Community banks like CVB Financial thrive, while trillion-dollar giants like Wells Fargo slide. Higher interest rates provided a healthy boost to banks’ balance sheets in 2022, but it wasn’t always an...
Tag: CFPB
Federal consumer protection watchdog stakes out crypto turf in SEC shadow
The U.S. Consumer Financial Protection Bureau, which is tasked with overseeing a hodgepodge of financial service providers including payment companies, appears to be taking a fresh look at crypto regu...
More Consumers Turn To Buy Now, Pay Later; Signs The Economy Will Struggle
Out of Cash, Many Americans Add to Their Credit Card Debt During the Holidays Once flush with additional savings from the pandemic, many consumers have exhausted that excess cash due to ongoing inflat...
Cramer’s take on Wells Fargo’s $3.7 billion settlement with CFPB
Wells Fargo & Co (NYSE: WFC) is in focus on Monday after the Wall Street bank settled with the Consumer Financial Protection Bureau over “widespread mismanagement” of auto loans, mortgages and dep...
Wells Fargo agrees to $3.7 billion settlement with CFPB over consumer abuses
Charles Scharf, chief executive officer of Wells Fargo & Co., listens during a House Financial Services Committee hearing in Washington, D.C., U.S., on Tuesday, March 10, 2020. Andrew Harrer | Blo...
Key financial regulators call for stronger licensing of crypto firms
Several key financial regulators in the U.S. cited issues with cryptocurrency firms and called for stricter licensing at a Friday meeting of the Financial Stability Oversight Council, a committee of U...
CFPB not planning crypto crackdown, says Bureau Director Chopra
The Consumer Financial Protection Bureau is not planning an immediate crypto crackdown, its director said today, while choosing his words carefully. “Crypto is not a product. Certain electronic ...
Gensler to brief House Democrats in run-up to FTX hearing: Exclusive
Democrats of the House Financial Services Committee will hear from Securities and Exchange Commission Chair Gary Gensler in the lead-up to a hearing on FTX next week. Gensler will speak at a Dem...
Romance scams and ‘pig butchering’ play key role in growing crypto complaints
The lovelorn among us are prime candidates for crypto scammers, a new bulletin from the U.S. Consumer Financial Protection Bureau (CFPB) shows. CFPB data show that fraud and scams were the focus...
Washington is too obsessed with cryptocurrencies, CFPB director says
Consumer Financial Protection Bureau Director Rohit Chopra sees stablecoins as a rapid growth area that regulators will need to monitor for risks to the rest of the financial system. “A stableco...
Certain regulatory clarity could be ‘hugely detrimental’ for crypto, says former CFPB director
Kathy Kraninger, former director of the United States Consumer Financial Protection Bureau, or CFPB, said while many in crypto have complained about the lack of regulatory clarity in the country, the ...
Users of payment services like Zelle need better scam protection, Dems tell CFPB
It should be easier for consumers defrauded via popular instant payment services like Zelle to seek redress, since money-transfer scams are reportedly growing more common, a group of Democratic lawmak...
Bank Of America Fined $225 Million Over ‘Botched’ Handling Of Unemployment Benefits At Height Of Pandemic
Topline Federal banking regulators fined Bank of America on Thursday after finding its fraud filter unlawfully froze customers’ prepaid unemployment insurance benefit accounts, leaving “distressed con...
Why Regulation Will Help The Buy Now, Pay Later Giants
Rather than slowing growth in the BNPL sector, regulatory scrutiny will help it grow up by shutting out smaller lenders, boosting the industry’s reputation and integrating it into the credit reporting...
CFPB may limit credit card late fees as inflation threatens to raise them
Rohit Chopra, director of the Consumer Financial Protection Bureau, testifies during a Senate Banking, Housing and Urban Affairs Committee hearing on April 26, 2022. Tom Williams | Cq-roll Call, Inc. ...
Federal Government’s Crackdown On Broadway Ticket Service Fees Not All It’s Cracked Up To Be
Rohit Chopra testifying during a Senate Commerce, Science, and Transportation Committee confirmation … [+] hearing on February 14, 2018. (Photo By Tom Williams/CQ Roll Call) CQ-Roll Call, Inc vi...
Bureaucrats Need To Stay In Their Lanes
As someone who tried his hand as a bureaucrat (without much success) for a decade, I like to think that I at least learned a few lessons during my tenure in government. For starters, I discovered that...
CFPB signals crackdown on hidden fees for banks, credit cards
Rohit Chopra, director of the Consumer Financial Protection Bureau. Alex Edelman/Bloomberg via Getty Images The Consumer Financial Protection Bureau on Wednesday signaled a broad crackdown on hidden a...
Consumers Flock To Mobile Payment Apps, Crypto, And Contactless Payments
Mobile Payment Apps, Cryptocurrency Grow in Popularity An increasing number of consumers are using mobile payment apps and owning cryptocurrency. According to a new survey, adoption and usage of mobil...