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Posted Date: Friday, April 5, 2024
The Consumer Financial Protection Bureau is cautioning remittance providers to refrain from deceptive marketing tactics regarding the cost or speed at which consumers can expect such transactions to be executed. The bureau released a new circular on remittance transfers to explain how some companies charge fees on international money transfers and make misleading claims about processing times in an apparent attempt to justify the charges.
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Posted Date: Tuesday, October 24, 2023
The Consumer Financial Protection Bureau is ordering Chime Inc., which operates under the name Sendwave, to provide redress for deceiving consumers about the cost and speed of remittances through its Sendwave mobile application. In addition to one charge of violating the Consumer Financial Protection Act, the bureau has accused the nonbank fintech of multiple violations of the Electronic Fund Transfer Act.
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Posted Date: Tuesday, October 17, 2023
As a result of supervisory work by the Consumer Financial Protection Bureau (CFPB) to address consumer payment obligations it refers to as “junk fees,” companies have returned $140 million to consumers. Approximately $120 million was for surprise overdraft fees and double-dipping on fees charged for non-sufficient funds. The CFPB has taken a decidedly hardline approach when it comes to fees the bureau deems illegal and that place unreasonable barriers in front of consumers when trying to access basic in...
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Posted Date: Tuesday, August 16, 2022
MoneyGram has accused the Consumer Financial Protection Bureau of “naked forum shopping” in a motion to transfer jurisdiction of the case to a Texas federal court. The criticism is derived from the CFPB’s recent interpretive rule allowing for greater ties between the bureau and states’ consumer financial protection law enforcement actions. Read on for more details.
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Posted Date: Tuesday, June 21, 2022
In 2012, Ripple Labs developed XRP, a cryptocurrency meant to facilitate international transactions. In December 2020, the Securities and Exchange Commission (SEC) brought suit against Ripple and two of its executives for selling XRP, which the SEC classified as an unregistered security. Since then, a legal battle has been ongoing that many experts see as being a watershed case for crypto regulation. Read on for more details.
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Posted Date: Monday, May 9, 2022
The Consumer Financial Protection Bureau (CFPB) has joined the New York Attorney General’s Office in suing MoneyGram for alleged repeated violations of federal law. CFPB Director Rohit Chopra had previously announced plans to apply stricter focus and scrutiny to perceived “repeat offenders,” of which he classifies MoneyGram. Read on for more details.
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Posted Date: Monday, March 14, 2022
MoneyGram International said that it has set aside approximately $16 million to pay potential settlements with the New York Department of Financial Services (NYDFS) and the Consumer Financial Protection Bureau (CFPB). Read on for more details.
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Posted Date: Wednesday, March 9, 2022
The Federal Housing Finance Agency (FHFA) re-proposed minimum financial eligibility requirements for Fannie Mae and Freddie Mac seller/servicers. This is a renewal of the eligibility requirements established in 2015. Read on for more details.
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Posted Date: Wednesday, January 13, 2021
The Office of the Comptroller of the Currency (OCC) has issued a letter stating national banks and federal savings associations may participate in independent node verification networks (INVNs) and use stablecoins. “Engaging in INVN within the federal banking system may enhance the efficiency, effectiveness, and stability of payments activities and achieve the benefits of real-time payments already enjoyed in other countries,” the OCC said. Read on for more details.
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Posted Date: Thursday, January 7, 2021
The Consumer Financial Protection Bureau has settled with Envios de Valores La Nacional (La Nacional) based on the bureau’s finding the remittance transfer provider violated the Electronic Fund Transfer Act and the Remittance Transfer Rule. La Nacional is required to pay $750,000 in civil money penalties, as well to adopt a compliance plan. Read on for more details.
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Posted Date: Tuesday, September 22, 2020
For only the second time since its founding, the Consumer Financial Protection Bureau settled with a company over violations of the Remittance Transfer rule. The settlement announced with Trans-Fast Remittance LLC and Sigue Corp. and its subsidiaries follows the bureau’s only other enforcement action regarding violations of the rule, issued in September 2019. Read on for more details of the bureau’s enforcement activity.
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Posted Date: Thursday, August 6, 2020
As the Small Business Administration (SBA) nears the launch next week of its portal to accept loan forgiveness applications for the Paycheck Protection Program, the agency on Tuesday released a series of frequently asked questions on forgiveness. SBA said that borrowers and lenders “may rely on the guidance provided” in the FAQs as SBA’s interpretation. Read on for details from the agency’s guidance.
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Posted Date: Friday, July 17, 2020
A decade and 2,300 pages later, the Dodd-Frank Act has fundamentally changed the financial services industry – in ways which are both good and bad. The bill was designed, a Dodd Frank Update story from July 2010 noted, to create a sound economic foundation to grow jobs, protect consumers, reign in Wall Street, end “too-big-to-fail” institutions and prevent another financial crisis. Experts from CBA, ICBA and NAFCU looked back on the good and the bad about the impact of the Dodd-Frank Act. Re...
