Bank Failed to Stop Payments or Resolve Errors, Must Pay $12 Million in Restitution, $3.5 Million Fine
Changes Provide More Flexibility and Extend Effective Date to April 2019
Lenders Must Determine If Consumers Have the Ability to Repay Loans That Require All or Most of the Debt to be Paid Back at Once
Thank you for joining us. After a long process of research, outreach, and review of over one million public comments, the Consumer Bureau today has issued a rule aimed at stopping debt traps on payday and auto title loans. The rule is guided by the basic principle of requiring lenders to determine upfront whether people can afford to repay their loans.
Proposal Would Adjust Error Resolution Requirements and Provide More Flexibility for Credit Cards Linked to Digital Wallets
Consumer Financial Protection Bureau Sues Payment Processor For Enabling Unauthorized Withdrawals And Other Illegal Acts By Clients
Intercept Corp. Ignored Red Flags for Potential Fraud and Illegal Activity by Clients
Payment Processor Deceived Consumers About the Data Security Risks of Using Its Online System WASHINGTON, D.C. – The Consumer Financial Protection Bureau today took action against online payment platform Dwolla for deceiving consumers about its data security practices and the safety of its online payment system. The CFPB ordered Dwolla to pay a $100,000 penalty […]
Prepared Remarks of CFPB Director Richard Cordray at a Meeting of the Credit Union Advisory Council
I want to welcome you all to this meeting of the Credit Union Advisory Council, which has been convened to talk about consumer challenges in payment systems. I especially want to extend a warm welcome to the newest members, who are joining us for the first time since their appointment this year. I would also […]
Thank you all for joining us today. We have convened this forum to discuss the results of our pilot project on electronic mortgage closings, which are known as “eClosings.” What we found was that consumers who closed their mortgage using an electronic platform were better off on measures of understanding, efficiency, and feeling empowered. At […]
CFPB Wants to Ensure Consumer Protections Are Built Into New Payment Systems From Outset WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) outlined guiding principles for protecting consumers as the private sector develops new faster payment systems. These new systems are aimed at reducing “pocket-to-pocket” payment times between consumers and businesses or other […]
Today I want to talk to you about electronic payment networks in general. This includes the ACH system but it also includes debit card networks and the emerging domain of faster payments. While there are undoubtedly great benefits to the current system of electronic payment networks − financial transactions today would not be the same without them − at the Consumer Bureau we also have some concerns.