Page 11 - Cfpb News Today

A new proposal for U.S. consumers may simplify moving financial data among service providers. The proposal aims to create competition between fintech and traditional bank sectors. CFPB Director Rohit Chopra believes the proposal would enable consumers to switch providers easily. Open banking could promote expansion in payments, investment, lending, financing, and savings industries. The U.S. is lagging behind European countries and Britain in implementing open banking regulations.

The proposed rule would bar financial firms from “hoarding” a consumer’s data.

What took place this week in the credit card and payment industries

CFPB Director Rohit Chopra discusses upcoming mortgage servicing rulemaking, the agency's funding structure, whether there's a microscope on the mortgage industry & more.

Biden's agencies are threatening banks with federal investigations if they do not grant cheap loans to risky illegal immigrants.

Biden's agencies are threatening banks with federal investigations if they do not grant cheap loans to risky illegal immigrants.

The White House and two major consumer-protection agencies will announce new measures to reduce tens of billions of dollars in "junk fees."

What took place this week in the credit card and payment industries

Along with a proposal to ban junk fees that "plague" consumers, the CFPB is also refunding $140 million to Americans who faced surprise banking fees.

Consumer watchdog's probe of repeat offender reveals further wrongdoings