The payments industry is beginning to react to a report this week from the Consumer Financial Protection Bureau alerting consumers to the lack of federal deposit insurance for funds held in nonbank payment apps. The CFPB’s report appears to be a cautionary note rather than a call for regulation, at least for …

As part of a settlement with Citizens Bank, the Consumer Financial Protection Bureau is requiring the bank to pay a $9-million civil money penalty for its alleged failure to “properly manage and respond to customers’ credit card disputes and fraud claims.” The agreement is subject to approval by the court. UATP, a …

Last month, the Consumer Financial Protection Bureau released an “Issue Spotlight” on government benefits that attacked the use of prepaid cards for delivering state benefits. The agency cited what it sees as a lack of choice for consumers, inadequate customer service, and, of course, fees. “In 2020, for example, issuers …

With a federal appeals court ruling on Thursday upholding the Consumer Financial Protection Bureau’s constitutionality, the CFPB, along with its severest critics, find themselves at a crossroads at a time when the agency has become significantly more energetic in overseeing the payments industry. The latest ruling, from the Federal Court …

“While many [buy now, pay later] borrowers who we observed used the product without any noticeable indications of financial stress, BNPL borrowers were, on average, much more likely to be highly indebted, revolve on their credit cards, have delinquencies in traditional credit products, and use high-interest financial services such as …

The U.S. Supreme Court has agreed to hear a case challenging the constitutionality of the Consumer Financial Protection Bureau. The move follows a federal appeals court decision in October that ruled the way the CFPB is funded is unconstitutional because it is not controlled by Congress. Financial marketplace LendingTree launched a Visa credit card in partnership …