The Consumer Financial Protection Bureau (CFPB) proposed a rule that would accelerate a shift toward open banking, where consumers would have control over data about their financial lives and would gain new protections against companies misusing their data.
Director Chopra discussed the CFPB’s proposed rule to activate a dormant authority under a 2010 law to accelerate much-needed competition and decentralization in banking and consumer finance by making it easier to switch to a new provider.
Prepared Remarks of Seth Frotman, General Counsel and Senior Advisor to the Director, at New Jersey Citizen Action Education Fund’s 14th Annual Financial Justice Summit
New Jersey has made great progress on a range of crucial consumer protection issues, from last year’s legislation providing important protections against predatory lending by for-profit schools to building momentum on basic debt collection standards to fighting off efforts to allow problematic earned wage access products.
The CFPB published a new issue spotlight highlighting the impacts of Big Tech companies’ policies and practices that govern tap-to-pay on mobile devices like smartphones and watches.
Prepared Remarks of CFPB Director Rohit Chopra at the Federal Reserve Bank of Philadelphia’s Annual Fintech Conference
Like transportation, telecommunications, and energy, banking and payments are critical infrastructure of the economy that impacts all of us.
Joint Statement by Rohit Chopra, Director of the United States Consumer Financial Protection Bureau, and Didier Reynders, Commissioner for Justice and Consumer Protection of the European Commission
Today, Rohit Chopra, Director of the United States Consumer Financial Protection Bureau, and Didier Reynders, Commissioner for Justice and Consumer Protection of the European Commission, announced the start of an informal dialogue between the CFPB and the European Commission on a range of critical financial consumer protection issues.
Prepared Remarks of General Counsel and Senior Advisor to the Director Seth Frotman at the Innovative Payments Conference
Seth Frotman delivered remarks at the Innovative Payments Conference on May 9, 2023.
The Consumer Financial Protection Bureau (CFPB) is opening a new office, the Office of Competition and Innovation, as part of a new approach to help spur innovation in financial services by promoting competition and identifying stumbling blocks for new market entrants. The office will replace the Office of Innovation that focused on an application-based process to confer special regulatory treatment on individual companies. The new office will support a broader initiative by the CFPB to analyze obstacles to open markets, better understand how big players are squeezing out smaller players, host incubation events, and, in general, make it easier for people to switch financial providers.
The Consumer Financial Protection Bureau and the Office of the Colorado Attorney General announced joint, virtual office hours to be held as part of the American Consumer Financial Innovation Network.
The Consumer Financial Protection Bureau announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records.
CFPB Takes Action to Help Employers Develop Emergency Savings Programs to Boost Worker Financial Resilience
The Consumer Financial Protection Bureau announced that it issued a Compliance Assistance Statement of Terms Template (CAST Template) under its Compliance Assistance Sandbox (CAS) Policy to Build Commonwealth, Inc (Commonwealth).
The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency will host joint, virtual Innovation Office Hours, July 29-30, as part of the American Consumer Financial Innovation Network.
The Consumer Financial Protection Bureau (Bureau) announced the Bureau’s first-ever Tech Sprint series to reduce regulatory burden and improve consumer understanding and engagement of financial services and products.
CFPB Takes Action to Help Struggling Homeowners Seeking Mitigation Efforts; Consumers Seeking Small-Dollar Loans
The Consumer Financial Protection Bureau announced that it issued two No-Action Letter (NAL) Templates under its innovation policies.
Consumer Financial Protection Bureau Issues No-Action Letter to Facilitate Housing Counseling Services for Prospective Home Buyers
CFPB granted a no-action letter to Bank of America, N.A. regarding the bank’s funding arrangements with housing counseling agencies certified by the U.S. Department of Housing and Urban Development.
First No-Action Letter Issued to HUD Housing Counseling Agencies.
The Bureau is also tasked with the mission of facilitating innovation and access to financial products and services for consumers. To achieve this portion of our mission to protect consumers, the Bureau has been updating our innovation policies and engaging with a variety of stakeholders, as well as collaborating with other federal, state, and global regulators on these issues.
The Consumer Financial Protection Bureau (Bureau), working in partnership with multiple state regulators, launched the American Consumer Financial Innovation Network (ACFIN), a network to enhance coordination among federal and state regulators to facilitate financial innovation.
Remarks to the George Mason University Law & Economics Center's Ninth Annual Financial Services Symposium (as prepared for delivery).
Remarks to Consumer Action (as prepared for delivery).
The Bureau of Consumer Financial Protection (BCFP), working in collaboration with 11 financial regulators and related organizations, is announcing an initiative to create the Global Financial Innovation Network (GFIN).
Bureau of Consumer Financial Protection (Bureau) Acting Director Mick Mulvaney today announced he has selected Paul Watkins to lead the Bureau’s new Office of Innovation.
Company to Regularly Report Lending and Compliance Information to the Bureau.
I am glad to be with you today to hear firsthand about the latest innovations in consumer financial services. These innovations seem to be generating considerable interest and optimism about the future.
Report Discusses Market Developments with Potential for Consumer-Friendly Innovation.