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CFPB Takes Aim at Big Tech Wallets; Shift4’s M&A Embrace; Chargebacks911 in FTC Settlement
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The CFPB Aims To Increase Its Oversight of Non-Bank Digital Wallet Providers
The Consumer Financial Protection Bureau late Tuesday said it is expanding its efforts to increase oversight of large, non-bank technology firms with a proposed rule that would subject companies that issue digital wallets to the same regulations as those that cover wallets from financial institutions. The proposed rule, which would …
Read More »Financial Call Center Fraud up 39%; OpenTable’s Dining Boost; 66% Like CFPB Late Fee Proposal
66% Like CFPB Late Fee Proposal And Other Digital Transactions News briefs from 11/6/23
Some two-thirds of consumers feel a February proposal from the Consumer Financial Protection Bureau to cap monthly credit card late fees at $8 (down from $41) would have a positive impact on “the average credit card holder,” according to an online survey in September of 802 adult cardholders by the Auriemma Group. …
Read More »Payments 3.0: A Supreme Reprieve for the CFPB?
After last month, the Consumer Financial Protection Bureau’s future seems more secure. On Oct. 3, the Supreme Court heard oral arguments in Consumer Financial Protection Bureau v. Community Financial Services Association of America. The CFSA originally sued the CFPB over its payday-lending rule in 2018. As previously reported in Digital …
Read More »Fed’s Debit Rate Change Finds Little Favor; CFPB’s Lower Card Fees Mission; Mastercard Revenue up 12%
The CFPB Reports on Rising Credit Card Late Fees And Rates—And Vows To Lower Them
Last year, credit card issuers charged consumers more than $105 billion in interest and more than $25 billion in fees, $14.5 billion of which came from late fees, according to the Consumer Financial Protection Bureau’s biennial credit card market report. Credit card holders paid about 20% of their average balance …
Read More »The CFPB on Screen Scraping; Marqeta’s Card Philosophy; Visa’s AR Manager
An Early OK for Proposed CFPB Open Banking Rule; Record Revenue at AmEx; Plus Weekly Recap
It’s Early, But the CFPB’s Open Banking Rule Is Getting an Industry Thumbs Up
A day after the Consumer Financial Protection Bureau floated a proposed data rights rule, reaction from the payments industry has been largely positive. The rule aims at governing the practice of sharing consumer data through open banking. The proposed rule would require financial institutions to share data at a consumer’s …
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