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Processors Contest CFPB Charges That They Improperly Aided Debt Collectors

By Jim Daly Processors accused by the Consumer Financial Protection Bureau last month of aiding allegedly fraudulent debt collectors by providing them with payments services are beginning to file their answers to the federal charges. At least one of them is accusing the CFPB of “regulatory overreach” in the style …

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The CFPB’s Own Choke Point Gambit

The federal Consumer Financial Protection Bureau this spring climbed on a regulatory bandwagon that has federal agencies attacking disfavored industries by going after the payment processors that serve those industries. The CFPB named four merchant-acquiring companies as defendants in a lawsuit against six people and their associated debt-collection companies. The …

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PayPal Says a CFPB Lawsuit Over Its Credit Products Could be Imminent

By Jim Daly PayPal Inc. says the federal Consumer Financial Protection Bureau might sue it over its credit products by June 30. The possible lawsuit would stem from an investigation dating to 2013, when the CFPB in August of that year filed so-called civil investigative demands (CIDs) for documents, testimony …

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Acquirers, ISOs Accused in CFPB Lawsuit Against Alleged Debt-Collection Scammers

The federal Consumer Financial Protection Bureau named four merchant-acquiring companies as defendants in a lawsuit against six people and their associated debt-collection companies that allegedly attempted to collect millions of dollars in so-called “phantom debts” from consumers that the consumers either did not owe or were not owed to the debt …

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The CFPB’s New Prepaid Rule: The Good, the Bad, And the Ugly

Endpoint The proposal would do some useful things, but that advantage is outweighed by its—and the Bureau’s—disadvantages, says Eric Grover. Rule by regulatory mandarins is not only unconstitutional, it suppresses payments competition and innovation, and consequently consumer choice and value. On Nov. 13, the Consumer Financial Protection Bureau released its …

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CFPB Rules May Aid Larger Prepaid Card Issuers: Report

  The 870-page tome of proposed rules issued Nov. 13 by the Consumer Financial Protection Bureau to govern prepaid cards may end up benefitting the top prepaid card issuers, says securities-rating agency Fitch Ratings. The regulations would require so-called “Know Before You Owe” disclosures and aim to improve consumers’ access to account …

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Major Prepaid Card Providers Give a Polite Response to the CFPB’s Proposed Regs

Some of the nation’s largest prepaid card companies are either giving a public thumbs up to the Consumer Financial Protection Bureau’s proposed regulations for prepaid card accounts or at least not saying they’re spoiling for a fight with the federal government. Steve Streit, chairman and chief executive of Pasadena, Calif.-based …

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The CFPB Proposes Strong Federal Protections for Prepaid Card Accounts

By Jim Daly The Consumer Financial Protection Bureau on Thursday unveiled proposed regulations for prepaid accounts that for the first time would bring to prepaid cards many of the federal protections that currently apply only to credit and debit cards. The CFPB’s plan would limit consumers’ losses when funds are …

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Settle Into the Easy Chair To Read the CFPB’s 870 Pages of Prepaid Card Rules

If you want to print out the Consumer Financial Protection Bureau’s proposed prepaid card regulations, think again. They run 870 pages in PDF form, so you’ll need almost two reams of paper and plenty of ink. The regulations unveiled Thursday would require so-called “Know Before You Owe” disclosures and aim to …

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The CFPB Warns About the ‘Wild West’ of Virtual Currencies

Already eyed with suspicion by various arms of the federal government and states, virtual currencies now are the subject of a warning issued Monday by the federal Consumer Financial Protection Bureau. The CFPB released a six-page advisory about the risks consumers face when using new forms of electronic money. “Virtual …

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