Industrial bank charters continue to gain momentum with approval of Square’s charter; payments and tech companies have become interested in industrial banks lately since the FDIC started approving them after a moratorium from...more
On July 24, 2020, the Consumer Financial Protection Bureau (CFPB) announced plans to issue an advance notice of proposed rulemaking (ANPR) regarding consumer-authorized third party access to financial records. The...more
Last week, the Consumer Financial Protection Bureau (CFPB) sent letters to the CEOs of several issuers of store brand credit cards warning of fairness and transparency concerns with deferred-interest promotions. The CFPB has...more
A recent US District Court decision dismissing a claim brought by the Consumer Financial Protection Bureau (CFPB) against a third-party processor and two of its executives deals a setback to the agency’s ability to pursue...more
In a recent line of enforcement actions, the Consumer Financial Protection Bureau (CFPB) has signaled that it will hold payment processors liable if the CFPB believes the processors know or should have known that transactions...more
The Consumer Financial Protection Bureau (CFPB) issued a bulletin on September 3, 2014 warning credit card companies that marketing materials for promotional annual percentage rate (APR) offers may be in violation of the...more
Earlier this week, the Consumer Financial Protection Bureau (CFPB) announced that it is working on potential new consumer disclosure requirements for prepaid cards to standardize fee disclosures. The new disclosure...more
On January 23, 2014, the Consumer Financial Protection Bureau (CFPB) proposed a rule whereby the definition of “larger participants” will be expanded to include nonbanks that perform one million or more international money...more