CFPB Director Rohit Chopra raised concerns about how big technology companies operate their payments platforms. The regulator is also looking into risks posed by cryptocurrency.
New York to apply CRA standards to nonbanks; CFPB announces 2022 regulatory thresholds under TILA; CFPB issues advisory opinion on mistaken identity matching.
JPay, a company that helps the government distribute money to people at the end of their prison sentences through debit cards, charged consumers fees to access their own money, the bureau said in its complaint.
Amazon, Apple, Facebook, Google, PayPal and Square have been ordered to provide information regarding their payment platforms. The CFPB said the order was part of a market monitoring effort.
A California district court found Jawad Nesheiwat, the company’s COO, guilty of providing consumer credit information to student loan debt-relief companies to use in marketing their services.
A Maryland homeowner sought to file a class action against Bank of America for violating a state law requiring banks to pay interest on funds maintained in escrow accounts.
The bureau filed a joint amicus brief with the Federal Trade Commission in a case that seeks to use a section of the Communications Decency Act to avoid prosecution under the Fair Credit Reporting Act.