CFPB to propose open banking regulation in coming months, finalize in 2024
Consumer Financial Protection Bureau Director Rohit Chopra warned that "powerful firms" must not dominate the new open banking landscape.
Source: americanbanker.com
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Five issues to watch when Chopra goes to Congress
Consumer Financial Protection Bureau Director Rohit Chopra faces tough questions next week testifying before the Senate Banking Committee and House Financial Services Committee.
Source: americanbanker.com
Policy disconnect is hurting the mortgage sector
More than any real world problem posed by IMBs, it is the government in all of its manifestations that poses a significant risk to the world of mortgage finance and the housing sector more generally, writes the Chairman of Whalen Global Advisors.
Source: nationalmortgagenews.com
CFPB Reaches $20 Million Consent Order With Lender Over Optional Add-On Products - Financial Services
On May 31, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an Indiana-based non-bank installment lender.
Source: mondaq.com
Are Funds in Payment Apps Protected?
CFPB warns consumers who hold funds in payment apps such as Venmo and Paypal should be aware the funds are usually NOT held in an FDIC-insured bank. Most non-bank payment apps are regulated not as FDIC-insured banks, but as state licensed money transmitters.
Source: natlawreview.com