CFPB – On Oct. 11, the CFPB issued an advisory opinion which generally prohibits banks and credit unions from imposing unreasonable obstacles on customers, such as charging excessive fees, for basic information about their own accounts, stating that such obstacles will violate Section 1034(c) of the Dodd-Frank Act. Section 1034(c) of the CFPA requires large financial institutions to comply with consumer requests for information concerning their accounts in a timely manner.
SACRAMENTO – In a continuation of a yearlong crackdown on unscrupulous debt collectors, the California Department of Financial Protection and Innovation (DFPI) announced today that it has issued enforcement actions against four entities for unlicensed debt collection activity under the Debt Collection Licensing Act (DCLA) and unfair, deceptive, or abusive acts or practices (UDAAP) in violation of the California Consumer Financial Protection Law (CCFPL) and related federal laws and regulations.
For the September installment of the series “New Reality Check: The Paycheck-to-Paycheck Report,” created in collaboration with LendingClub, “The Nonessential Spending Deep Dive Edition,” PYMNTS Intelligence surveyed more than 3,400 U.S. consumers about their spending on nice-to-haves.
The Consumer Financial Protection Bureau faced a key challenge in its long-awaited open banking proposal: allowing the free sharing of customers’ financial data while boosting security. Banks say the agency came up short. The open banking proposal the agency released Oct. 19 calls for banks and credit unions to allow customers to easily share their financial information with third-party fintech apps like Wealthfront or Venmo. Typically, that’s done through data aggregators such as Plaid and MX that serve as a bridge between financial institutions and fintechs.
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