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Posted Date: Tuesday, May 12, 2020
The Consumer Financial Protection Bureau (CFPB) issued a final rule covering remittances transfers which makes permanent an exception to estimating fees and raises the threshold for institutions to be subject to the rule. The changes affect the rule, originally issued in 2012, largely as proposed in 2019. Read on for more details about the new exception and threshold amounts the CFPB has finalized.
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Posted Date: Friday, April 17, 2020
Federal regulators have been hard at work the past couple of weeks to provide regulatory relief to the industry as quickly as possible. That includes actions taken by the Consumer Financial Protection Bureau, by the prudential financial regulators, and by the National Credit Union Administration. Read on for details of the myriad of actions taken by federal regulators to assist the industry.
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Posted Date: Tuesday, March 24, 2020
As federal legislators and regulators have been working on bills and programs designed to provide regulatory relief to the nation’s bankers and lenders, credit union trade associations have been stepping up lobbying efforts to ensure that their priorities also are included in discussions. The Credit Union National Association and National Association of Federally-Insured Credit Unions have reached out to both ends of Washington to make their voices heard on issues such as rulemaking and examinations, eq...
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Posted Date: Friday, February 21, 2020
Once again, the Consumer Financial Protection Bureau declined to discuss any of the findings from its TRID exams in the latest version of its Supervisory Highlights. In 11 reports since the implementation of the TRID rule, only one has contained any guidance from supervisory findings around TRID – that coming in September 2017. Instead, the latest version of the report – covering the period from April through August 2019 – tackled payday lending, debt collection, mortgage servicing and student loan serv...
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Posted Date: Friday, December 6, 2019
The Consumer Financial Protection Bureau issued a notice of proposed rulemaking relating to the remittance rule. The proposal would increase the safe harbor threshold on remittances for certain entities, implement a permanent remittance disclosure exemption for certain entities and permit remittance providers to use estimates for fund transfers to certain countries. Learn specific details about the bureau’s proposal.
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Posted Date: Thursday, November 21, 2019
In its 2019 Fall Unified Agenda, the Consumer Financial Protection Bureau (CFPB) moved the needle on some long-awaited rulemaking activities. Though some were, not all those moves were in a forward direction. The bureau plans to issue two final rules in 2020 – one regulating the payday lending industry and the other providing certain exemptions to threshold limits connected to Home Mortgage Disclosure Act requirements. The new agenda also added a pair of potentially impactful “long-term” rulemaking item...
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Posted Date: Thursday, September 5, 2019
In its first enforcement action citing violations of the agency’s remittance transfer rule, the Consumer Financial Protection Bureau (CFPB) settled charges that Maxitransfers Corp. (Maxi) failed to follow policies and procedures compliant remittance-transfer standards. The company also allegedly misled consumers via inaccurate language in statements pertaining to its liability for third-party errors. Find out more about this landmark enforcement action.
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Posted Date: Tuesday, July 9, 2019
Numerous trade associations representing banks and credit unions responded to the Consumer Financial Protection Bureau’s (CFPB) request for information about its proposed changes to the Electronic Fund Transfers Act (EFTA) that would impact how institutions perform remittances. The trades offered numerous suggestions pertaining to the remittance rule, which was crafted to protect consumers when sending funds overseas electronically and includes exemptions for institutions that meet certain criter...
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Posted Date: Tuesday, May 28, 2019
The Consumer Financial Protection Bureau’s (CFPB) first Unified Agenda released under Director Kathy Kraninger shows that the agency is planning to issue two long-awaited final rules in June and is moving forward with certain rulemaking activities suggested by former acting director Mick Mulvaney. The bureau’s statutorily-required business lending data collection rulemaking, which has been pushed back multiple times, has been moved up in the latest agenda. Rulemaking to clarify the meaning of “abusive” ...
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Posted Date: Friday, April 26, 2019
The Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) on its remittance rule. The RFI requests feedback on matters discussed in the bureau’s assessment of the rule, which examined if the rule had been effective in achieving its goals. Find out more information about the type of feedback the bureau is seeking.
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Posted Date: Friday, April 19, 2019
The Consumer Financial Protection Bureau (CFPB) has four tools at its disposal to accomplish its main objective of preventing consumer harm, Kathy Kraninger said during her first public presentation since becoming director. She also announced plans for a new series to facilitate dialogue with stakeholders, starting with a discussion about how to define “abusive” in Section 1031 of the Dodd-Frank Act. Find out what specifics she offered as to how the bureau can achieve its objectives.
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Posted Date: Tuesday, April 16, 2019
Numerous financial trade associations have urged the Consumer Financial Protection Bureau (CFPB) to extend a temporary exception from Regulation E remittance disclosure requirements extended to insured depository institutions. In a letter addressed to CFPB Director Kathy Kraninger, the trade groups noted that their contention about the feasibility of providing exact remittance pricing information is supported by a CFPB remittance rule assessment published in October 2018. Find out more det...
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