On Nov. 5, 2024, the Federal Trade Commission (FTC) filed a lawsuit against Dave, Inc., a U.S. fintech company that offers short-term cash advances through a mobile banking application. The FTC alleges that Dave uses misleading marketing to deceive consumers about the amount of its cash advances, charges consumers undisclosed fees, and charges so-called “tips”
On Oct. 22, 2024, the CFPB issued a final rule that will require covered financial institutions to provide consumers and authorized third parties with access and portability options for their financial data. The CFPB’s final rule, called the “Personal Financial Data Rights Rule,” implements Section 1033 of Title X of the Dodd-Frank Act, a to-date
On May 16, 2024, the U.S. Supreme Court held 7-2 in Consumer Financial Protection Bureau v. Community Financial Services Association of America (CFSA) (Docket No. 22-448) that the CFPB’s funding structure is constitutional. With the Court’s decision, uncertainty over the CFPB’s rulemaking authority tied to the constitutionality of the CFPB’s funding has been removed, clearing
On April 4, 2024, the CFPB issued a report titled “Banking in Video Games and Virtual Worlds” that examines the financial and privacy risks to consumers in online video gaming marketplaces.
The CFPB’s report explains that gaming platforms facilitate the storage and exchange of valuable assets while collecting large amounts of data from their users.
On April 16, 2024, the CFPB issued a revised rule aimed at streamlining its procedures for designating nonbank covered entities for supervision. The CFPB said the revised procedures “reflect changes to the CFPB’s organizational structure,” but also noted that the revised procedures would lead to a “reduction in time and general streamlining of the decisional
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On April 2, 2024, CFPB Director Rohit Chopra delivered prepared remarks at a gathering hosted by the White House Office of Science and Technology Policy. Director Chopra’s remarks centered on the evolving landscape of data brokerage and its implications for individual privacy and national security and the CFPB’s plans to protect the public “from harmful
On March 27, 2024, the CFPB issued a circular warning remittance transfer providers that false advertising about the cost or speed of sending remittance transfers may violate federal law, including the CFPA, which prohibits UDAAPs.
On March 13, at the Financial Data Exchange Global Summit, CFPB Director Rohit Chopra delivered a keynote address that focused on “the role of standard setters and standard-setting” as the CFPB pushes towards finalizing is its proposed Personal Financial Data Rights Rule.
Continue Reading Setting the Standard: CFPB to Codify Attributes for Standard-Setters Before Finalizing Personal Financial Data Rights Rule
On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule intended to limit late payment fees on credit cards issued by the largest credit card issuers. The final rule amends Regulation Z, reducing safe harbor late fee amounts for large card issuers from $30 to $8 and eliminating automatic annual inflation adjustments.