Consumer Financial Protection Bureau - Page 2 of 4

CFPB launches probe into costly credit cards pushed on patients for...

Financial Services 07/10/2023

WASHINGTON – Three federal agencies last week launched an investigation into high-cost specialty financial products – such as medical credit cards and installment loans...

CFPB director Chopra outlines road to open banking

Financial Services 06/26/2023

PROVIDENCE – The Consumer Financial Protection Bureau is working to accelerate the shift to open banking through a new personal data rights rule intended...

Billions stored on digital payment apps may be unprotected, CFPB warns

Financial Services 06/12/2023

WASHINGTON – The Consumer Financial Protection Bureau has published a consumer advisory on digital payment apps heavily used by consumers and businesses. A CFPB analysis...

Citizens Bank to pay $9M penalty for unlawful credit card servicing

Business Services 05/23/2023

PROVIDENCE – Without admitting fault, Citizens Bank on Tuesday agreed to pay $9 million to settle allegations of failing to properly manage and respond...

CFPB warns banks against unilaterally reopening closed consumer accounts

Financial Services 05/15/2023

WASHINGTON – The Consumer Financial Protection Bureau affirmed last week that a bank is in violation of federal law if it unilaterally reopens a...

IF YOU BOUGHT an unsuccessful gift this holiday season with a “buy now, pay later” plan, you or the recipient might soon be wondering how to return it. / AP FILE PHOTO/JULIA NIKHINSON

Buy now, pay later can make gift returns trickier

Economic Activity 12/21/2022

Shoppers who used “buy now, pay later” to help finance gifts this holiday season may soon encounter an unwelcome surprise: returns can be more...

CONSUMER BANKING giant Wells Fargo must pay $3.7 billion in fines and refunds to customers, the largest fine to date against the bank. Pictured is a Wells Fargo sign in Bradenton, Fla. / AP PHOTO/GENE J. PUSKAR

Wells Fargo to pay $3.7B over consumer loan violations

Financial Services 12/20/2022

WASHINGTON (AP) – Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle a laundry list of charges that it harmed consumers...

OPEN- MINDED:  Brian Azar, CEO and president of Pawtucket-based Coastal1 Credit Union, says a move to “open banking” as proposed by the Consumer Financial Protection Bureau could be good for institutions such as his. PBN PHOTO/ MICHAEL SALERNO

New proposal could put customers in charge of their financial data

Financial Services 12/09/2022

If information is power, then banks and credit unions are in control. That’s because every morsel of customer financial data, from spending patterns to credit...