CFPB Finalizes Changes to Prepaid Accounts Rule
Changes Provide More Flexibility and Extend Effective Date to April 2019
Newsroom
CFPB Seeks Comment on Proposed Changes to Prepaid Rule
Proposal Would Adjust Error Resolution Requirements and Provide More Flexibility for Credit Cards Linked to Digital Wallets
We are seeking comment on our plan for assessing the remittance rule
We have released a plan to assess the effectiveness of the remittance rule and are asking the public for comments and information that would help the assessment.
CFPB Sues TCF National Bank for Tricking Consumers Into Costly Overdraft Service
Bank Obscured Fees, Adopted Loose Definition of Consent to Preserve Overdraft Revenue
Prepared Remarks of CFPB Director Richard Cordray on the TCF Bank Enforcement Action Press Call
Thank you for joining the call. Today, we are suing TCF National Bank for tricking consumers to opt in for costly overdraft services. We believe TCF trained its employees to use unlawful tactics in their marketing to consumers. They made overdraft seem mandatory when it was not. They obscured information about fees when opening accounts for new customers. They adopted a loose definition of “consent” to opt in existing customers, and they pushed back aggressively against any customer who questioned the process. In the end, many of their customers had no idea they had opted in for expensive services that exposed them to high fees.
CFPB Finalizes Strong Federal Protections for Prepaid Account Consumers
New Rule Includes ‘Know Before You Owe’ Prepaid Disclosures
Prepared Remarks of CFPB Director Richard Cordray on the Prepaid Accounts Rule Press Call
Thank you for joining us on this call. The Consumer Financial Protection Bureau today has finalized a new rule providing strong federal consumer protections for prepaid account users.
CFPB Outlines Guiding Principles for Faster Payment Networks
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 […]