regardless of …
Read More »Has Trump Tamed the CFPB?
Acting director Mick Mulvaney is off to a promising start, but ensuring that the sprawling agency will always hew to the rule of law remains a challenge, says Eric Grover. At Davos in January, President Trump lambasted “unelected bureaucrats” who were imposing “crushing and anti-business and anti-worker regulations on our …
Read More »Tender Armor Eyes Growth; Bitcoin ATM Network Expanding; CFPB Prepaid Rule Delayed to 2019
CFPB Postpones Prepaid Rule Again and other Digital Transactions News briefs from 12/22/17
The Consumer Financial Protection Bureau announced its intention to extend once again the effective date of its massive 2016 rule governing prepaid accounts “to allow additional time for implementation of the final rule.” The announcement does not specify a new effective date. The agency had earlier extended the deadline from …
Read More »CFPB’s Cordray Resigns; PayPal Credit Finds New Home; AmEx and Ripple Offer Payments Service
Cordray’s Departure Casts a Shadow of Uncertainty Over the CFPB’s Payments Policies
Richard Cordray, the only person so far to serve as director of the federal Consumer Financial Protection Bureau, announced Wednesday that he will resign by month’s end. The widely anticipated move casts uncertainty over the CFPB’s future, including its policies on electronic payments. “For President Trump, it will be yet …
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