Observers have warned that an activist Consumer Financial Protection Bureau is likely to act on multiple fronts that involve the payments industry. Early Wednesday it released its latest proposal, a move to cut the $12 billion it estimates consumers pay annually in credit card late fees. While the proposal could …

Even though the Consumer Financial Protection Bureau will be working to secure its future throughout much of the year, the agency still has big regulatory plans for 2023. As this column discussed in November, the Bureau will be facing court fights over the prepaid-accounts final rule and, separately, the source …

A federal appeals-court ruling handed down in October rattled advocates of the Consumer Financial Protection Bureau, and they haven’t stopped quivering since. That’s because the decision from the U.S. Court of Appeals for the Fifth Circuit does what years of detractors’ objections and arguments have failed to do—it strikes at …

Banking and payments professionals should watch for action from the Consumer Financial Protection Bureau on key areas such as open banking, credit card late fees, fintech partnerships, and buy now, pay later plans, warns Strategic Resource Management, a consulting firm. American Express Co. released its American Express Business Blueprint, a digital cash flow management service …

The Consumer Financial Protection Bureau has ordered Wells Fargo Bank to pay $3.7 billion, including a $1.7-billon civil penalty and $2 billion in redress to consumers, for what the bureau says were illegal fees and interest charges on auto and mortgage loans, incorrect charges on checking and savings accounts, and other “incorrect” …

The Consumer Financial Protection Bureau has become a much more active regulator of payments and other financial industries since the onset of the Biden Administration, and on Monday the agency lent further momentum to that trend. The 11-year-old federal agency is now asking for public comment on a proposal that …