CFPB pulls back on planned rule targeting data brokers
The Consumer Financial Protection Bureau (CFPB) has withdrawn a proposal from the Biden administration aimed at limiting data brokers from selling personal information of Americans. In a notice filed Wednesday morning, CFPB head Russell Vought stated that such actions were “not necessary or appropriate at this time” and indicated a need for an “update to […]
Review of Open Banking by CFPB May Create Tensions Between Banks and FinTechs
CFPB to Revisit Open Banking Rules The Consumer Financial Protection Bureau (CFPB) is set to review its open banking regulations. These rules, initially introduced last fall, address how financial data can be shared among consumers, banks, fintechs, apps, and digital wallets. They also outline liability and fee structures concerning data security and sharing between financial […]
CFPB Said to be Revising Biden’s Open Banking Rule – PYMNTS.com
The Trump administration appears to be reevaluating rules about open banking that were established during the Biden era. This information comes from a report indicating that the Consumer Financial Protection Bureau (CFPB) might revise its regulations. These alterations could pave the way for customers to share their card details with various accounts like Venmo and […]
Federal judge Amy Berman Jackson orders halt to Trump admin’s CFPB terminations
A Washington, D.C.-based federal judge temporarily suspended the Trump administration on Friday Planned mass layoffs At the Consumer Financial Protection Bureau (CFPB) shortly after the Court of Appeal narrowed her previous injunction. The order of US District Judge Amy Berman Jackson temporarily blocks termination. This cut the department’s workforce by about 90% to determine whether […]
Trump admin to cut 90 percent of CFPB in latest layoffs: Reports
President Trump’s administration is pushing nearly 90% of Consumer Financial Protection Bureau (CFPB) employees to significantly reduce the watchdog agency formed to protect US consumers from financial fraud and abuse. Approximately 1,500 institution workers are expected to be cut. multiple Outlet Reported on Thursday. This will place around 200 people in the agency. Employees began […]
Judge scraps CFPB rule capping credit card late fees at $8
A federal judge on Tuesday blocked the U.S. Consumer Financial Protection Agency’s rules postponement for $8 after the agency agreed to opposing the rules adopted during President Joe Biden’s administration. US District Judge Mark Pittman of Fort Worth, Texas, recognized the joint request by the CFPB and the alliance of six business and banking groups, […]
CFPB allowing some offices to resume functions
The Consumer Financial Protection Bureau (CFPB) is enabling some offices to resume functioning as the Trump administration faces legal challenges with suspension work orders and other efforts to overhaul consumer watches. Mark Paoletta, the CFPB's chief justice officer, sent an email to employees on Sunday to make it clear that they should still do the […]
Two-thirds of Americans support CFPB: Poll
Approximately two-thirds of Americans surveyed support the Consumer Financial Protection Bureau (CFPB). New polls It was released on Wednesday. Approximately 67% of Americans said they support the consumer watchdog, including 60% of Republicans, 68% of independents and 84% of Democrats. The poll was commissioned by two nonprofit organizations supporting strict consumer finance regulations: Responsible Lending […]
CFPB drops lawsuit against JPMorgan, BofA, Wells Fargo alleging fraud on Zelle
The Consumer Financial Protection Agency told federal court on Tuesday it was withdrawing a lawsuit filed against three banks in December over processing payment services Zelle. The agency, which was effectively shut down by President Trump last month, has accused JPMorgan Chase, Bank of America and Wells Fargo of failing to protect consumers from hundreds […]
200-plus Democratic lawmakers backing lawsuit seeking to block CFPB dismantling
More than 200 Democrats in the House have filed Amicas briefs in support of a lawsuit aimed at preventing the dismantling of the Consumer Financial Protection Bureau (CFPB). Democrats I'll fight over simple thingsIt was filed in US District Court in Washington, but President Trump's efforts to weaken the CFPB have caused “substantial and irreversible” […]