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CFPB Takes on Big Tech’s Contactless Role; What’s Better than BNPL for Merchants? Plus Weekly Recap
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The CFPB Eyes Tech Firms’ Role in Governing Tap-to-Pay
The Consumer Financial Protection Bureau late Thursday released a report raising questions about the part restrictions imposed by big technology firms like Apple Inc. and Alphabet Inc’s Google subsidiary may play in hampering innovation, consumer choice, and the growth of open and decentralized banking and payments in the U.S. The …
Read More »Alleging Illegal Credit Card Practices, the CFPB And OCC Fine BofA
Bank of America Corp. has again run afoul of the Consumer Financial Protection Bureau for alleged illicit credit card practices. On Tuesday, the CFPB and the Office of the Comptroller of the Currency announced they are fining the banking giant $150 million for double-dipping on fees imposed on customers with …
Read More »CFPB Fines ACI $25 Million; Processors Ready AI Payments; Travel Chargebacks up 71%
The CFPB Fines ACI Worldwide $25 Million for Its $2.3 Billion Mortgage-Payments Flub
The Consumer Financial Protection Bureau said Tuesday it has fined payments provider ACI Worldwide Inc. $25 million for erroneously debiting from nearly 500,000 homeowners a total of $2.3 billion in mortgage payments through the automated clearing house network in 2021. The agency’s order also said ACI must “stop its unlawful …
Read More »Payments Apps Are Sparking More Complaints From Military Personnel, the CFPB Says
Members of the U.S. military are reporting problems with digital payments apps more frequently than the general population, and peer-to-peer payment apps account for more of those complaints than any other type of payments technology, according to data released Tuesday by the Consumer Financial Protection Bureau. The CFPB reported receiving, …
Read More »CFPB Considers Rulemaking Expansion; Fiserv Cooks up a Clover POS Display; Volt’s Gateway on Shopify
The CFPB Looks to Define ‘Larger Companies’ for Rulemaking in Payments
The Consumer Financial Protection Bureau is looking at creating a rule to define so-called larger companies in the consumer-payments industry, according to a notice the regulator posted on Tuesday. The rule if established would clarify the CFPB’s supervisory authority with respect to nonbank payments companies, lending more impetus to a …
Read More »CFPB Open to Industry Open Banking Standards; New Restaurant POS Gambits; Mastercard Processing Woes
The CFPB Sees Room for Industry Standard-Setting Bodies in Open Banking
Although the Consumer Financial Protection Bureau plans to develop a federal regulation governing the protection of consumer financial data shared through open banking, the agency says that open banking will be best served if it does not “micromanage” open banking itself. In October, the CFPB announced its intention to develop regulation …
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