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CFPB

FintechNews RoundupUSA
·Jan. 3, 2018

The CFPB is Set for a Bigger More Disruptive Year

In 2017 the CFPB saw a ton of regulation and a battle for the successor to former director Richard Cordray; this coming year could be even more tumultuous as acting director Mick Mulvaney looks to undo many of the regulations Cordray put in place and the ensuing court battle over who is the rightful director; recent rule like the arbitration rule have been reversed and they payday lending regulation could be next to go; with a number of regulations in need or more clarity or a court decision the next 12 months could prove crucial for the future of the agency. Source.

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EuropeFintechUSA
·Jun. 30, 2020

More News for June 30th, 2020

Supreme Court strikes down CFPB leadership structure Experian’s Rob Haslingden: “Open Finance has the potential to fuel the growth of...
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News RoundupOnline LendingUSA
·Jan. 25, 2017

CFPB to Investigate Tribal Lenders

The Consumer Financial Protection Bureau was approved to investigate the activities of Indian tribe lenders; the online lenders under investigation will be Great Plains Lending, MobiLoans and Plain Green; the lenders are providing credit to a range of borrowers outside of their Indian tribes; they are claiming sovereign immunity because of their status as Indian tribes.  Source

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Payments
·Feb. 23, 2024

Eliminating junk fees and bringing transparency to international remittances

While there has been a focus on junk fees recently that hasn't extended much to remittances. For people sending money overseas there is no transparency and the cost is still too high.
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cfpb
Lending
·Jul. 28, 2023

CFPB highlights value of cashflow underwriting

Fintechs have touted the importance of cashflow data in underwriting. This week, the CFPB published their evidence to support the approach.
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cfpb
Open Banking
·Oct. 19, 2023

CFPB Proposes Rule to Accelerate Open Banking

In a long awaited move, the CFPB proposed a rule to improve consumer access to their financial data and drive the shift to open banking.
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FintechNews RoundupUSA
·Nov. 2, 2017

CFPB Must Keep a Close Eye on Data Sharing

Writing an opinion piece in American Banker Jonah Crane, a fintech advisor, points out that the CFPB and other regulators need to keep a watchful eye on the data sharing guidance; the rules are currently non binding but offer the regulators a chance to use current oversight power to enforce egregious violations; ensuring a level playing field and working with industry players can help not only consumers but regulators better understand how data sharing can be done is the most beneficial way. Source.

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FintechNews RoundupUSA
·Apr. 24, 2018

CFPB Not Clear on Data Collection and Security

Acting Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney has testified on numerous occasions about the risk of data breaches; in December he helped put a freeze on data collection, though collection resumed a few weeks later without much talk or solutions; Mr. Mulvaney has not been clear on the types of breaches that have occurred and what has been done to plug the holes; experts believe this could be more about politics so the bureau is cast in a bad light. Source.

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FintechNews RoundupUSA
·Nov. 14, 2017

CFPB Requests Information on Consumers’ Experience with Free Credit Scores

The CFPB asked for more details on which companies consumers use to obtain a free credit score; the agency is looking to help consumers better understand their credit scores and how to potentially improve them; they also want to understand how behavior changes after seeing a free credit score; comments are due by February 12, 2018. Source.

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FintechNews RoundupUSA
·Nov. 18, 2016

CFPB Launches Inquiry into Data Sharing

In October, CFPB Director Richard Cordray warned banks not to limit access to financial data by third parties working on behalf of the customer; now the bureau he leads is opening an inquiry into a data sharing dispute between banks and fintech companies; the inquiry is focused on consumer choice, security and control; the CFPB believes this will help banks and fintech companies better understand what the customer needs, how to accurately give the customer choice and security, and who ultimately owns the customer's data.  Source

 

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